We remember it like it happened just yesterday. On 2 December 2019, Sasa, Hong Kong’s biggest cosmetics chain, announced that all 22 of Sasa International shops in Singapore would be shut down.
Despite making efforts to improve business, stores here experienced losses for six years in a row, which led them to come to this decision.
After nearly three years, however, the cosmetics giant has shared its plans on returning to Singapore, starting by opening one or two stores in 2023.
The company’s cautious approach reflects a broader lack of confidence in the pace of Hong Kong’s economic recovery after Covid-19 restrictions were eased.
The chief financial officer of Sa Sa International Holdings, Danny Ho, expects sales to return to pre-pandemic levels by 2026, and predicts that tourist contributions to revenue may decline from 70% to 60%.
According to Mr Ho, the company is planning to open additional stores in Malaysia too, where it already operates 71 shops. This move is expected to boost sales beyond the levels achieved in 2019.
While we certainly can’t wait for Sasa Singapore’s return, we’ve been turning to their online official stores on Shopee and Lazada to get our beauty fix.
Featured image credits: @sasasingapore/Instagram
