Dr. Malina Ngai, Group CEO of AS Watson, has earned a spot on Fortune’s Most Powerful Women in Asia 2025, ranking 6th and standing out as the only retail leader among the top 10. The announcement was made online earlier this month, with the formal award presented to Ngai at the Fortune Innovation Forum gala dinner in Kuala Lumpur.
At the forum, Ngai shared her insights on leading one of the world’s most enduring retail networks, discussing ‘The Science Behind a 185-Year Company’. AS Watson, the world’s largest international health and beauty retailer, operates over 17,000 stores across 31 markets, including more than 800 Watsons stores in Malaysia, where it holds the top position in health and beauty retail.
“Leading a company with 185 years of history is both an honour and a challenge,” Ngai said. “Heritage gives us credibility, but relevance keeps us alive. Tradition gives us roots, but innovation gives us wings.” She highlighted the importance of listening deeply to customers, colleagues, and partners, while making decisions with both head and heart.
Ngai also spoke about the company’s focus on talent and agility. “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. Drawing from her experience as a competitive athlete, Ngai added, “What sports have taught me is a kind of true resilience no business school can teach. Months of training for a few moments of performance instill focus, anticipation, perseverance, and the spirit of never giving up — that’s resilience.”
She further shared how her athletic background shapes her leadership style, emphasizing focus under pressure, rapid decision-making, teamwork, and trust. Ngai underscored AS Watson’s commitment to blending art and science in retail, leveraging data and AI to personalize customer offers while maintaining a human touch. “We are a technology-powered company with a human soul,” she said.
As AS Watson approaches its 185th anniversary, the company continues to innovate and adapt, balancing its rich heritage with forward-looking strategies to meet evolving customer needs.
In the Philippines, Watsons operates over 1,200 stores nationwide, bringing health, wellness, and beauty closer to every Filipino. The Watsons app further enhances accessibility, offering exclusive deals, personalized recommendations, and convenient services like Click & Collect and home delivery, ensuring quality health and beauty products reach communities across the country.
For more on the award, visit: Most Powerful Women Asia | Fortune
To explore AS Watson’s history and talent initiatives, visit: Our History | AS Watson
