Dr. Malina Ngai, Group CEO of AS Watson, has been named one of Fortune’s Most Powerful Women in Asia 2025, ranking 6th on the list and standing out as the only retail leader among the top 10. The recognition was announced online earlier this month, and the award was formally presented to Ngai at the Fortune Innovation Forum gala dinner held in Kuala Lumpur last night. This accolade highlights Ngai’s impact in the retail industry and her leadership in steering one of the world’s largest health and beauty retail networks.
Leading a 185-Year-Old Company
Speaking at the forum gala dinner, Ngai shared her insights in a presentation titled ‘The Science Behind a 185-Year Company’. She discussed the challenges and strategies of leading a vast retail network amid constantly evolving market dynamics. AS Watson, the world’s largest international health and beauty retailer, operates over 17,000 stores across 31 markets. In Malaysia, Watsons has over 800 stores and remains the number one health and beauty retailer.
“Leading a company with 185 years of history is both an honour and a challenge,” Ngai stated. “Heritage gives us credibility, but relevance keeps us alive. Tradition gives us roots, but innovation gives us wings.” She emphasised the importance of listening deeply to customers, colleagues, and partners while making decisions with both head and heart. Ngai’s approach balances respect for the company’s rich history with the need for innovation to remain competitive in the modern retail landscape.
Focus on Talent and Agility
Ngai highlighted AS Watson’s focus on talent and agility as key drivers of the company’s ongoing success. “Culture is the bridge between past and future. We invest in talent and agility so our teams can adapt quickly without losing our DNA,” she explained. She also drew parallels between her experience as a competitive athlete and her leadership style. “What sports have taught me is a kind of true resilience that no business school can teach. As a competitive athlete, you train for months for just a few minutes of performance. That focus, anticipation, perseverance, and the spirit of never easily giving up – that’s the essence of resilience.”
Her insights underline the importance of cultivating teams that can respond to challenges swiftly while maintaining core values. Ngai’s emphasis on resilience, focus under pressure, and adaptability reflects AS Watson’s commitment to remaining a leader in global retail.
Blending Technology with Human Connection
Ngai also explained how sports have shaped her leadership style, fostering rapid decision-making, teamwork, and trust. She stressed the company’s dedication to integrating technology with personal interaction. AS Watson leverages data and AI to personalise customer offers while maintaining a human touch in all interactions. “We are a technology-powered company with a human soul,” Ngai said, highlighting the balance between innovation and customer engagement.
As AS Watson nears its 185th anniversary, the company continues to innovate and evolve, ensuring that its services remain relevant and accessible. This approach combines the company’s deep heritage with forward-looking strategies to address the needs of modern consumers.
Watsons in the Philippines
In the Philippines, Watsons operates over 1,200 stores nationwide, demonstrating a strong commitment to making health, wellness, and beauty products accessible to Filipino communities. The Watsons app complements this presence, offering exclusive deals, personalised recommendations, and convenient services such as Click & Collect and home delivery. These initiatives ensure that quality health and beauty products are available to a wide range of customers across the country.
AS Watson’s growth and commitment to innovation highlight why Ngai earned recognition as one of the most powerful women in Asia. Her leadership blends tradition with innovation, fostering a resilient and agile organization capable of thriving in dynamic markets.
To learn more about the award, visit: Most Powerful Women Asia | Fortune
