Cotton On founder Nigel Austin features in The Australian’s Richest 250 list

Not for the first time, Cotton On founder Nigel Austin features among Australia’s wealthiest people. See where he ranked.

Cotton On opened its Westfield Geelong store in early 2023 after closing its Market Square outlet in May 2022. Picture: Brad Fleet

The fortune of Nigel Austin has again been laid bare, with the Cotton On founder ranking 61st in the latest list of Australia’s uber wealthy.

The Richest 250, published by The Australian on Friday, valued Mr Austin’s wealth at $2.81bn, marking a $50m fall from last year when he placed in 47th position.

Mr Austin launched the Cotton On brand when he was a teenager in the late 1980s.

After opening his first outlet in 1991, Mr Austin has overseen a massive international expansion that at last count included 1370 stores and $2.2bn in annual sales across multiple brands, making it one of Australia’s biggest retail success stories.

Cotton On founder Nigel Austin

“Austin sold only one jacket for $30 in his first week in business, selling acid-wash denim jackets from his car boot at a Geelong market,” The Australian wrote.

“The next week he sold $200 worth of merchandise, and did not look back.

“Revenue was almost $2.2bn last year, including about $400m in North America.

“The group is still run from Austin’s hometown where he is a big backer of the local AFL team and has horse racing interests.”

Cotton On brand includes clothing chains Factorie and Supre and stationery store Typo.

Gina Rinehart again headed the list with $46.34bn, well ahead of 92-year-old Meriton apartment king Harry Triguboff’s $31.46bn.

Trucking magnate and owner of Avalon Airport Lindsay Fox was ranked 29th on the list, his wealth estimated at $4.82bn.

Mr Austin’s ex-wife, Decjuba founder Tania Austin, dropped off the list after featuring in 2024.

She was ranked 244th and her wealth was estimated at $598m.

Tania Austin (right) at last year’s Australian Open. Picture: Fiona Hamilton / Tennis Australia.

A Decjuba outlet opened in 2023 at the southern end of Pakington St, an area where Mr Austin has purchased multiple properties in a move that has sparked widespread intrigue about his long-term plans for the leafy strip.

His properties include the former home of The Village Store and an adjacent laneway that is currently being developed at 324-326 Pakington St, which was purchased for $3.5m.

A spokeswoman dismissed a rumour among local traders that beauty brand Mecca would set up shop in 340 Pakington St, which was previously home to K & M Paints for 30 years.

Cotton On Body recently conducted a pop up “warehouse sale” at that address.

In 2021, Mr Austin purchased two Hyland St properties in Fyansford for $7.2m.

The sites are earmarked to be the “town centre” of the fast-growing suburb, but with next to no information forthcoming, locals are becoming increasingly frustrated at the lack of action.

Originally published as Cotton On founder Nigel Austin features in The Australian’s Richest 250 list