Health and beauty retailer AS Watson Group has allegedly hired advisors for an initial public offering (IPO).
The owner of retailers Superdrug and The Perfume Shop has allegedly tapped investment banks Goldman Sachs and UBS Group for the listing, according to a new report by Bloomberg News, citing people familiar with the matter.
A dual listing in London and Hong Kong is rumoured to be considered by AS Watson’s owner CK Hutchison Holdings, according to the report.
AS Watson owns 12 retail brands, including Savers and Watson, across 31 markets and has nearly 17,000 stores.
In its most recent financial results, Superdrug reported a 7% sales rise, with pre-tax profits of £136.8m in 2024, an increase of 23% and marking its fifth consecutive year of growth.
CK Hutchison Holdings retail division, which includes AS Watson, reported revenue of HK$98,840m (£9.4bn) for the first half of 2025, its most recent financial results, up 8% on the same period in 2024.
This was largely driven by robust growth in its health and beauty businesses in the UK, Poland and the Philippines, the company said in a statement at the time.
This was partially offset by China where it suffered from weak consumer demand.
The conglomerate said that its businesses in Europe and Asia were projected to continue to deliver strong results, while its health and beauty business in China would continue to face headwinds in the second half.
Cosmetics Business has contacted AS Watson for comment.
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