The Hong Kong-based cosmetics chain Sa Sa has collaborated with the Korea Trade-Investment Promotion Agency to organize the Korean Beauty and Skin Care Parade in Hong Kong which runs through December 2 in all Sa stores. Its in the city and on the Hong Kong website. The show features Korean beauty workshops that popular influencers will be invited to share with Korean makeup tips. Sa Sa also offers discounts on some of the best selling Korean products in all stores in Hong Kong.
This year’s show features nearly 50 Korean brands, including well-known brands such as Sulwhasoo, Dr. Jart, Banila Co, Dr G, VT, Derma B, Clio, Andlab, Cell Fusion C, Suiskin, covering products from South Korean skin care products that are popular among Hong Kong consumers as well as hair care and health care products. It is the first time that the brand has presented hair care and health products in the parade. Sa Sa said they wanted to enrich their product portfolio by expanding the categories of personal care and health care products.
“This opportunity indicates the recognition and confidence of many South Korean beauty brands in Sa Sa. Korean products have been an important part of Sa Sa’s product portfolio, and we are pleased to see consumers view Sa Sa as a trusted source for purchasing Korean beauty products, ”said Simon Kwok, Chairman and CEO of Sa Sa.
At the same time, the brand reduced its loss in the first half of this fiscal year ended September 30, while it plans to close up to eight stores in Hong Kong and Macao during the second half of the fiscal year.
The company said its revenue from March 1 to September 30 was around HK $ 1.60 billion, an increase of 24.2% year-over-year. Retail and wholesale sales in Hong Kong and Macau increased 26.9% to HK $ 1.09 billion year-on-year. The loss for the same period decreased from HK $ 60.4 million to HK $ 181.6 million compared to the previous period.
Sa Sa said that in response to the impact of the pandemic, she had put in place rigorous inventory and cost management to keep working capital. It has also invested in online retail and mainland China, as both areas have promising growth potential. Cost control measures include streamlining the physical store network in tourist districts of Hong Kong and accelerating digitization and automation to optimize its operations. Five to eight retail stores with excessively high rental costs or with fewer contributions are expected to be closed in the second half of the year.
Based on its plan, Sa Sa expects the total number of stores to decline from 15 to 18 year-over-year by March 2022. According to Sa Sa’s website, it has 78 stores. in Hong Kong in total, while there are nine. stores in Macau.
Meanwhile, the company’s online business has grown, with revenue reaching HK $ 307.4 million, growing 65.2 percent year-over-year. The company’s online business continued to improve in the first quarter, with faster annual growth of 108.8%. It also increased by 64.0% compared to the pre-pandemic period. Growth was primarily driven by the “618 Shopping Festival” in China this year, leading to outperformance of third-party Sa Sa platforms and the WeChat mini-program in Mainland China.
In addition, the company’s sales in China increased 12.7% in local currency to HK $ 143.6 million, while same-store sales fell 5.0% in currency. local. The total number of stores operated in China as of September 30, 2021 was 69, a net increase of 21 over the past 12 months.
Sa Sa International is developing strategy to further focus its health and fitness product portfolio
Sasa Boosts Online Presence With Shopee After Pulling SG Retail
Sasa exit from SG: lack of innovation or difficult retail scene?