CWH owners rank on rich list

top 100

The co-founders of My Chemist Retail Group have made it to the Top 100 of this year’s Financial Review Rich List

Chairman of My Chemist Retail Group, Jack Gance, and Chief Executive of My Chemist, Mario Verrocchi, have landed in the top 100 of this year’s Australian Financial Review rich list.

Mr Gance is ranked at 93, with a wealth of $813 million, while Mr Verrocchi is at rank 94 with $803 million.

The rich listers have each seen a growth in their wealth of 49% and 44% respectively since last year, when Mr Gance ranked at 131 with a wealth of $546 million, and Mr Verrochi at 128 with $558 million.

My Chemist Retail Group makes at least $100 million in annual profits and the pair are also part of the $725 million Home Consortium, says the AFR.

This consortium has bought dozens of former Masters sites with the intention of converting the land to retail outlets that will contain at least one of the My Chemist Retail Group pharmacy brands.

Mr Gance and Mr Verrocchi reportedly built their first fortune by establishing the Le Tan, Le Specs and Australis brands.

Executive director of vitamins manufacturer Blackmores, Marcus Blackmore, was ranked 137 on the rich list with a wealth of $594 million (up 12.3% from $529 million last year).

Late last year Blackmores hit a milestone, recording more than half its sales to foreign consumers for the first time in the company’s 85-year history, according to the AFR.

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  1. pagophilus

    On the back of poor wages for their employees. I’m not going to say underpayment because what they’re paying is legal. The rich continue to get richer at the expense of the workers. What’s new?

    • Willy the chemist

      It’s also rather sad that so many young pharmacists gravitate towards the yellow luminance like a dole in the headlights.
      Seriously though, how hard would it be for the Authority to prove the sweatshops working conditions. Errrr… pharmacist 150 Rx in 8 hours? No chance this is being policed properly at the luminous yellow junction. Me thinks they will say it is only a guideline.

      • Bryan Soh

        those kind of sweatshop conditions are basically present in ALL pharmacy chains. In fact, I’d say the service based models are even worse because you will have to dispense, check scripts, interact with customers, conduct services and companion sell all at the same time.

  2. Andaroo

    Oh, they must be bummed they couldn’t hit a 50% increase in personal wealth. Obviously didn’t get quite enough return on their lobbying investments to reduce minimum pharmacist wage. Right on par with cancer those two.

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