AS Watson to open 1,000 new stores in HK$3.8bn global push

AS Watson is planning to open 1,000 new stores this year as part of a HK$3.8 billion investment to enhance its global presence and online and offline (O+O) capabilities.

This aligns with AS Watson's belief that, in an environment where consumer expectations, technologies, and markets evolve rapidly, the group views change not as a barrier, but as an opportunity to innovate faster, operate more efficiently, and better serve customers.

The HK$3.8 billion investment will cover new store openings, upgrades, technology, and supply chain enhancements as AS Watson continues to strengthen its global presence and O+O capabilities.

Meanwhile, AS Watson’s parent company, CK Hutchison, is reportedly targeting a valuation of approximately HK$235.5 billion for a potential dual listing of the group in Hong Kong and London, which could launch as early as the second quarter. According to Reuters, CK Hutchison has already begun gauging investor interest in the planned IPOs.

Founded in Hong Kong in 1841 as a single store, AS Watson has grown into a global retail powerhouse, operating over 17,000 stores across 31 markets in Asia and Europe. This year marks its 185th anniversary, and AS Watson will celebrate with events and initiatives across all 31 markets, recognising the contributions of its colleagues, partners, and customers.

AS Watson reported an 8% growth in the health category for 2025, with double-digit growth in Europe, and a 6% growth in the beauty category, driven by double-digit growth in Asia. Meanwhile, its O+O sales achieved double-digit growth, highlighting strong customer engagement across channels. The loyalty member base also increased by 10 million this year, rising from 170 million to over 180 million.

Following its commercial results, AS Watson said that it has entered a new chapter focused on sustainable growth, innovation, and continued leadership in health and beauty retail. For example, the group has recruited over 134,000 young people and provided 3.8 million training hours, more than halfway to its goal of 200,000 opportunities by 2030.

Malina Ngai, group CEO of AS Watson, said: "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. 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."

"And we prepare the same way we always have — by staying grounded in what does not change: our commitment to customers, our people, our partners, and to doing business responsibly."

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