Cosnova Beauty has surpassed its US$1bn revenue milestone in 2024.
Income at the essence makeup and Catrice Cosmetics-owner were bolstered by strong demand in the US, which has become the company’s second-largest market after Europe.
Cosnova Beauty said its American operations benefited from “significant momentum” across its online and brick-and-mortar retail channels.
This includes its “strong” partnerships with Ulta Beauty, Amazon and Target.
Globally, the brand owner ended 2024 with net sales of €954m ($983.75m), a 17% increase compared with the previous year.
"We are immensely proud to reach this $1bn milestone, which reflects the global resonance of our brands and products and our deep understanding of today's consumers and retail landscape," said Christina Oster-Daum, co-founder and President of Cosnova.
"This achievement aligns with our mission to make trend-driven, quality beauty accessible to everyone.”
In 2024, Essence expanded into over 250 new Target locations, and Catrice doubled in size through influencer endorsements and strong online sales through Amazon.
Essence’s performance was also supported by social shopping platforms such as Flip and TikTok Shop, which accounted for a majority of the brand's sales.
“The US market is becoming increasingly central to our growth strategy, with the ambitious goal of surpassing Germany – currently our largest market worldwide – at some point in the future," said Javier González, co-founder and President of Cosnova.
“While the democratisation of the beauty market has become a popular claim among brands today, Cosnova has embodied this credo since its founding,” added Oster-Daum.
“As a true first mover, we have consistently delivered on this mission for over 20 years, offering genuinely affordable products that set us apart in the beauty space."