Dr. Malina Ngai, group CEO of AS Watson, has been named one of Fortune’s Most Powerful Women in Asia for 2025, placing sixth and emerging as the only retail executive in the top 10. The recognition was announced online earlier this month, and Ngai received the award at the Fortune Innovation Forum gala dinner in Kuala Lumpur on Monday night.
At the event, Ngai spoke on “The Science Behind a 185-Year Company,” offering insights on leading a global retail network as customer habits and market conditions continue to shift. AS Watson, the world’s largest international health and beauty retailer, operates more than 17,000 stores in 31 markets. In Malaysia alone, Watsons has more than 800 branches.
“Leading a company with 185 years of history is both an honor and a challenge,” Ngai said. “Heritage gives us credibility, but relevance keeps us alive. Tradition gives us roots, but innovation gives us wings.” She stressed the need for leaders to listen closely to customers, colleagues, and partners, and to make decisions “with both head and heart.”
Ngai also pointed to talent development and agility as central to the company’s strategy.
“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 said.
She drew parallels between her experience as a competitive athlete and her leadership style, citing resilience, focus under pressure, and the discipline of long preparation for short moments of performance.
“That focus, anticipation, perseverance, and the spirit of never easily giving up—that’s the essence of resilience,” she said.
Ngai said AS Watson aims to blend “art and science” in retail by using data and artificial intelligence to personalize offers while maintaining a human connection with shoppers. “We are a technology-powered company with a human soul,” she said.
AS Watson is marking its 185th anniversary as it continues to expand across the region. In the Philippines, Watsons has more than 1,200 stores and offers services such as Click & Collect and home delivery through its mobile app.
