The Weston family, owning Primark and Fortnum & Mason, retain a stronghold in the 2024 Sunday Times Rich List.
- Despite a £7m decrease in their fortune, the Westons rank ninth, dropping two spots from 2023.
- The departure from owning Selfridges Group has not deterred their standing as the sole fashion retailers in the top ten.
- Other key players in fashion retail, including Anders Holch Povlsen and Stephen Rubin, also faced notable shifts in their rankings.
- Continued fiscal maneuvering within the industry highlights the challenging yet dynamic landscape of fashion retail ownership.
The Weston family, known for their ownership of Primark and Fortnum & Mason, have steadfastly maintained their position within the top ten of this year’s Sunday Times Rich List. Despite experiencing a decline of £7 million since the previous year, their ranking has shifted slightly from seventh to ninth place. This adjustment, though modest, underscores the volatile yet resilient nature of fiscal achievements in the upper echelons of wealth.
Their strategic decision in 2021 to sell the Selfridges Group for £4 billion to Thai conglomerate Signa Holdings marks a pivotal moment in their business trajectory. Despite the sale, the Westons remain the only representatives from the fashion retail sector in the coveted top ten slots of the Rich List, which comprises a total of 350 positions.
Anders Holch Povlsen, owner of Bestseller and a significant stakeholder in Asos, has witnessed a considerable drop in his ranking. Falling 13 places to 24th position, Povlsen’s wealth saw a reduction by £1.77 billion over the year. Currently, his wealth is gauged at £6.73 billion, influenced, in part, by his 27% stake in Asos.
Conversely, Stephen Rubin, owner of Pentland Brands and the principal shareholder in JD Sports, has experienced an upward trajectory, securing his family’s ascent by two positions to 26th with a wealth of £6.5 billion. This movement reflects the strategic successes within his diversified brand and retail investments.
François-Henri Pinault, associated with the French luxury house Kering, and his wife Salma Hayek have been impacted by a substantial decrease in wealth. Falling from 21st to 31st, their riches are now at £6.14 billion, a decrease of £1.9 billion from the previous year, illustrating the shifting fortunes within luxury sectors.
Other notable figures include Mike Ashley, who maintains his 49th position despite a slight decrease in wealth to £3.79 billion. Bernard Lewis and his family, of River Island fame, have progressed two positions to 64th, benefitting from a £20 million increase in their wealth to £2.7 billion.
Further down the list, the Fayed family, post the passing of Mohamad Al-Fayed, have seen a decline from 104th to 112th. Meanwhile, notable figures such as Philip and Tina Green, Ben Francis, and the owners of the Hut Group have experienced varied fluctuations in their standings, reflective of broader industry trends.
The movements in the Sunday Times Rich List underscore the fluctuating yet resilient nature of wealth within the fashion retail sector.
