KUALA LUMPUR, MALAYSIA & HONG KONG SAR - 18 November 2025 - Dr. Malina Ngai, Group CEO of AS Watson, has been named one of Fortune's Most Powerful Women in Asia 2025, ranking 6th on the list and standing out as the only retail leader among the top 10.

The recognition was announced online earlier this month, and the award was formally presented to Ngai at the Fortune Innovation Forum gala dinner held in Kuala Lumpur last night.

Speaking at the forum gala dinner, she talked about 'The Science Behind a 185-Year Company' sharing insights on leading a vast retail network amid evolving market dynamics. AS Watson, the world's largest international health and beauty retailer, operates over 17,000 stores across 31 markets. In Malaysia, Watsons has over 800 stores and is the number one health and beauty retailer.

"Leading a company with 185 years of history is both an honour and a challenge," Ngai stated. "Heritage gives us credibility, but relevance keeps us alive. Tradition gives us roots, but innovation gives us wings." She emphasised the importance of deep listening to customers, colleagues, and partners, and making decisions with both head and heart.

Ngai highlighted the company's focus on talent and agility, stating, "Culture is the bridge between past and future. We invest in talent and agility so our teams can adapt quickly without losing our DNA." Drawing on her background as a competitive athlete, "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."

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.

Ngai also shared how sports have shaped her leadership style, emphasising focus under pressure, rapid decision-making, and the importance of teamwork and trust. She underscored AS Watson's commitment to blending "art and science" into retail, using data and AI to personalise offers while maintaining a human connection with customers. "We are a technology-powered company with a human soul," she said.

As AS Watson approaches its 185th anniversary, the company continues to innovate and adapt to meet the evolving needs of its customers, blending its rich heritage with a forward-looking approach.

To learn more about the award, visit: Most Powerful Women Asia | Fortune

To discover more about AS Watson's history and talent development, visit:

Our History

AS Watson Surpasses Halfway Mark in Global Youth Employment Pledge: 134,000 Young People Recruited Worldwide and 3.8 Million Training Hours Delivered to Empower Future Retail Leaders

Photos: 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.

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