Muji's Skincare Revenue Doubles to $650 Million as Beauty Drives Global Growth

Muji’s Skincare Revenue Doubles to $650 Million as Beauty Drives Global Growth

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3.9.2026

Quick Facts

Muji’s beauty and health revenue doubled to ¥100 billion ($650 million) in two years, now 13% of total sales
Operating profit jumped 31.5% to ¥73.8 billion as skincare products priced under $19 gain traction globally
East Asia revenue rose over 30% in Q1, with China accounting for nearly 20% of global revenue at $760 million

Muji is betting its skincare line will fuel the next phase of global expansion as beauty products become a major revenue driver for the Japanese lifestyle retailer.

Revenue from beauty and health products roughly doubled to ¥100 billion ($650 million) last fiscal year, now accounting for 13% of total sales. The company targets a 46% increase in operating profit to ¥108 billion by 2028.

The minimalist retailer posted strong overall results. Operating revenue rose 18.6% to ¥784.6 billion while operating profit jumped 31.5% to ¥73.8 billion. Net income surged 88.5% to ¥41.5 billion.

“People overseas already know through social media that the lineups are well received in Japan,” said Mariko Ohashi, director of household merchandising at parent company Ryohin Keikaku Co. “We sense an expectation even before product launches.”

Muji’s skincare products typically cost under ¥3,000 ($19) in Japan. The company focuses on basic functions like moisturizing and cleansing with simple formulations and naturally derived ingredients.

East Asia drives international growth. Regional revenue rose over 30% in the first quarter, outpacing overall sales growth. China, Muji’s largest overseas market, generated ¥115 billion ($760 million) from September 2023 to August 2024, representing nearly 20% of global revenue.

The company is gradually rolling out skincare products across mainland China, Hong Kong, Taiwan and South Korea. “Overseas assortments remain narrower than in Japan because of regulatory constraints and local preferences,” Ohashi said.

Unlike traditional cosmetics companies that rely on prestige counters, Muji sells beauty products alongside pajamas, storage boxes and food at its 1,474 global outlets. This approach lowers barriers to trial and reinforces its lifestyle positioning.

The strategy capitalizes on shifting consumer behavior as ingredient-conscious shoppers favor transparency over brand prestige. Muji still trails Shiseido and Kao Corp in cosmetic sales but rapid beauty expansion narrows the gap domestically.

Since 2023, Muji has opened over 110 stores annually, with flagship locations in France, Thailand and Vietnam. The company projects operating revenue will grow 9.6% to ¥860 billion in fiscal 2026.