Late last year Peter and Gerard Gillespie sold their majority shareholding in Max Fashions to Barkers for an undisclosed sum.
The move was the end of an era for the Gillespies’ involvement with the brand. It was established in the 1980s before being acquired by Ezibuy, which the Gillespies founded in the 1970s.
Originally based in Palmerston North, Ezibuy was a mail-order business that grew into one of Australasia’s biggest multichannel retailers before being sold in 2013 to Woolworths Australia for $350 million.
The Gillespies kept their interest in Max Fashions and saw it grow to one of New Zealand’s leading fashion retailers with 40 shops across the country and an online store that offers a broad range of contemporary fashion collections.
The brand was also owned by Australian private equity firm Catalyst before the sale.
Barkers managing director Jamie Whiting said the move made sense as both brands were similar in the market and would allow the company to grow.
Peter Gillespie’s other interests led him to develop a holiday park in Mt Maunganui into a $50m residential development, known as Salt, featuring 52 apartments and 19 townhouses. The apartments are set to be completed this year with the townhouses and other amenities ready for use in early 2020.
Gerard’s investment portfolio includes a 3% stake in Queenstown’s Magic Memories Group, which provides photographs and other memorabilia for tourists. The brothers each have a 20% stake in a $50m portfolio of Christchurch properties.
2018: $250 million