Early Life

Solomon Lew was born on March 22, 1945, in Melbourne, Australia, to Polish Jewish immigrants Esther and Pinkus Lew. His father, Pinkus, was a notable figure in Melbourne’s Jewish community and established a textiles business. Sadly, he passed away when Solomon was just 12 years old. Solomon was educated at Mount Scopus Memorial College, where he laid the foundation for his future endeavors. At the young age of 18, he founded his first business, Voyager Solo, and supplemented his education by studying accounting and commerce at night school.

Business Career

Solomon Lew’s principal business activities involve importing apparel, toys, and various goods from China, alongside significant investments in retail companies.

Early Ventures

Lew’s early business acumen became apparent in the 1980s when he began making notable takeover bids. In 1981, his family office, Parfit Investments Pty Ltd, attempted to acquire John Martin’s, a department store chain in Adelaide. The following year, another of his firms, Specular Investments Pty Ltd, made a bid for eyewear retailer OPSM. By 1983, he had secured nearly a 10% stake in Myer Emporium Ltd, and he proposed a $50 million takeover bid for Cadbury Schweppes.

Coles Myer and Controversial Transactions

Lew served as a director and then chairman of Coles Myer, overseeing significant business activities. However, his tenure was marred by controversy, particularly the Yannon transaction, which ultimately cost Coles Myer $18 million. An internal investigation found Lew not at fault, and no charges were filed against him by the Australian Securities & Investments Commission (ASIC).

Another contentious deal involved a trust called Etiket, which was established to acquire a 2% stake in Coles Myer. The shares were later sold to Lew’s public company, Premier Investments, for an $8 million profit. These incidents, while controversial, showcased Lew’s complex relationship with corporate governance.

Premier Investments and Recent Achievements

In 2008, Lew returned to the public company stage by rejoining the board of Premier Investments as chairman. Under his leadership, the company successfully acquired Just Group, which includes well-known brands such as Just Jeans and Smiggle. His ability to read fashion trends has contributed significantly to Premier’s growth, including the successful international expansion of the Smiggle brand.

Recognition and Awards

In 2016, Solomon Lew became the first Australian to be inducted into the World Retail Hall of Fame, acknowledging his lifetime achievements in the retail sector. His career has been marked by substantial success and influence within the industry, making him a significant figure in Australian retail.

Personal Life

Solomon Lew was married to Rosie Lew for 40 years before their separation in 2014. They have three children—Peter, Steven, and Jacqueline—who are actively involved in Lew’s business empire. Lew is a member of the Chabad House synagogue in Malvern, Victoria, and has been active in charitable organizations, including the United Israel Appeal.

In 1986, he donated $450,000 to the National Gallery of Victoria for the acquisition of a significant artwork. In 1999, he established the “Lew Custodian Trust,” which gifted A$170 million to each of his children.

Net Worth

As of May 2023, Solomon Lew’s net worth was estimated at A$3.97 billion by the Australian Financial Review, placing him among Australia’s wealthiest individuals. In January 2019, Forbes assessed his net worth at US$1.90 billion.

Legacy and Impact

Solomon Lew’s career spans over five decades and reflects a blend of entrepreneurial spirit, resilience, and controversy. His contributions to the Australian retail landscape, coupled with his philanthropic efforts, have left a lasting impact. As he continues to influence the industry, Lew’s story serves as an example of success amidst challenges in the dynamic world of business.