On April 24, Chinese cosmetics company Proya released its 2024 financial report, with annual revenue hitting 10.78 billion RMB (1.49 billion USD) and net profit up 30% year-over-year. This marks a major milestone for the brand, which also became the first domestic beauty company listed in China to cross the 10 billion RMB threshold. Looking ahead, Proya has set its sights even higher with its “Double Tens” strategic vision: to rank among the world’s top 10 cosmetics companies within the next decade.
Since its founding, Proya has expanded beyond its core skincare label to build a broad brand portfolio. This includes mass-market skincare under HAPSODE (悦芙媞), cosmetics lines like TIMAGE (彩棠) and INSBAHA (原色波塔), and personal care products under Off&Relax. In 2023, the Proya brand made up less than 80% of total revenue for the first time—signaling strong growth from its other labels and a more balanced brand matrix.
On the marketing side, Proya continues to broaden its lineup of celebrity ambassadors. In recent years, it has signed stars such as Fan Chengcheng and Zhang Ruonan. This year, Jackson Yee and Liu Yifei joined as global brand ambassador and global sunscreen ambassador, reinforcing the brand’s youthful, stylish, and expert-driven image.
As its business grows, Proya is also stepping up investment in research and development (R&D). It has launched innovation hubs in Hangzhou, Shanghai, and Paris, and formed a joint venture in 2019 with Spain’s anti-aging firm PRIMA-DERM. Still, R&D accounts for less than 2% of total revenue—far behind the nearly 50% spent on marketing. This heavy focus on sales may limit its edge in the high-end market. To keep up with global players, Proya will likely need to accelerate its premium push and strengthen its innovation game.
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