Asia key to expansion, says Walgreens Boots Alliance

1 min readUpdated Jun 4, 2025Sep 26, 20177:10 AM

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Walgreens Boots Alliance (WBA), which owns Boots health-and-beauty chain, plans to continue expanding its business in Asia because of the growing middle class.

As Boot Thailand celebrates 20 years, WBA co-COO Ornella Barra says Asia, particularly China, South Korea and Thailand, are integral to the company’s expansion plans, with the Asia-Pacific region forecast to account for more than one-third of the global economy by 2021.

Growth rates in the region continue to outpace the mature economies of the west, driven in part by the rising middle class.

Moreover, led by regional and domestic players, the market is still fragmented, says Barra, noting that strong beauty brands have huge opportunities for growth in many Asian markets, especially those that can build on brand awareness built in established markets.

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What this means

Boots' intensified focus on Asia, particularly China, South Korea, and Thailand, presents a high-potential but high-risk strategy. Ornella Barra's emphasis on capitalising on the fragmented market and regional growth rates correctly identifies the opportunity. However, success hinges on overcoming intense competition from established regional and domestic players, as well as new entrants like Panpuri planning 16 stores or Human Made's Bangkok debut. Unlike Panpuri or OCE's initial single store openings, Boots' existing presence in Thailand offers a crucial foothold, but scaling up requires significant adaptation to diverse local tastes. The move pressures local incumbents and global rivals eyeing the same growth. Watch for specific store counts and market share gains in target countries over the next 18 months.

Wei Zhang · Retail News Asia newsroom

Questions & Answers

Which specific countries in Asia are key to WBA's expansion plans?

Walgreens Boots Alliance considers China, South Korea, and Thailand to be integral to its expansion strategy in the region. These countries are expected to drive growth due to their expanding middle class and market opportunities.

Why is WBA prioritising expansion in Asia over other regions?

Asia is forecast to account for over one-third of the global economy by 2021, with growth rates exceeding those in western economies. The rising middle class in the region presents significant opportunities for the company's business.

What specific market opportunities does WBA see for beauty brands in Asia?

The Asian market remains fragmented, offering significant growth opportunities for strong beauty brands. WBA believes brands that can use existing awareness from established markets will be particularly successful in the region.

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