AsianFin — Hong Kong-listed beauty retailer Sa Sa International Holdings said it will close all of its remaining physical stores in mainland China by June 30, marking a full withdrawal from the offline retail market there.

According to the company’s FY2024/25 financial report for the year ended March 31, Sa Sa has already shuttered 14 stores in mainland China during the reporting period and plans to close the remaining 18. As of May 31, nine additional stores had been closed, with the rest scheduled to shut by the end of this month.

Sa Sa’s total revenue for the fiscal year fell 9.7% year-on-year to HK$3.942 billion, while net profit plunged 64.8% to HK$76.97 million. Revenue from mainland China declined 10.5% to HK$521 million, with online channels contributing 80.3% of the total and offline just 19.7%. Online sales in the region edged up 0.6% to HK$418 million, but offline sales tumbled 38.2% to HK$103 million.

The company’s full exit from brick-and-mortar retail in the Chinese mainland reflects intensifying competition and changing consumer habits in China’s beauty sector.