AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Image Source: Shutterstock
Solomon Lew is a Melbourne-born billionaire, who has earnt his wealth through the retail industry. Born on 22 March 1945, Mr Lew is a seasoned retail businessman. His main experience is in importing toys from China to Australia.
Mr Lew’s passion for retail dates back to his teenage days when he was supplying dresses for Myer Emporium. The retail mogul did his job through a family-owned retail store called Voyager Solo, which he inherited in 1964.
Today, Mr Lew is known as the most famous retailer on the continent. His name has been associated with all significant Australian titles in the retail sector, such as David Jones, Myer, Coles, Breville, Just Jeans, Smiggle, Coles, Colorado, and Peter Alexander.
Currently, Mr Lew’s net worth is estimated to be US$2.1 billion.
What are Mr Lev’s businesses and job roles?
Mr Lew is the Chairman of the Melbourne-based Premium Investments. The Victorian company is the largest shareholder of Myer, a big department store in Australia.
Earlier, Mr Lew was the Chairman of Coles Myer (now Coles Group), but he was forced to leave the role due to the controversies related to his private dealings with the company. Another infamous dispute involving Mr Lew was an unsuccessful attempt to bring aeroplane company Ansett back to life following its collapse in 2001.
In 2008, Mr Lew returned to the Premium Investments and overtook the role of Chairman, a position he is still holding.
Not only did Mr Lew made a name for himself, but also, he and his family own big Australian names, like Seed, Simon de Winter, and Thurley. The Lew’s also have the Australian licences for international stores -- Nine West and FCUK.
In March 2020, Mr Lew became the first Australian businessman to get a spot in the World Retail Congress Hall of Fame. The value of the prestigious position can be gauged by the fact that American designer Tommy Hilfiger was also inducted into the Hall of Fame.
Image Source: Shutterstock
Influential friends
Mr Lowe is widely respected in the immensely powerful circles, especially politics.
His friends speak highly of him, saying being a businessman is Mr Lowe’s greatest asset and a “hobby”. His friends consist of former and current leading politicians, such as PM Scott Morrison, former Treasurer Peter Costello, among others.
What is Mr Lew’s most recent success story?
During the pandemic, the retail sector was hurting as movement restrictions were in place. Building landlords were, however, not welcoming of the novel situation as they did not slash rents for the business establishments.
As Mr Lew is the most significant shareholder of Myer, he made it possible to sign a cheaper rental lease that would take only 6 per cent of Myer’s overall sales.
In fact, he hit back hard at landlords by stop paying rents of their properties. With that statement, Mr Lew proved again that he does not play by the rules, but he makes people mend their ways.
Under the new contract, Mr Lew would not pay a fixed rental price, but rather a specific percentage of his business’s sale revenue. It is still unknown whether the agreement will have the validity once the coronavirus pandemic ends, but as of now, the ball is undoubtedly in Mr Lew’s court.
