Rituals records 22% revenue rise in 2023

In 2023, revenue for Dutch beauty brand/retailer Rituals increased by 22% to €1.7 billion. Rituals’s growth was driven by the buoyancy of the beauty and wellness market, and was strongest in Europe, notably in Germany and France (respectively the brand’s second and third-largest markets behind the Dutch domestic market, which accounted for 15% of revenue), and in Asia.

In 2023, Rituals stepped up the pace of its expansion in Asian countries. It was already present in Hong Kong, and last year it opened its first store in mainland China, in Shanghai, alongside stores in Kuala Lumpur in Malaysia, and in Thailand. Rituals now operates 10 stores in Asia.

In 2023, the brand’s online sales increased by 20%, and it opened 200 new monobrand stores. In 2024, it is expecting to add another 250 stores, including 30 in Asia, and is targeting a revenue of €2 billion.

In France, where it operates 130 stores and is available at 500 multibrand retailers, Rituals is expected to open 40 stores in 2024, notably in medium-sized cities.  

Rituals was founded in 2000 and has been B Corp-certified since 2022. It is still run by founder Raymond Cloosterman.