AS Watson’s Nearly Two-Century-Old Impact

In 1841, AS Watson had a humble storefront in Hong Kong.

Nearly two centuries later, it is considered among the world’s largest international health and beauty retailers. It operates over 17,000 stores across 31 markets in Asia and Europe, serving millions of customers daily through trusted brands in health, beauty, personal care and wellness.

AS Watson says it continues to demonstrate strong growth momentum driven by customer relevance, operational excellence and a clear long-term strategy, despite an increasingly complex global environment.

Double-Digit Growth

In 2025, the group delivered 8% growth in health category, with double-digit growth in Europe; and 6% growth in beauty category, with double-digit growth in Asia. With continuous investment strengthening its O+O (Offline plus Online) ecosystem, O+O sales achieved double-digit growth, reflecting strong customer engagement across channels. Its loyalty member base grew by 10 million in the year, from 170 million to over 180 million.

Looking ahead, AS Watson says it plans to open 1,000 new stores this year, underpinned by a total investment of approximately $490 million across new store openings, store upgrades, technology and supply chain, as it continues to strengthen its global presence and O+O capabilities.

AS Watson reached a major milestone in its global youth employment pledge, recruiting over 134,000 young people to date and delivering 3.8 million hours of training. This achievement marks more than halfway toward its goal of creating 200,000 opportunities by 2030. In addition, the year also marks a major achievement in its “Give a Smile” campaign with Operation Smile, surpassing its goal of 10,000 free surgeries for children with cleft conditions ahead of schedule. The achievement reaffirms its commitment to brighter futures for its next generation.

“When we think about the next century, the truth is this: we have never been able to see 100 years ahead — not then, and not now,” said Dr. Maline Nagai, Group CEO of AS Watson. “Today, change moves faster than ever. Markets shift overnight. Technologies redefine industries. Expectations evolve constantly. So, when we talk about building the next century, it’s not about predicting the future. It’s about preparing for it.”