Each year, Women’s Agenda sister publication SmartCompany celebrates the Australian female business owners who have been exemplary in their industries, are trailblazers and demonstrate inspiring and aspiring business journeys. This year the list generated a combined revenue of $6.127 billion.
That’s slightly down on last year’s list where the combined revenue was $6.452 billion last year and largely reflects the decline in the fortunes of Australia’s wealthiest person, Gina Rinehart. While Rinehart may have fallen from revenue of $2.37 billion to $1.986 billion she is still far and away the list leader. However, there are some extremely impressive business women in this year’s top 10.
There’s a new top 10 entrant this year, Sue Hollis, who has shot onto the list with a bullet and a revenue of $250 million from her corporate travel company TravelEdge.
The list of Australia’s top female entrepreneurs is ranked according to revenue. Where possible, revenue has been provided by the entrepreneurs; if not, SmartCompany has sourced the revenue from publicly available sources, industry contacts or internal estimates.
An asterisk (*) denotes where revenue has been estimated.
Here’s the top 10 for 2014:
1. Gina Rinehart
Company: Hancock Prospecting
Established: 1955
Revenue: $1.986 billion
The mining magnate’s personal wealth took a hit last year, as revenue and earnings slumped at Hancock Prospecting. Figures released in December 2013 by the Australian Securities and Investments Commission confirmed that the iron-ore mining company’s annual turnover had dropped by 14% (from $2.37 billion to $1.986) during the financial year 2012-13.
But despite having $7 billion wiped off her personal fortune, Rinehart remains Australia’s richest person and was recently named the fourth richest woman in the world by BRW magazine, with an estimated net worth of $20.02 billion.
With the much-anticipated Roy Hill site expected to commence production in late 2015, it’s safe to say this economic downturn will be short-lived, with reports Rinehart is close to securing the $8 billion needed to fund the massive project.
In October last year, following a long-running feud with her children, Rinehart avoided a court appearance by relinquishing her position as head of the $5 billion family trust. With no agreement reached on who should be Rinehart’s successor, the legal battle shows no sign of abating.
2. Vicky Teoh
Company: TPG
Established: 1992
Revenue: $724.5 million
The co-founders of ASX-listed company TPG joined the ranks of Australia’s billionaires at close of trading on April 24, 2013, when Vicky and David Teoh’s combined shareholding in the internet service provider exceeded the $1 billion mark by $9 million. The husband-and-wife team each own about 18% of the broadband company in their own names.
The previous month, BRW named Vicky Teoh the richest self-made woman in the country, due to her $390 million personal fortune that has since risen to $530 million.
The couple’s high-speed trajectory to success looks set to continue as TPG rolls out its new, faster broadband service, which will offer a budget price tag and speeds to rival the Abbott government’s National Broadband Network. That is, if they can fend off competition from telcos such as Telstra.
In 2013, TPG’s revenue increased by 9% to $724.5 million.
3. Lesley Gillespie
Company: Bakers Delight
Founded: 1980 (becoming a franchise in 1988)
Revenue: $575 million (with Richard Gillespie)
Co-founder, executive director and joint CEO Lesley Gillespie founded her first bakery with husband Richard in 1980, and franchising commenced in 1988 when the pair had 15 Bakers Delight outlets.
Fast-forward to today, when a tried-and-tested business model and a 12.7% share of the Australian bread market has positioned Bakers Delight as Australia’s most successful bakery franchise. The couple now operate over 700 bakeries globally, including 30 bakeries in New Zealand and close to 80 across three Canadian provinces, which employ more than 15,000 employees.
With nearly 34 years’ business experience, Gillespie takes her philanthropic commitments seriously and has been awarded the Medal of the Order of Australia for services to the community and support of charitable organisations. Last year, franchises across Australia raised more than $1.2 million for Breast Cancer Network Australia (BCNA) through the sale of pink iced buns and donations.
4. Naomi Milgrom
Company: ARJ Group
Founded: 1939
Revenue: $445 million
Naomi Milgrom, the daughter of Melbourne entrepreneur and retail king Marc Besen, bought out the family business in 2003 and today is the sole owner, executive chair and CEO of private company ARJ Group, which owns women’s clothing retailers Sportsgirl, Sussan and Suzanne Grae.
The three brands combined have 504 stores and 4020 employees across Australia, generating annual revenue of $445 million in the year ended June 2013. This might signal a drop of $48 million in revenue from the previous year, but Milgrom has managed to keep net profits steady for the past three years despite competition from the arrival of international chains and more and more Australian consumers spending their money with overseas retailers online.
5. Maxine Horne
Company: Vita Group
Established: 1995 (founded as Fone Zone)
Revenue: $345 million
Moving from the UK to Australia, Maxine Horne spotted a gap in the market and set up one of the first mobile phone retailers in Australia in 1995. Today, she is the joint chief executive of Vita Group, a multi-brand and multi-channel publicly-listed company whose share price rose from below 40 cents to above 65 cents in the past year.
As Australia’s largest Telstra dealership, Horne believes the secret to Vita Group’s success lies in forming partnerships with market leaders, keeping a close eye on overseas trends and investing in people:
“The most important thing in any organisation is your people. Having engaged people who take on accountability and really believe in where they’re taking the business is what makes it successful.”
Revenue climbed 14% to $345 million in financial year 2013.
6. Charlotte Vidor
Company: Toga Group
Founded: 1963
Revenue: $285 million*
Starting life as a property development, construction, investment and management company, Toga Group was founded by Charlotte Vidor with her husband Ervin after they migrated to Australia from Poland and Hungary. Having diversified and expanded its reach considerably, the group now owns and manages four hospitality brands – Medina, Adina, Vibe and Travelodge Hotels – comprising 6800 – apartments and rooms and 1800 employees.
And this figure is set to grow after the group sealed a lucrative deal with Singaporean property group Far East Orchard in May 2013.
BRW placed Vidor’s personal wealth at $700 million in May 2013.
7. Sue Hollis
Company: TravelEdge
Founded: July 2000
Revenue: $250 million.
Hollis founded TravelEdge with Grant Wilson in 2000. She told SmartCompany the travel services business is focusing on developing new solutions to a relatively traditional model.
“Our goal is to be the most dynamic and respected deliver of travel related service to corporate Australia,” Hollis says.
“For us, this means continually staying ahead of traditional industry trends through initiating new models, developing technology that gives clients greater control, and continually evolving services ahead of client need.”
8. Janine Allis
Company: Retail Zoo
Founded: 2000
Revenue: $223 million
Retail Zoo, parent company of Boost Juice bars, Boost International, Salsa’s Fresh Mex Grill and CIBO Espresso, opened 58 new stores and saw revenue soar to $223 million in FY13.
Recently, rumours of a sale negotiation with Asia Pacific group Affinity Equity have been circulating, in a deal that could be worth $200 million. Allis ranked 20th on last year’s BRW Rich Women list, with an estimated wealth of $60 million. If the sale goes ahead, she’s likely to receive around $50 million.
What does Allis think it takes to be a successful entrepreneur? “What comes first is attitude. You might not be the most educated, intelligent, or qualified person for a role, but you might be that someone who has the drive and a twinkle in their eyes, but didn’t have the chance to have the education.”
9. Therese Rein
Company: Ingeus
Established: 1989
Revenue: $210 million*
Offering corporate consulting, recruitment and labour hire, on top of helping the unemployed secure work, Brisbane-based Ingeus has a grown a global presence in the past 25 years and now operates 150 offices internationally.
Managing director and CEO Therese Rein (two-time ex-prime minister Kevin Rudd’s wife) admits she was inspired by the challenges faced by her wheelchair-bound father (he was injured while serving in the Australian Air Force) and says that it is a desire to enable people to “reconnect with their communities, to reconnect with independence, to reconnect with their potential” that motivates her.
10. Iris Lustig-Moar
Company: Lustig & Moar
Established: 1971
Revenue: $171 million*
The construction business behind a number of luxury property developments in Melbourne, Sydney and Hong Kong, Lustig & Moar is headed up by Iris Lustig-Moar along with her ex-husband Max Moar – the pair’s combined fortune is $379 million. The business was founded by Lustig-Moar’s late father.
This was first published at SmartCompany. Click here for the full list of Australia’s top 30 female entrepenreuers.