Name: Soloman Lew
Date of birth: 22-03-1945
Type of business: Retail
Main achievements: Soloman Lew is the chairman of Premier Investments based in Melbourne, Australia. His company holds the most significant shares in Coles Myer Limited, an Australian departmental store. A majority of the supplies of the Myers group are delivered by the Lew family. Premier Investments, a company, directed and chaired by him, also possesses Smiggle stationery, which deals with Peter Alexander, kids, and sleepwear designer brand. Lew was ranked 28 in the list of Australia’s 50 Richest 2019. Moreover, he appeared on the 2020 Forbes list of billionaires. Soloman Lew enjoys a real-time net worth of $1.3 billion.
Something interesting about Soloman Lew
Lew established his very first apparel business when he turned 8 years old. However, he shared that he always possessed a penchant for business and entrepreneurship. He spent his holidays as well as after-school hours working in retail.
Lew was born in 1945 and is a Jew. He is observing separation from his spouse, Rosie. His three children from Rosie actively participate in his business activities. His married son, Peter, chairs P Lew Investment Pty as well as acquires Brand Bank Group of Companies. Each of Lew’s kids was presented with an amount of $170 million, founded to reduce taxes, in 1999. The trust is known to be an important reason for the divorces of two of his kids.
Soloman Lew is a renowned Australian retail businessman. His major entrepreneurial activities include the trading of apparel, toys, and other items from China to Australia. At present, Lew is serving as the Director of Century Plaza Trading and is the Chairman of Just Group and Premier Investments. Moreover, he is a member of the board at Century Plaza Investments, Sport & Tourism Youth Foundation, and Voyager Distributing Company. He is also a part of the World Retail Hall of Fame and Duke of Edinburgh Award. Previously, he chaired The Mount Scopus College Foundation.
Lew got involved in a business controversy while he was chairing Coles Myer. The dispute arose from a deal made between his company and Yannon Pty Ltd, a private enterprise. Several investigations were carried out to inspect the case and resulted in no charges on Lew. Followed by that, Philip Bowman, revealed important information about the transaction. This attracted substantial attention towards Lew. The details disclosed by Bowman initiated another series of investigations to find out if the deal and transaction with Yannon breached any law. This finally resulted in no criminal charges declared against Lew.
The Etiket Transaction was another controversy related to business transactions in Lew’s career. Etiket was a one purpose trust, and among its beneficiaries were the family members of Lew. In 1989, Etiket was used to own two percent shares of Coles Myer. However, at the end, the stakes of Coles Myer were allotted to Premier Investment. The amount of profit obtained was A$8 million. An investigation by Queen’s Counsel revealed that Lew made a profit of 80 cents per stake in just four weeks.
When Lew, along with Lindsay Fox, planned on acquiring Ansett Airlines, they formed a consortium. After seeking the exclusive right of negotiation to buy the airline, they worked on gaining the agreement of different shareholders of Ansett. They also included trade unions, according to whose secretary, Lew violated commitments several times. Trade unions and other members of the deal agreed to hold up the bid after various commitments by Lew and Fox. However, Lew withdrew from the contract and caused the loss of jobs to a large number of people involved.