From Rowing to Retail: How Sports Shaped a Business Leader

Malina Ngai, the CEO of AS Watson, has a unique background that sets her apart in the business world. She was once a competitive athlete, and she believes that her time in sports gave her more than just discipline and leadership skills. It also taught her the importance of using data and science to improve performance. Ngai took over AS Watson, a retail company with almost 17, 000 stores worldwide, in 2024. She has been ranked as one of the most powerful women in Asia. However, she admits that running a global retail business is not as straightforward as she thought it would be. She says that the retail industry is changing rapidly, and the skills she learned in university are no longer relevant. AS Watson has a long history, dating back to a single drugstore founded in 1841. Over the years, it has grown into a global retail giant, with stores in Hong Kong, mainland China, Europe, Southeast Asia, and the Middle East. It is now part of CK Hutchison, a conglomerate founded by billionaire Li Ka-shing. Ngai's journey to the top of AS Watson was not a straight path. She started her career in government, working to develop the city's sports landscape. She then joined Hutchison Whampoa's ports division in 2000. She was quickly moved to the retail division, where she worked in various roles, including corporate communications, marketing, branding, investment, and technology. Ngai's time at AS Watson coincided with a period of rapid expansion for the company. She notes that in the 2000s, the division had just 980 outlets, compared with nearly 17, 000 today. She became the division's chief operating officer in 2013, then its Asia and Europe CEO in 2019. When she rose to become group CEO, her predecessor said she was "perfectly prepared, " citing her work in building out AS Watson's online commerce business. As group CEO, Ngai has tried to create a unified culture for AS Watson's businesses across its different brands and markets. She wants outlets to be more responsive to customer trends. She says that in the past, it took nine months to get something on a shelf. Now, if something's trending on social media, she wants to get the product on the shelf in two or three months. In the first six months of 2025, CK Hutchison's retail division generated 98. 8 billion Hong Kong dollars ($12. 6 billion), just over 40% of the broader conglomerate's total revenue. Retail revenue grew by 8%, which the company credited to strong performance in stores based in Europe and Southeast Asia, which offset weakness in China. Ngai credits AS Watson's "balanced portfolio between Asia and Europe" for the retailer's resilience. She says that in the past 12 months, "everywhere is uncertain. " This is the new normal. China's consumer market in particular has stagnated, partly because of a property crisis that continues to weigh on household spending. Ngai says that "China remains a complex and evolving landscape. " She notes that people are browsing, but they are more cautious on their spending. AS Watson's hometown is also struggling. Hong Kong's retail sales have fallen in recent years, as the onetime tourist hub fails to win back wealthy visitors eager to shop. Ngai says that "previously we had more expats. " Now we have a lot more mainland residents and students, and the silver generation is also growing. Household sizes are shrinking, and pet ownership is rising, too. This demographic shift is challenging all the businesses here to reshape themselves. Ngai has noticed another shift among Asian consumers: a preference for buying local cosmetics brands. She says that Korean brands have stories that "create a lot of conversation on social media. " That's a lesson now being learned by Chinese brands, she adds: "You know how crazy social media is in China? When they go outside of China, they immediately surpass a lot of the brands when it comes to social media, storytelling, and endorsements. " Ngai thinks that Hong Kong has a role to play in this sudden surge of Chinese brands. She says that "when you see mainland brands come to Hong Kong, it's a test bed for them to see whether their brands will work outside of China. " It really helps them go into Malaysia, Vietnam, the Philippines, and the rest of Southeast Asia. Hong Kong performs well when it comes to female representation in corporate leadership. According to a 2024 Deloitte report, 9% of Hong Kong CEOs are women, compared with 5% across the Asia-Pacific region and 6% globally. The city's stock exchange is also pushing for greater gender diversity on corporate boards, mandating that no listed company will have a single-gender board. Ngai says that she is aware of the expectations placed on women leaders. She says that "so often there's some quiet pressure: You need to be strong but also soft; you need to be decisive, but you need to be nurturing as well. " Yet she suggests her gender might be an advantage, particularly as companies embrace language around wellness and positive workplace culture. She adds that "kindness is very fashionable. " If we can take the lead, then everyone can see the power of female leaders.