Rituals is ramping up its global expansion as sales hit €2bn for first time

Rituals reported that for the 2024 financial year sales were up 21% to €2.1bn (£1.77bn) across all sales channels and countries, up from €1.7bn (£1.4bn) in 2023.

Rituals credited the “majority of its growth” to the European market but also noted the “accelerated” performance across Asia.

The beauty retailer said its “innovations, seamless omnichannel customer experience and growing member programme” boosted sales as well as its ongoing investment into its store estate.

Rituals opened 241 stores during the year including new locations such as Japan, Malaysia, Singapore, Thailand and mainalnd China.

The retailer said it plans to open another 243 stores worldwide this year with a key focus in maintaining momentum in Europe and continued expansion in Asia.

Rituals also noted plans to grow its wholesale business while also eyeing new travel locations for retail stores.

The cosmetics giant also gained recertification of its B Corp status during the year and bolstered its “extensive refill assortment” to enhance the retailer’s sustainability efforts.