Cotton On founder Nigel Austin featured in Financial Review Rich List
Another rich list, another placing for Cotton On founder Nigel Austin. Find out why the publicity shy businessman dropped a few places.
Geelong
Don't miss out on the headlines from Geelong. Followed categories will be added to My News.
Cotton On founder Nigel Austin has dropped a few spots in the latest list of Australia’s wealthiest people, but with a $2.42bn fortune he’s not going hungry anytime soon.
Mr Austin placed 67th in the Financial Review’s Rich List that was published Friday, eight positions and $10m lower than 12 months ago.
“Austin’s Cotton On Group generates $2.2bn in revenue annually, but its net profit has been hit in recent years due to major store expansions in Australia and abroad,” the list noted.
“In a tough retail environment, it shut 6 per cent of stores in 2024, but with 1370 stores around the world, the business that started in a Geelong market is still one of Australia’s biggest retailers.”
In March, the publicity shy Mr Austin placed 61st in The Australian’s Richest 250 list with his wealth estimated at $2.81bn.
The publications have different methodologies in calculating a person’s wealth.
With a $38.11bn fortune, Hancock Prospecting boss Gina Rinehart was the clear Rich List number one despite a 6 per cent fall in wealth.
Apartment developer Harry Triguboff ($29.65bn) and Visy boss Anthony Pratt and his family ($25.84bn) rounded out the top three.
Avalon Airport owner Lindsay Fox ranked 26th with a $5.73bn fortune, up 12 per cent in the past year.
Mr Austin’s Cotton On group is based in North Geelong and encompasses eight brands, including Factorie, Typo and Rubi, employing more than 20,000 people across all its operations
Cotton On started out with Mr Austin, then just a teenager, selling denim jackets at Corio’s Beckley Markets in the late 1980s.
After opening its first store in 1991, the brand expanded internationally in 2006.
“It’s our simple beginnings and lessons learnt from those early years that forged the path for how we still work today,” Cotton On’s website explains.
“And it’s what set us on the path to fulfilling our purpose; To make a positive difference in people’s lives while establishing one of Australia’s largest global fashion groups.”
Mr Austin has used the success of Cotton On to build a considerable property portfolio, including a string of Pakington St properties.
In 2021, Mr Austin purchased two Hyland St properties in Fyansford for $7.2m that are earmarked to be the “town centre” of the fast-growing suburb.
Once developed, the site will be home to a supermarket, specialty stores and a childcare centre.
More Coverage
Originally published as Cotton On founder Nigel Austin featured in Financial Review Rich List
Man accused of strangling woman in ‘savage and brutal’ assault
Confronting and “concerning” footage depicting a man allegedly hitting and strangling a woman while she cradled an infant has been played to a Geelong court.
School turns Barwon Heads bridge into reconciliation symbol
A Primary School on the Bellarine formed an Aboriginal flag across the Barwon Heads bridge in support of this year’s National Reconciliation Week theme “bridging now to next”.