How Ray Itaoui built a $500m retail and property empire

Brett Blundy’s right-hand man has bet big on turning around Best & Less, and the pair once again have lingerie in their sights.

Ray Itaoui (right) and new Best & Less CEO Aaron Faraguna at a revamped store. Edwina Pickles

Carrie LaFrenzSenior reporter

Mar 7, 2025 – 1.31pm

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Australian discount retailers aren’t typically associated with the French Riviera.

But it was on a veranda in a village outside Cannes that billionaire Brett Blundy and his business partner Ray Itaoui hatched a plan to revamp Best & Less.

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Carrie LaFrenzSenior reporterCarrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club.