The 10 + 1 principles that drive the success of billionaire retailer Brett Blundy's companies have helped seven of his executives become very wealthy. This week BOSS magazine tells their stories.
For Greg Milne there's a simple formula to building a successful retail business: "Listen to the customer and give them what they want. If a brand loses its way, you're not listening to the customer."
Milne spent 40 years in retail working for Myer, Grace Brothers, Dymocks, and as president of United States-based Sunglass Hut and later the Walking Company. He's also worked for several retail companies developed by billionaire Brett Blundy from Bras N Things to candle retailer Dusk, plus a period as chief executive of Brazin, once a publicly listed holding company of Blundy's.
Brazin was delisted in 2007 after a tough decade. Blundy now chairs the private BB Retail Capital, under which many of the retail brands such as Bras N Things now sit.
Milne says a lot was learned from the Brazin experience. At one point there were shared services for all the brands. "As soon as we went private we split the brands up.
"Brazin was for its time. We learned a lot. The brands could truly reach their potential when they were run as unique individual brands. We recognised each brand had its own nuances and each needed different approaches to systems where not one size fits all."
Lead from behind
Milne met Blundy in 1991. He went to work for Blundy at Bras N Things but later left to turn around Sunglass Hut in Australia. He moved to work in Sunglass Hut's US operation where he became president shortly before the retailer was acquired by Luxottica.
Afterwards, Milne returned to Blundy's operations and held different roles including managing candle retailer Dusk, in which he acquired a personal stake. For Milne, it was never just a candle business but one selling ambience and an experience to customers.
As with other executives who have worked with Blundy, Milne says a good retailer is about creating theatre in stores and entertainment and excitement around a brand, as well as getting staff behind it.
Milne, who retired from executive roles last year, says he shares a similar leadership style with Blundy. He believes the customer is most important, followed by store team members with management at the bottom: "My style was to lead from behind and be there to support staff and be totally involved with the product."
Read the profiles online throughout this week and in BOSS Magazine, out Friday October 14 inside The Australian Financial Review.
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