Luxury beauty brand Rituals expects to increase its annual turnover further as it reports on a “record year” in 2024.
Sales in 2024 grew by 21% from €1.7bn (1.45bn) to €2.1bn (£1.8bn), with all sales channels and all countries counting towards this growth.
EBITDA rose to €463m (£397m) and its overall profits reached €260m (£223m), up from €184m (£158m) in 2023.
Sales at Rituals stores grew 24% to €1.5bn (£1.3bn), while digital sales increased 17% to €308m (£264m). Wholesale turnover reached €204m (£175m), up 8%, while its travel locations grew 10% to make €59m (£51m) in sales.
In the UK and Ireland, sales reached €172m (£148m), a year-on-year increase from €123m (£105m).
The retailer also announced the “Profit Pledge” where 10% of net profit will be invested in schemes that help the wellbeing of people and the planet. An expected €300m-€400m (£257m- £343m) will be invested over the next 10 years.
Going forward, Rituals expects sales to increase to more than €2.4bn (£2.1bn) and plans further growth in Europe and Asia as it continues to open a new store every working day.
In the report, Rituals said: “Despite a challenging macro-economic environment, Rituals showed its ability to implement its long-term strategy and achieve sustainable and profitable growth.
“Rituals is committed to continuous research and development, driving innovation to create new products and fragrances. The journey forward towards building a global luxury and wellbeing brand is still going strong.
“Rituals has a strong focus on expansion in Europe. The performance in Germany, France and UK has been very strong and new markets in Eastern Europe like Romania started very well, showing higher sales than expected. All sales channels have been contributing in a positive way.”
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