Cotton On founder Nigel Austin ranks #47 on Australian rich list, ex-wife also makes the cut

The wealth of Geelong-based Nigel Austin has significantly increased in the past year, with the Cotton On founder – and his ex-wife – ranked among Australia’s richest people.

Cotton On founder Nigel Austin.

Cotton On founder Nigel Austin increased his wealth by $200m in the past year to now place him among Australia’s 50 richest people.

The Australian’s Richest 250 list, published Friday, placed the media-shy Mr Austin in 47th position with a $2.86bn fortune, while his ex-wife, Decjuba founder Tania Austin, also made the list in 244th spot.

Topping the annual list was Hancock Prospecting’s Gina Rinehart ($50.48bn), followed by fellow miners Andrew and Nicola Forrest ($37.17bn).

The collective wealth of the 250 people on the list was $591.31bn.

The Cotton On brand 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.

Now operating in more than 20 countries, a new flagship store was launched at Westfield Geelong in early 2023.

“The Cotton On Group, now including accessories and footwear brand Rubi, stationery chain Typo and youth fashion business Factorie, has annual sales of more than $2 billion and more than 600 stores in Australia,” Mr Austin’s Richest 250 summary states.

“While Austin’s home country accounts for about 52 per cent of the group’s sales, it opened 100 stores overseas in the 2023 financial year alone.”

Tania Austin.

The wealth of Ms Austin increased by $43m in the past 12 months to $598m, making her one of just one of 33 women to make this year’s list.

“Austin made her first pile when she left the successful Cotton On clothing business she founded with ex-husband Nigel,” her summary explains.

“Her next venture, casual fashion line Decjuba, turned 15 last year and boasts 140 stores across Australia and New Zealand, and includes a children’s label and beauty range.

“There are plans to open in Asia this year, as well as launch Decjuba Beauty products.”

Ms Austin last year opened a Decjuba outlet at the southern end of Pakington St, where her ex-husband has been buying up multiple properties in recent years, significantly outbidding other parties.

He is keeping his long-term plans for the area close to his chest, with requests for an interview regularly declined.

Louis Vutton chairman and chief executive Bernard Arnault is the richest person in the world with a staggering $365bn fortune, with Amazon founder Jeff Bezos ($300bn) and Tesla boss Elon Musk ($286bn) rounding out the top three.

Originally published as Cotton On founder Nigel Austin ranks #47 on Australian rich list, ex-wife also makes the cut