In a major win for the retail sector, Dr. Malina Ngai, the dynamic Group CEO of AS Watson, has earned a coveted spot on Fortune’s Most Powerful Women in Asia 2025 list, securing the impressive 6th rank. She is the only retail leader to break into the top 10, underscoring her monumental influence in the global health and beauty landscape.
The formal recognition took place at the Fortune Innovation Forum gala dinner in Kuala Lumpur, where Dr. Ngai shared the stage—and her wisdom—with some of the region’s top leaders.
The Science of 185 Years of Success
In her address, “The Science Behind a 185-Year Company,” Dr. Ngai offered a fascinating glimpse into how she steers the world’s largest international health and beauty retailer. AS Watson is a true titan, boasting over 17,000 stores across 31 markets globally.
She perfectly captured the delicate balance of leading a company with such deep roots:
“Leading a company with 185 years of history is both an honour and a challenge. Heritage gives us credibility, but relevance keeps us alive. Tradition gives us roots, but innovation gives us wings.“
Dr. Ngai emphasized that success is rooted in deep listening—to customers, colleagues, and partners—and making decisions guided by both logic and empathy.
Resilience Lessons from Competitive Sports
What truly sets her leadership apart? Her background as a competitive athlete. Dr. Ngai revealed how sports instilled a unique kind of resilience that no boardroom can teach.
“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.“
This athletic mindset translates directly into her leadership style, fostering rapid decision-making, unwavering focus under pressure, and a profound appreciation for teamwork and trust within AS Watson’s diverse workforce.
Where Art Meets Science in Retail
AS Watson’s continued success, even as it approaches its 185th anniversary, is driven by a commitment to talent and agility. Dr. Ngai noted: “Culture is the bridge between past and future. We invest in talent and agility so our teams can adapt quickly without losing our DNA.”
In today’s market, this means perfecting the blend of “art and science.” AS Watson harnesses the power of data and AI for personalized customer offers, but never at the expense of the human connection. As Dr. Ngai succinctly put it: “We are a technology-powered company with a human soul.”
Watsons: Bringing Health and Beauty Closer to Filipinos
Right here in the Philippines, AS Watson’s commitment is clear through the massive presence of Watsons, operating over 1,200 stores nationwide. The brand continues to prioritize bringing health, wellness, and beauty closer to every Filipino.
The Watsons app further strengthens this reach, providing:
- 📱 Exclusive deals and personalized recommendations.
- 🛒 Convenient options like Click & Collect and home delivery.
This prestigious award not only recognizes Dr. Ngai’s personal achievements but also validates AS Watson’s powerful strategy of blending rich heritage with cutting-edge innovation—a strategy that continues to shape how we shop for health and beauty across the globe.
To learn more about the award, visit: Most Powerful Women Asia | Fortune
To discover more about AS Watson’s history and talent development, visit:
