From Rowing to Retail: How Sports Shaped a Business Leader

A Competitive Athlete Turned Business Leader

Malina Ngai, the CEO of AS Watson, brings a unique background to the business world. Her time as a competitive athlete taught her more than just discipline and leadership; it instilled in her the importance of using data and science to improve performance.

Leading a Global Retail Giant

In 2024, Ngai took the helm of AS Watson, a retail company with nearly 17,000 stores worldwide. Ranked among the most powerful women in Asia, she admits that running a global retail business is more complex than she anticipated. The industry is evolving rapidly, rendering some of her university skills obsolete.

AS Watson: A Legacy of Growth

AS Watson traces its roots back to a single drugstore founded in 1841. Today, it operates in Hong Kong, mainland China, Europe, Southeast Asia, and the Middle East, under the umbrella of CK Hutchison, a conglomerate founded by billionaire Li Ka-shing.

A Non-Linear Path to Success

Ngai's career began in government, where she worked to develop the city's sports landscape. In 2000, she joined Hutchison Whampoa's ports division before transitioning to the retail division. Over the years, she held various roles, including corporate communications, marketing, branding, investment, and technology.

Expansion and Leadership

During her tenure, AS Watson expanded from 980 outlets in the 2000s to nearly 17,000 today. She became the division's chief operating officer in 2013 and its Asia and Europe CEO in 2019. Her predecessor praised her as "perfectly prepared" for the role, citing her work in building the company's online commerce business.

Creating a Unified Culture

As group CEO, Ngai aims to foster a unified culture across AS Watson's diverse brands and markets. She emphasizes responsiveness to customer trends, reducing the time to get products on shelves from nine months to just two or three.

Financial Resilience

In the first half of 2025, CK Hutchison's retail division generated 98.8 billion Hong Kong dollars ($12.6 billion), over 40% of the conglomerate's total revenue. Retail revenue grew by 8%, driven by strong performance in Europe and Southeast Asia, offsetting weakness in China.

Navigating Uncertainty

Ngai attributes AS Watson's resilience to its "balanced portfolio between Asia and Europe." She notes that the past year has been marked by uncertainty, which is now the new normal.

Challenges in China and Hong Kong

China's consumer market has stagnated due to a property crisis affecting household spending. Ngai describes China as a "complex and evolving landscape," where consumers are browsing but spending cautiously.

Hong Kong's retail sales have also declined, as the city struggles to attract wealthy tourists. Ngai highlights demographic shifts, including a growing silver generation and rising pet ownership, challenging businesses to adapt.

The Rise of Local Brands

Ngai observes a shift among Asian consumers toward local cosmetics brands. Korean brands excel in social media storytelling, a lesson Chinese brands are now adopting. She sees Hong Kong as a test bed for mainland brands expanding into Southeast Asia.

Gender Diversity in Leadership

Hong Kong leads in female representation in corporate leadership, with 9% of CEOs being women, compared to 5% across the Asia-Pacific region and 6% globally. Ngai acknowledges the expectations placed on women leaders, emphasizing the importance of kindness and nurturing in leadership.