User:Pfandtasse/Joyou

Joyou is a manufacturer of kitchen and bathroom faucets, shower systems, and other home sanitary fittings. The Joyou Group designs, manufactures, and sells products under its own-brand name primarily in China for the Chinese market; it also supplies to other sanitary fittings companies and wholesalers worldwide. The Joyou Group operates from Nan’an, Quanzhou in the Chinese province of Fujian and is owned by the holding company Joyou AG, a German stock corporation located in Hamburg. It also sells products from the German sanitary fittings manufacturer Grohe, which currently controls a 72% stake in Joyou AG, under licence in China. In early 2013, sales in China (including Grohe products) accounted for 87% of Joyou’s sales revenue; its international sales were increasing sharply. In 2011, Joyou held a market share of 14.4% in the Chinese taps and mixers segment. As of early 2013, it operated 4,097 branded stores in China.

History
The first predecessor to today’s Joyou was the Fujian Nan’an Fuxin Water-Warmth Appliances & Material Factory, founded in 1988. The brand name Joyou was introduced in 1995 and in the early 2000s, the company shifted focus from producing for Chinese wholesalers to manufacturing selling own-brand products and establishing a domestic distribution network. In the second half of the 2000s, Joyou grew rapidly, booking sales growth of more than 200% in 2008 and being one of the sponsors of the year’s Beijing Olympics. In 2010, Joyou became the first Chinese producer of sanitary ware to make an IPO on the Frankfurt Stock Exchange, taking in €105 million. In early 2011, Grohe AG – which already held 32.58% of the Joyou shares, launched a successful public takeover bid for Joyou AG. In 2013, another change in the ownership structure brought Grohe and Joyou closer together as Joyou’s major shareholders exchanged their holdings in Joyou for a stake in the Grohe Group: this brought Grohe’s total shareholdings in Joyou AG to 72.3%.