Health and beauty giant AS Watson opens 15,000th store as CK Hutchison chair Victor Li tries to emerge from father Li Ka-shing’s shadow
- The world’s largest and fastest growing international health and beauty retailer AS Watson Group opened its 15,000th store, in Kuala Lumpur, on Tuesday
- Aggressive, high-profile expansion is part of Victor Li’s efforts to stamp his authority on his chairmanship of CK Hutchison, say analysts
Founded almost two centuries ago as a simple dispensary, it is now part of the fabric of Hong Kong, selling everything from beauty products and tissues to snacks and its own brand of bottled water.
Watsons is almost as ubiquitous as 7-Eleven, with at least one shop in every neighbourhood of the city. Breakneck expansion into overseas markets has seen AS Watson Group grow into the world’s biggest and fastest growing health and beauty retailer, opening a new store on average once every seven hours across Asia and Europe.
On Tuesday it hit a milestone, opening its 15,000th store globally, in Kuala Lumpur. AS Watson’s expansion in foreign markets has become more aggressive and high-profile since Victor Li Tzar-kuoi became chairman of parent company, CK Hutchison.
The move signals the desire of Li to make his own name after taking the helm from his famous father, the Hong Kong tycoon Li Ka-shing, analysts said.
“The market has recently been watching him, comparing him with his father,” said Harris Wan, fund manager at CIS Pride Select Fund. “There is a need to be more high-profile. It is reasonable.”