New Media Group is shutting the print version of Fashion and Beauty (流行新姿) to embrace an all-digital format.
The last print edition comes out today (27 July).
Established in 2003, the weekly magazine features beauty guides and tips on skincare products and cosmetics, targeting style conscious women aged 20 to 35.
Around 20 employees have been let go amid the restructure, while the rest will focus mainly on web-based content.
Last month some three print publications in Hong Kong shutdown, citing a shrinking ad market and dwindling profits.
However, Shirley Hughes, CEO of New Media Group, said the shutdown in print was not the result of financial losses, but rather part of the group's revised strategy to integrate its multiple platforms and reduce duplicated content geared towards women.
With Fashion and Beauty, the group is running three titles which carry women-related information, including more and the "Ready Go" column in Weekend Weekly.
"The group is undergoing a digital transformation to re-position as a content provider, instead of a publisher, to provide all-round service for our clients and readers via different channels and platforms, both in print and digital," said Hughes.
"Digital is definitely the trend but we won't give up print. The decision to cancel Fashion and Beauty print edition is just a content integration strategy, we may, given time, bring back the print edition."
She added the habits of magazine readers in Hong Kong have changed amid rise of mobile and digital devices, with 80% of readership across all New Media Group titles comes from mobile.