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

AS Watson plans to open 1,000 new stores this year as part of a HK$3.8 billion investment aimed at expanding its global footprint and strengthening its online and offline (O+O) retail capabilities.

The investment will fund new store openings and refurbishments, alongside upgrades to technology and supply chain infrastructure, as the group continues to scale its physical network while integrating digital channels more tightly into the customer experience.

AS Watson said the strategy reflects the pace of change across retail, with shifting consumer expectations and faster-moving technologies placing greater pressure on operators to adapt quickly and operate more efficiently.

Separately, parent company CK Hutchison is reportedly targeting a valuation of around HK$235.5 billion for a potential dual listing of AS Watson in Hong Kong and London, which could launch as early as the second quarter. Reuters reported the group has begun sounding out investor interest in the proposed IPOs.

Founded in Hong Kong in 1841, AS Watson has grown from a single store into a global health and beauty retailer operating more than 17,000 stores across 31 markets in Asia and Europe. The group will mark its 185th anniversary this year with events across its global network. 

In 2025, AS Watson recorded 8% growth in its health category, including double-digit growth in Europe, and 6% growth in beauty, driven by double-digit gains in Asia. Its O+O sales also delivered double-digit growth, while its loyalty base increased by 10 million members to more than 180 million globally. 

The company said it is now focused on balancing expansion with longer-term sustainability initiatives. Over the past year, AS Watson recruited more than 134,000 young people and delivered 3.8 million hours of training, putting it more than halfway toward its target of creating 200,000 opportunities by 2030.
Group CEO Malina Ngai said the business is planning for growth without trying to predict the future too precisely. 

“We have never been able to see 100 years ahead - not then, and not now,” Ngai said. “Markets shift overnight, technologies redefine industries and expectations evolve constantly.

“So building for the next century isn’t about prediction. It’s about staying focused on what doesn’t change - our customers, our people and the way we do business.”

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