Cosmetics chain Rituals records a €544 million turnover in 2017, focuses on further expansion
Dutch cosmetics retailer Rituals recorded a turnover of €544 million in 2017, a 36% increase compared to the year before. Net profit increased by 24.6% from €43.9 million in 2016 to €54.7 million in 2017.
Following the positive results, the cosmetics retailer wants to focus on its plans to further expand. In May 2018, Rituals announced plans to enter the Asian market. In addition to Europe, the chain is already available in the US, where it operates 15 stores, and in the Middle East, where it has 12 shops.
Within the next 10-20 years the retailer aims to be a globally operational brand. Raymond Cloosterman, founder and CEO at Rituals, told financial news website RTL Z: “In Europe everything is on the move. Now we are entering the difficult phase, to land and break through in other continents.”
At the moment, however, the company still records its largest sales and growth numbers in Europe. In 2017, Rituals earned a turnover of €239 million in the Benelux region; €272 million came in from other European countries; and €33 million was earned outside of Europe. Cloosterman told RTL Z that he expects a turnover exceeding €600 million at the end of 2018.
In addition to further expanding abroad, Rituals will also focus on additional stores in existing markets as well as shop-in-shops, online sales and travel retail. An example of the latter launched in October, when the cosmetics retailer created an in-flight collection for KLM Royal Dutch Airlines. With the KLM partnership, Rituals followed in the footsteps of other Dutch designers and brands, including fashion house Viktor & Rolf, couturier Mart Visser and designer Marcel Waanders.
Rituals launched in 2000, today the Amsterdam-based cosmetics retailer has more than 650 stores in 25 countries. At the end of this year, the brand aims to hit the 750th store mark. Rituals operates brand stores, shop-in-shops and is available at airports and hotels.
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