AS Watson's CEO Leverages Athlete's Mindset to Drive Retail Innovation and Resilience

Dr. Malina Ngai, Group CEO of AS Watson, attributes her leadership approach to her early career as a competitive rower, a discipline that instilled a data-driven mindset and resilience critical to steering the world's largest health and beauty retailer. Before joining AS Watson in 2024, Ngai competed in the 1994 Asian Games, winning a bronze medal in rowing for the then-British colony of Hong Kong. She credits this athletic background with fostering a "science of self-improvement," emphasizing metrics and incremental progress-principles she has applied to retail operations. "Elite athletes do so much science just to improve by one second," Ngai explains. "Traditionally, retail doesn't use a lot of science. I've really tried to put a lot of science into the business, so we know what actions lead to what results."

Ngai's leadership has been marked by a focus on innovation and customer-centric strategies. Under her guidance, AS Watson recently opened its 16,800th store in Rotterdam, a milestone symbolizing the company's global expansion and commitment to an "Offline plus Online (O+O)" customer experience. The store, spanning 770 square meters, offers 36,000 products and features a revamped Kruidvat app with personalized offers and streamlined checkout processes. Ngai's emphasis on agility aligns with the retailer's rapid adaptation to shifting consumer trends, including the rise of local beauty brands in Asia and the integration of gen AI into operations. "Every day, we have to learn," she states, noting the need to balance data-driven decisions with the unpredictability of today's retail landscape.

AS Watson's growth has been uneven, particularly in China, where health and beauty sales declined by 2% in 2022 amid economic and demographic headwinds. Ngai acknowledges the challenges, including cautious consumer spending and the property crisis in mainland China, but highlights the company's resilience through a "balanced portfolio between Asia and Europe." In 2022, EBITDA for non-China regions grew by 33%, driven by markets like Malaysia, Thailand, and Turkey. The company's ability to offset China's struggles with international expansion underscores Ngai's strategic focus on diversification. "This is the new normal," she says, referencing the volatility of global markets.

Ngai's leadership style also reflects her athletic background in fostering team cohesion and adaptability. During her tenure, AS Watson has prioritized a unified corporate culture across its 12 brands in 29 markets. She cites her experience as a rower in understanding the importance of collective effort, noting, "As an athlete, we don't want people to hand over a medal to us. We'll always like to have an opportunity to compete, and then win it ourselves." This ethos is evident in AS Watson's 178-million-member loyalty program, a testament to her emphasis on customer engagement.

The retail sector's evolving dynamics, particularly in China and Southeast Asia, present ongoing challenges. Bain's 2025 report highlights the erosion of multinational corporations' (MNCs) market share in these regions, as local and insurgent brands gain traction with tailored products and digital-first strategies. Ngai recognizes this shift, noting the rise of Chinese and Southeast Asian beauty brands leveraging social media and cultural narratives to compete globally. "When mainland brands come to Hong Kong, it's a test bed for them to see whether their brands will work outside of China," she observes, positioning Hong Kong as a strategic hub for cross-border innovation.

Ngai's perspective on gender in leadership further underscores her unique approach. She acknowledges the dual expectations placed on women in corporate roles-being both strong and nurturing-but sees this as an advantage in promoting wellness and inclusive workplace cultures. "Kindness is very fashionable," she remarks, advocating for the visibility of female leaders in shaping positive organizational values. Her leadership has been recognized in Fortune's Most Powerful Women in Asia ranking, where she placed No. 6 in 2024.

Looking ahead, AS Watson aims to sustain its growth through strategic store openings and digital innovation. Ngai's vision for the company emphasizes resilience, echoing the adaptability required in competitive rowing. "Retailers must demonstrate the same resilience, adaptability, and innovative spirit that define world-class athletes," she states. As AS Watson navigates the complexities of global markets, Ngai's athletic background continues to inform a leadership strategy rooted in precision, teamwork, and relentless improvement.

Source: [1] AS Watson Boosts Global Expansion by Unveiling its 16,800th Store Worldwide (https://watson.aswatson.com/asw-pulse/as-watson-boosts-global-expansion-by-unveiling-its-16800th-store-worldwide/) [2] AS Watson Rises To 52nd Place Among World's Top 250 Retailers (https://www.happi.com/breaking-news/as-watson-rises-to-52nd-place-among-the-worlds-top-250-retailers/) [4] How competitive rowing prepared Malina Ngai to lead the world (https://fortune.com/article/malina-ngai-ceo-as-watson-rowing-most-powerful-women/) [5] A.S. Watson China health and beauty sales decline hampers overall retail performance (https://www.cosmeticsdesign-asia.com/Article/2023/03/27/a.s.-watson-china-health-and-beauty-sales-decline-hampers-overall-retail-performance/)