Insider Spotlight
Rather than looking back on its 185-year legacy as a static milestone, the company is increasingly positioning it as a science—a codified system of listening, agility, and customer-centered innovation that has kept it relevant across eras.
The framework was spotlighted this week following Group CEO Dr. Malina Ngai’s recognition as one of Fortune’s Most Powerful Women in Asia 2025, ranking sixth and standing as the only retail leader in the top 10.
The award was presented at the Fortune Innovation Forum gala dinner in Kuala Lumpur, where Ngai took the stage to unpack “The Science Behind a 185-Year Company.”
Why it matters
Legacy retailers worldwide are under pressure to modernize at speed—and AS Watson’s model offers a rare case study in long-term, scalable reinvention.
“Leading a company with 185 years of history is both an honor and a challenge,” Ngai said in a press release on Nov. 19, 2025.
“Heritage gives us credibility, but relevance keeps us alive. Tradition gives us roots, but innovation gives us wings,” she added.
Driving decisions with both head and heart
Ngai underscored the company’s culture-first operating system, anchored on deep listening and talent development.
“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.
She also drew parallels between competitive sports and leadership, adding: “What sports have taught me is a kind of true resilience that no business school can teach.”
A tech-powered human enterprise
Despite its long history, AS Watson is doubling down on AI, data, and O+O retail to personalize experiences across its 17,000 stores in 31 markets.
“We are a technology-powered company with a human soul,” Ngai noted.
The Philippines angle
With over 1,200 stores nationwide, Watsons Philippines is one of the company’s fastest-growing markets, strengthened by its app ecosystem, personalized recommendations, and Click & Collect and home delivery options—a local showcase of the company’s global O+O playbook.
As Watson approaches its 185th anniversary, the company’s formula for longevity—heritage plus innovation—appears more relevant than ever. —Vanessa Hidalgo | Ed: Corrie S. Narisma
