AS Watson CEO Malina Ngai Prepares $22 Billion Global Retailer for Stock Market Debut

Dr. Malina Ngai, the chief executive of AS Watson, is steering the global health and beauty retailer toward a significant stock market flotation, aiming for a dual listing in London and Hong Kong by the end of the year with an estimated valuation of £22 billion. Ngai, a former competitive athlete, is leading the company, which operates Superdrug in the UK, through this strategic move.

AS Watson, founded in 1841 as a single Hong Kong dispensary, has grown into the world's largest health and beauty retailer. The company, acquired by Hong Kong conglomerate CK Hutchison in 1981, now boasts 17,114 stores across 30 markets in Asia and Europe. In 2025, AS Watson reported revenues of £19.9 billion and an operating profit of £2.6 billion.

Ngai, who became group COO in 2013 and CEO in 2019, has implemented a strategy focused on data-driven performance improvement, drawing parallels to her athletic background. A key initiative under her leadership has been the expansion of online operations and the development of a customer loyalty program, which currently has 183 million members worldwide. These members reportedly spend three times more than non-members.

The planned flotation occurs amid a broader trend of growth in the health and beauty sector, which has shown resilience despite economic pressures. Companies like Unilever are divesting food businesses to focus on their health and beauty portfolios. In the UK, Superdrug's competitor, Boots, is also considering a public offering or a sale.

Ngai noted the resurgence of the "lipstick effect," a phenomenon where consumers purchase small cosmetic indulgences during economic downturns. She also highlighted the company's rapid expansion, with AS Watson opening a new store globally every day in the first four months of the year, and achieving payback from new stores in an average of 14 months.

In the UK, AS Watson operates approximately 1,500 stores, with Superdrug accounting for 780 of these locations. The company plans to open around 70 new UK stores this year and upgrade 170 existing ones. Last year, UK stores generated £2.8 billion in sales and employ 23,000 staff.

Ngai emphasized a "customer first" principle across AS Watson's diverse brands, viewing each store as a community hub. Despite global economic pressures, she stated the company's commitment to keeping prices low for its customers, aiming to maintain loyalty post-flotation. Goldman Sachs is reportedly among the investment banks supporting AS Watson's parent company in this endeavor.