Despite a what it described as a challenging retail environment across Australasia, Tim Glasson’s stake in the company he founded, Hallenstein Glasson Holdings, had a small bump this year.
The company announced in March that its first-half profit had lifted 5.9% to $16 million.
It comes after a difficult period where not only were margins squeezed but former chief executive Mark Goddard unexpectedly resigned citing family reasons. Former Briscoe Group director Mary Devine took over the reins as managing director of the company in April.
Hallenstein Glasson Holdings has a market capitalisation of $279 million, with Glasson still owning just over 20% of the shares.
Glasson also owns a substantial property portfolio, including the $80m ANZ Centre built on the old Triangle Centre site in downtown Christchurch. It has ANZ and Beca as anchor tenants and also has Hallenstein Brothers and Glasson stores. In nearby Hereford St, Glasson owns a 580-bay car park that cost $30m.
Tim Glasson took over his father’s company in the 1960s. Charles Glasson’s company had started in the early 1900s as an open-to-the-public warehouse. Tim went on to found the Glassons womenswear chain and develop Hallenstein Glasson Holdings. As well as directorships to do with that firm he is a director of several other companies.
2018: $125 million