Cover image via Watsons Malaysia (Provided to SAYS)
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Dr Malina Ngai, Group CEO of AS Watson, has been named one of Fortune's Most Powerful Women in Asia 2025
Ranking sixth on the list, she stands out as the only retail leader among the Top 10. The recognition was announced online earlier this month, with the award formally presented at the Fortune Innovation Forum gala dinner in Kuala Lumpur on 17 November.
Khoon Fong Ang, Asia CEO of Fortune (right) presents the Fortune's The Most Powerful Women 2025 honour to Dr Malina Ngai, Group CEO of AS Watson, in recognition of her outstanding leadership and influence in the retail industry.
Image via Watsons Malaysia (Provided to SAYS)At the gala, Ngai shared insights on leading AS Watson, the world's largest international health and beauty retailer, in her talk titled The Science Behind a 185-Year Company
The group operates over 17,000 stores across 31 markets, with Watsons Malaysia alone boasting more than 750 stores nationwide and serving millions of customers both in-store and online. This year also marks the 15th anniversary of the Watsons Club loyalty programme, which now has over eight million members.
"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," Ngai said.
She stressed the importance of listening closely to customers, colleagues, and partners, and of making decisions with both the head and the heart.
Dr Malina Ngai takes the stage at the Fortune Innovation Forum 2025 in Kuala Lumpur to share the science and strategy behind AS Watson's 185-year journey of legacy.
Image via Watsons Malaysia (Provided to SAYS)Ngai also highlighted AS Watson's emphasis 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 said.
Drawing on her experience as a competitive athlete, she added, "Sports taught me true resilience — focus, anticipation, perseverance, and never giving up. That's a lesson no business school can teach."
She explained how sports have shaped her leadership style, fostering focus under pressure, rapid decision-making, and the importance of teamwork and trust.
Ngai also emphasised AS Watson's approach to blending technology with personal touch.
"We are a technology-powered company with a human soul," she said, citing the company's use of data and AI to personalise offers while keeping genuine connections with customers.
As AS Watson approaches its 185th anniversary, Ngai said the company will continue to innovate and adapt, blending its rich heritage with a forward-looking vision to meet evolving customer needs.
