Is Superdrug owner AS Watson delaying its rumoured London IPO?

By Alessandro Carrara | Published: 20-Jul-2026

Rumours that AS Watson, owned by CK Hutchison, was allegedly exploring a $30 billion dual listing emerged in January this year

AS Watson, the owner of UK health and beauty retailer Superdrug, is allegedly considering delaying its rumoured Initial Public Offering (IPO) to 2027.

The rumoured US$30bn dual listing has faced regulatory complications in Asia, which could cause a delay until next year, according to people familiar with the matter, who spoke with The Financial Times.

Rumours that AS Watson, part of Hong Kong-based multinational conglomerate CK Hutchison, was exploring an IPO emerged in January this year.

Due to demand, the entry deadline for the Pure Beauty Awards has been extended until 24 July! Don't miss your chance to gain recognition from industry experts and consumers alike. Click here for more information.

The international health and beauty conglomerate, which also owns fragrance retailer The Perfume Shop, would allegedly raise an estimated $2bn by floating on stock exchanges in London, UK, and Hong Kong, China.

It is rumoured that the primary location of the float is still being decided on by CK Hutchison, according to people familiar with the matter who spoke with The Financial Times.

In its most recent financial results, Superdrug’s sales grew 5.2% in 2025 to £1.7bn despite subdued footfall and price-conscious shoppers on the high street.

The UK health and beauty retailer reported pre-tax profit of £144.1m for the financial year ending 27 December 2025, up 5.3% from £136.8m the previous year, driven by both physical stores and online channels.

Operating profit at the AS Watson-owned business hit £154.7m, up 7% from £144.2m in 2024, and operating margin improved from 8.8% to 9%.

AS Watson owns 12 retail brands, including Savers and Watson, across 31 markets and has nearly 17,000 stores.

Cosmetics Business has contacted AS Watson and Superdrug for a comment.