Wellness and beauty retailer Rituals has posted record full-year sales as it grew “across all countries and across all channels” in 2023.
Rituals reported global net sales of €1.7bn (£1.45bn), a growth of 22% on net sales of €1.4bn reported during the same time last year.
The luxury beauty retailer said it grew across all countries and all channels during the period. However, the majority of its growth came from its home base in Europe, as mature markets including Germany, France and the UK remained strong and “new markets like Italy and Poland started extremely well.”
Rituals said “the solid numbers across Europe” were driven by a “combination of strong like-for-like growth and the opening of new locations.”
Standalone stores – the brand’s biggest channel – remained strong, while digital sales representing 20% of total revenue grew 14% in the year.
Rituals chief executive and founder Raymond Cloosterman said: “We are very proud to see strong growth for Rituals in 2023 despite the very challenging market conditions.
“Our successful innovation programmes combined with our international expansion in brand stores and shop-in-shops with key partners are driving the success of our luxury wellbeing brand. I consider myself lucky to work with incredible talents on this amazing journey.”
Five new stores every week
Cloosterman continued: “I am excited for 2024 where we continue to bring strong innovations and in which we are opening another 250 stores, almost five every week, to reach the €2bn revenue milestone. We hope to keep momentum in Europe within retail, digital, wholesale and travel retail, while carefully building the brand in Asia by opening 20-30 extra stores.
“These numbers are great, but we are prouder of being able to contribute to things that matter. Being one of the first companies in beauty with a B Corp-certification since 2021, sustainability has always been very high on our agenda. Later this year we will announce an exciting and big impact initiative: our long-term commitment which hopefully encourages further change.”