As the majority shareholders in Max Fashions, Peter and Gerard Gillespie have maintained an involvement in the retail trade that began when they co-founded EziBuy in the late 1970s.
Originally based in Palmerston North, the mail order business grew into one of Australasia’s biggest multi-channel retailers before being sold in 2013 to Woolworths Australia for $350 million.
While Max Fashions may not be in the same league, it is still regarded as 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.
However, the brothers have also gone their separate ways when it comes to investment. Now resident in Mount Maunganui, Peter has teamed up with local developer Paul Spillane to develop the $40m Salt project on the old Golden Grove Holiday Park site where 71 architecturally designed apartments and townhouses have sold for up to $950,000.
Still in Palmerston North, Gerard’s investment portfolio includes a 3% stake in Queenstown’s Magic Memories Group, which provides photographs and other memorabilia for tourists. And the brothers each have a 20% stake in a $50m portfolio of Christchurch properties.
Remarking on their Rich List status, Peter told the Bay of Plenty Times he’s proud of what they’ve achieved. “I think in some ways we’ve always tried to take the philosophical approach at being honest traders, not trying to take any shortcuts. Hopefully it works out for us.”