Agenda-setting intelligence, analysis and advice for the global fashion community.

Meet Australia’s ‘Fashion Billionaires’

The fashion business has contributed to the fortunes of many of the nation’s wealthiest moguls, merchants and investors, including a few who are more famous for their mining and property portfolios.

Several Australians have made their billion-dollar fortunes directly or indirectly from the fashion business including (L to R) Cotton On’s Nigel Austin, Tattarang’s Nicola Forrest, mining magnate Gina Rinehart, property mogul Frank Lowy and womenswear retailer Naomi Milgrom. — The Australian billionaires who have made part of their fortunes directly or indirectly from fashion include (L to R): Cotton On’s Nigel Austin, Tattarang’s Nicola Forrest, mining magnate Gina Rinehart, property mogul Frank Lowy and retailer Naomi Milgrom. (Getty Images)

Glynis Traill-Nash

26 November 2024

BoF PROFESSIONAL

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Walk into almost any shopping centre or outdoor mall in Australia, and you’ll likely find a Cotton On store. These days you even come across the brand in markets as far afield as the US, Brazil and South Africa. Parent company Cotton On Group boasts over 1500 outlets in 22 countries, a sign of how far it has come since founder Nigel Austin famously started out selling acid-wash denim from the boot of his car in the late 1980s.

Australia’s ‘Quiet Giants’ Go Global

Accessible luxury and advanced contemporary brands in the US and Europe can expect greater competition from Australian labels expanding overseas like Camilla, Aje and Rebecca Vallance.

Luxury Brands Flock to the ‘Most Remote City in the World’

Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.

China's Fashion Billionaires Tap the Year of the Pandemic

This year’s biggest winners may have been China’s uber-wealthy business leaders, who amassed an astonishing amount of wealth despite the global pandemic. Many of them have fashion to thank for part of their fortunes.

In This Article

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Global Markets

Location

Australia

War in the Gulf Tests Resilience of a Rare Bright Patch for Luxury

The escalating US-Israel conflict with Iran is rattling the aura of stability created by Dubai and the wider region, threatening one of the industry’s few bright spots.

Luxury Brands Shut Middle East Stores as Conflict Causes Chaos

Escalating conflict in the Middle East is causing major disruption and store closures for high-end and mass-market retailers, threatening a key growth engine for the global luxury industry.

Worldview | Middle East Retailers Rattled by Escalating Iran Conflict

This week’s round-up of global markets fashion business news also features Sri Lankan apparel manufacturers, Vietnam’s textile exporters and Korean brands in China.

Gulf Businesses Reel as Iran Strikes Trigger Aviation Chaos

Regional business activity has been disrupted after Iran launched strikes across Gulf nations in response to the US-Israeli assault on Tehran, triggering airport closures or restrictions in Dubai, Abu Dhabi and Doha.

Gap Sales Miss Expectations After Old Navy, Athleta Fall Short

The brands Gap and Banana Republic beat comparable sales estimates.

Can Big Luxury Find Its New Look?

Sex sells — if anyone can figure out what sexy means in 2026. Robert Williams tracks the search for a new silhouette at Kering’s Gucci, LVMH’s Dior and more.

Fashion Startup Founder Pleads Guilty in $300 Million Fraud

Christine Hunsicker admitted she falsified financial statements to promote CaaStle Inc. as a valuable, growing business when in reality it was struggling.

Estée Lauder’s Surprise Acquisition, Explained

The American cosmetic giant’s buyout of Ayurvedic beauty line Forest Essentials came as a surprise. By picking an under-the-radar brand it knows well, the company can show that it’s still in the M&A game without needing to outbid rivals.

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