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Core Viewpoint - Sasa International Holdings Limited is exiting the offline retail market in mainland China by closing its last 18 stores by June 30, 2025, due to a significant shift towards online shopping and inability to achieve economies of scale in its physical store operations [1][2][3]. Financial Performance - For the fiscal year ending March 31, 2025, Sasa International reported a 9.7% decrease in revenue, dropping to HKD 3.942 billion, and a staggering 64.8% decline in net profit, which amounted to HKD 76.97 million [5][6]. - The company's core earnings also fell by 51.1%, indicating a challenging financial environment [6]. Store Closures and Reasons - Sasa International has closed 14 stores in mainland China and plans to close all remaining offline stores due to high rental costs, declining foot traffic, and intense competition from local beauty brands and e-commerce platforms [2][13]. - The company has allocated HKD 30 million for closure costs, which will cover employee severance, store compensation, and inventory handling [9][14]. Market Trends and Future Strategy - The shift towards online shopping is irreversible, with over 80% of local revenue now coming from online sales, prompting the company to enhance its digital marketing efforts through social media and live streaming [3][16]. - Despite the challenges in mainland China, Sasa International's Southeast Asian market saw a 15.4% increase in offline sales, reaching HKD 332 million, indicating potential growth opportunities in that region [15]. Competitive Landscape - The rise of domestic beauty brands and the increasing preference for online shopping have significantly weakened Sasa International's competitive advantage in mainland China [16]. - Analysts suggest that the company's inability to adapt its offline business model to changing consumer habits has contributed to its struggles in the market [16].