Core Viewpoint - SKP Company, once the "global store king" with record sales, is undergoing significant changes in ownership and strategy due to declining sales and market conditions [2][4][12]. Group 1: Company Performance - In 2020, Beijing SKP achieved sales of 177 billion yuan, surpassing London's Harrods to become the "global store king," with sales reaching a record 265 billion yuan in 2023 [2][3][11]. - However, in 2024, sales dropped to 220 billion yuan, resulting in the loss of the "global store king" title [4][12]. Group 2: Ownership Changes - In August 2025, SKP Company underwent a significant ownership change, with Beijing Hualian Group and RADIANCE Investment Holdings exiting, leaving 瑞得时尚 as the sole shareholder [2][6]. - 瑞得时尚 was established in May 2025 and includes several investors, such as Enriching Wells Limited and 天津博裕, with RADIANCE and 博裕资本 holding a combined 84%-90% stake [3][6][7]. Group 3: Project Developments - SKP Company has opened several projects across China, including Beijing, Xi'an, Chengdu, and Wuhan, while planning new openings in Guangzhou, Hangzhou, Hefei, Kunming, and Hohhot [3][4][11]. - Recent developments indicate progress in projects in Guangzhou and Hangzhou, despite previous reports of construction halts [4][8]. Group 4: Strategic Focus - The company is shifting its strategy to focus on refining existing operations rather than aggressive expansion, selling off non-core assets and concentrating on high-end shopping centers [12][16]. - SKP Company aims to enhance its digital transformation and supply chain integration through partnerships, particularly with Tencent for a "boundaryless retail" model [8][12][17].

Core Insights - SKP Company has shown progress in its expansion projects following the entry of new investors, with recent developments in cities like Guangzhou, Hangzhou, and Xi'an [1][2] - The company has experienced a significant increase in sales, reaching a record of 26.5 billion yuan in 2023, although it lost its title as the "global store king" in 2024 due to a decline in sales [2][8] - The restructuring of SKP Company involves a shift in focus towards core business operations and digital transformation, while divesting from non-core assets [8][12] Investment and Ownership Changes - The new investors, through the establishment of RADIANCE Investment Holdings, have taken control of SKP Company, with RADIANCE and other partners holding approximately 84% to 90% of the shares in the new entity, 瑞得时尚 [3][4] - Prior to the changes, RADIANCE and Beijing Hualian Group held 60% and 40% of SKP Company, respectively, but after the transaction, RADIANCE's stake was reduced to 42%-45% [3][4] - The involvement of 博裕资本 (Bohui Capital) through its fifth private equity fund indicates a strategic shift towards enhancing SKP's capabilities in international markets and supply chain management [3][12] Project Developments - SKP Company has plans to open new projects in cities including Guangzhou, Hangzhou, Hefei, Kunming, and Hohhot, despite previous construction halts in some locations [2][10] - The company aims to complete the construction and opening of the Hangzhou and Guangzhou projects as part of its immediate goals [5][11] - Recent land acquisitions, such as the one in Xi'an, indicate ongoing efforts to expand its footprint in key urban areas [1][5] Business Strategy and Market Position - SKP Company has transitioned from aggressive expansion to a more refined approach, focusing on enhancing existing operations and optimizing its high-end shopping center business [8][12] - The "无界零售" (boundaryless retail) strategy, which integrates online and offline channels, is central to SKP's digital transformation efforts [5][12] - The company has divested from several non-core businesses, allowing it to concentrate on its high-end retail operations and improve its supply chain and digital capabilities [8][12]