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A S Watson Group (ASW), its health and beauty retail arm commonly known as "Watsons" in Asia, traces its humble beginnings back to a matshed colonial apothecary shop called the Hong Kong Dispensary (the "Dispensary") when it was set up back in 1841. This book unlocks the secrets and transformations of ASW from a colonial chemist to the number three global player in health and beauty retailing. How was ASW able to pull through each and every global or national crisis it faced in the 180 years to emerge more robust and vibrant?
In Part One of this book, Patrick vividly describes Watson's globalization journey over the past 180 years. He details how Watsons survived the waves of social unrest, civil wars, global financial turmoil, political crisis, and pandemics that confronted the world. One of the most exciting developments in this history took place from 1999 to 2006 when ASW achieved quantum leaps and consolidated its position as a leading global drug store chain under Wade's leadership.
In Part Two of this book, Patrick analyzes the corporate management practices of Watson. He articulates Andrew Chi-Fai Chan's "Left-and-Right Circles" theory behind Ian Wade's branding strategy. He further draws upon Wade's other "Prosperity Strategies" in parallel with the "4+2" Formula" advocated by Nitin Nohria et al. Over the past fourteen years, the global market has undergone tremendous changes in China, Asia, and Europe. And with it, ASW has undertaken a pragmatic growth approach to dodge the headwinds of the subprime mortgage crisis, the Eurozone crisis, China-US decoupling, Brexit, and the recent COVID-19 pandemic.
