Sam Gance has become one of the most influential business figures in Australia, rising from a modest suburban pharmacy owner to one of the country’s most powerful retail leaders. His story spans more than five decades of uninterrupted growth, strategic decision-making and a relentless commitment to expansion within the pharmacy sector. What began with a single shop in Melbourne gradually evolved into Chemist Warehouse, a retail force with hundreds of stores across several countries and one of the most recognisable brands in the Australian marketplace. Alongside this rise, Gance has also built a significant presence in the property sector, participated in landmark corporate mergers and established a family legacy that now reaches into the next generation. His life represents a long career shaped by ambition, resilience and the ability to recognise opportunity long before others see it.
Early foundations and the beginning of a pharmacy career
Sam Gance stands today as one of Australia’s most influential retail figures, but his journey began far more modestly. In 1972, he and his brother Jack opened their first pharmacy in Melbourne. It was a typical suburban chemist, but it became the foundation for a long-term partnership that would eventually redefine the pharmacy landscape across the country. The early years were shaped by the values common to small family-run businesses: commitment to community needs, an understanding of customer behaviour, and a willingness to adapt as the retail environment shifted. This simple beginning marked the first stage of a career that would grow into one of the most significant retail stories in modern Australian history.
Expansion into a new retail model
The Gance brothers continued building their presence in the pharmacy industry through the following decades. Their business interests extended further when pharmacist and entrepreneur Mario Verrocchi founded a group of pharmacies during the 1990s. By 1995, Jack and Mario were operating five pharmacies under a growing banner, and these stores represented the earliest phase of what would become Chemist Warehouse. Sam later acquired a stake in the business as it adopted a new retail model focused on affordability, accessibility, and scale. The large-format discount approach, which became synonymous with the brand, allowed the group to expand rapidly while appealing to a broad consumer base that valued low prices and wide product ranges.
The rise of Chemist Warehouse across Australia and beyond
Chemist Warehouse eventually grew into one of the most recognisable retail brands in Australia. The company now generates about A$3.3 billion in annual revenue and operates more than 600 outlets across Australia, New Zealand, China, Dubai and Ireland. Its bright yellow signage, extensive catalogue promotions and high-volume discounting reshaped the way consumers purchase health, wellness, beauty and personal care products. The success of Chemist Warehouse has also had a substantial impact on the broader industry, prompting competitors to adjust their pricing structures, product offerings and store formats in an attempt to match the group’s reach and influence.
Strategic decisions and the landmark Sigma Healthcare merger
Chemist Warehouse’s considerable growth led many to speculate about a possible future on the Australian Stock Exchange. The company’s high public profile and large market share made an initial public offering seem like a natural step. However, the founders ultimately chose a different direction. After thorough consideration, the business abandoned its IPO plans and instead selected a major strategic merger with ASX-listed Sigma Healthcare. This merger was completed in February 2025 and became one of the most significant transactions in the pharmacy retail sector. It brought together two powerful industry players, enhancing supply chain efficiency, improving market reach and further consolidating the founders’ positions within a growing corporate structure.
A global billionaire with a strong Australian presence
By 2025, Sam Gance had become one of the world’s wealthiest individuals. His net worth reached approximately US$3 billion, ranking him around #1318 on the global index of the richest people as of November 2025. These achievements place him among the top Australian business figures of his generation. His wealth is derived from the pharmacy sector and reflects decades of disciplined enterprise rather than inheritance. At seventy-six years old, he continues to reside in Melbourne, maintaining close ties to the city where his business journey began more than five decades ago. His continued presence in the business world underscores the longevity of his entrepreneurial approach.
Growth into large-scale property investment
Although Chemist Warehouse remains the core of his business identity, Sam’s interests have expanded into substantial property investment. Alongside co-founder Mario Verrocchi, he serves as a director and financial supporter of National Retail Group, an enterprise created in 2019 with former Chemist Warehouse national asset manager Michael Spektor. National Retail Group oversees hundreds of properties spread across Australia and New Zealand, with a collective valuation under $2 billion. Gance and Verrocchi have outlined an ambitious plan to grow the portfolio to $5 billion within five years by acquiring additional commercial sites and making use of rising property values across major cities. This expansion reflects the founders’ strategy of leveraging long-established assets to build a broader investment platform.
High-profile Toorak property acquisitions within the family
The scale of the property moves associated with the Chemist Warehouse founders extends far beyond commercial holdings. In late 2025, Sam’s brother and fellow co-founder, Jack, purchased a 6340-square-metre property on Lansell Road in Toorak. This site, which combines two adjoining titles, has been listed among the most expensive residential transactions in Melbourne’s history. Although the final sale price has not been disclosed publicly, industry sources estimate a range between $80 million and potentially as high as $95 million. The land had been assembled over several years by developer Andy Zhang, who purchased the first home in 2015 for $17 million and the second in 2021 for $22 million. The high-end sale effectively doubled his investment and represents one of the city’s most significant property resales.
The Lansell Road acquisition is notable not only because of its size and price but also because it contributes to an existing pattern. Sam himself purchased a mansion on the same street for approximately $43 million in 2021, establishing the family’s presence in one of Melbourne’s most exclusive residential pockets. Jack and his wife Evelynne have also purchased neighbouring homes in previous years, including two adjacent mansions on Yar Orrong Road for more than $30 million between 2018 and 2019. These acquisitions mark the Gance family as long-term participants in the high-end residential market, particularly in Toorak, which consistently ranks as one of Australia’s most prestigious suburbs.
Parallel property movements by the Verrocchi family
The third Chemist Warehouse co-founder, Mario Verrocchi, has also been active in the premium property sector. Earlier in 2025, he purchased a mansion in Toorak for more than $20 million. In addition to this, the Verrocchi family has acquired six side-by-side properties for a combined sum of $22.83 million and secured a planning permit for a new home on the site. This move mirrors the strategy adopted by the Gance family of consolidating multiple neighbouring lots to create expansive residential compounds. Together, the purchase activities of the founders have helped shape the upper end of the Melbourne property market and contributed to rising demand for large parcels of land in premium locations.
Net worth
Sam Gance’s financial position reflects the scale of the empire he helped build. His net worth is listed at around US$3 billion, placing him among the highest-ranking business figures in Australia and securing a position within the global billionaire index. This wealth stems from a lifetime in the pharmacy sector, beginning with a single suburban chemist and culminating in the creation of Chemist Warehouse, a retail powerhouse with more than six hundred outlets across several countries. The completion of the merger with Sigma Healthcare in early 2025 strengthened his commercial influence and added further depth to his financial standing. His investments extend well beyond the retail sector, with major holdings in high-value Melbourne property and an expanding role in National Retail Group’s long-term growth strategy. Together, these elements form the foundation of his substantial personal fortune and highlight the enduring impact of his business decisions over more than five decades.
Sam Gance’s family wealth and the next generation
The reach of the Gance family into high-value property extends beyond Sam and Jack. In early 2025, Sam’s son Damien acquired a beachfront home in Byron Bay for $33.5 million in cash. The purchase took place only days before the landmark Chemist Warehouse merger with Sigma Healthcare and drew considerable attention due to both its value and timing. This transaction highlights the substantial intergenerational wealth now associated with the Gance family and reinforces their standing within Australia’s broader business elite. The combination of corporate success and property expansion has created a foundation that will continue influencing Australia’s commercial and residential landscapes for years to come.
Melbourne’s luxury real estate landscape
The repeated involvement of the Chemist Warehouse founders in large-scale property purchases has contributed to a dynamic period within Melbourne’s luxury housing market. Toorak has long held a reputation as the suburb of choice for business magnates, industry leaders and international investors. High-profile transactions such as the $80 million-plus Lansell Road property and the record-breaking sale of the Coonac estate for more than $100 million demonstrate the strength of demand for large landholdings in prestigious locations. Agents note that buyers view Melbourne as a safe and globally desirable destination for long-term residential investment.
At the same time, some have pointed to concerns arising from government policies involving land taxes and property regulation. These measures have influenced the behaviour of certain buyers, particularly those considering homes that require renovation or redevelopment. Nevertheless, the consistent involvement of high-net-worth individuals suggests that top-tier properties continue to draw considerable interest. The calibre of inquiry received for landmark properties supports the view that Melbourne’s premium real estate sector maintains broad international appeal.
The legacy of a decades-long partnership
The continued growth and influence of the Gance family within both the pharmacy and property sectors underscore the longevity of the partnership between Sam, Jack and Mario. What began as a single suburban pharmacy grew steadily and then exponentially through a combination of clear strategy, innovative retail practices and decisive expansion. The transformation of Chemist Warehouse into a global retail brand has had a lasting impact on consumer habits and industry standards. The founders’ ability to adapt to changing markets, embrace large-format retailing and build a distinctive discount model allowed the business to disrupt traditional practices and establish a competitive advantage that persists to this day.
The Sigma Healthcare merger represents a major milestone in this journey, marking a new stage in the evolution of the company. Through this union, the founders have not only strengthened the business’s operational foundation but also positioned it for further global expansion. Their subsequent investment strategies in commercial and residential property reflect the next chapter in their long-standing pursuit of growth, stability and diversification.
A life shaped by entrepreneurship and long-term vision
At seventy-six, Sam Gance continues to embody the values that have defined his career: persistence, strategic thinking and an ability to recognise opportunities across multiple industries. From the first pharmacy in Reservoir in 1972 to a multibillion-dollar retail network and an expanding property portfolio, his story demonstrates the potential of long-form entrepreneurship in the Australian context. His achievements illustrate how sustained commitment, strong partnerships and timely decision-making can reshape entire industries and create lasting economic influence.
Gance’s influence is visible not only in the scale of Chemist Warehouse but also in the evolving landscape of property investment among Australia’s wealthy families. His business activities remain anchored in Melbourne, the city where his professional journey began, and continue to play a defining role in its commercial and residential markets. His legacy spans retail, healthcare, corporate strategy and real estate, contributing to both the economic and cultural fabric of contemporary Australia.
Conclusion
Sam Gance’s story is one of steady determination, long-term vision and an unwavering commitment to growth across every stage of his career. What began with a single pharmacy in Melbourne in 1972 evolved into one of the largest retail forces in the country, with Chemist Warehouse now spanning hundreds of stores across Australia and overseas. His role in guiding the business through decades of expansion, as well as the landmark merger with Sigma Healthcare, demonstrates a talent for navigating both retail trends and major corporate shifts. Beyond the pharmacy sector, Gance’s involvement in large-scale property acquisitions and his position within National Retail Group show how his influence has continued to broaden into new arenas. His family’s continued presence in significant real estate moves, including major Toorak and Byron Bay purchases, highlights the generational impact of the enterprise he helped build. At seventy-six, his commercial footprint reaches across retail, corporate strategy and premium property, and stands as a reminder of how enduring success can grow from modest beginnings. The legacy he has created through Chemist Warehouse and his wider investments will continue shaping Australia’s business landscape for many years to come.
FAQs
Who is Sam Gance?
Sam Gance is an Australian businessman best known as a co-founder of Chemist Warehouse, one of the country’s largest and most influential pharmacy retail groups. His career began with a single pharmacy opened with his brother Jack in 1972, eventually expanding into a multibillion-dollar retail empire.
What is Sam Gance’s net worth?
Sam Gance’s net worth is estimated at around US$3 billion, placing him among the wealthiest individuals in Australia and ranking him within the global billionaire index.
How did Sam Gance build his fortune?
His wealth comes from decades in the pharmacy sector, beginning with the first family-run pharmacy and expanding through Chemist Warehouse, followed by strategic corporate moves such as the merger with Sigma Healthcare and large-scale property investments.
How old is Sam Gance?
Sam Gance is seventy-six years old. His career spans more than fifty years in retail pharmacy and property investment.
What is Sam Gance’s role in Chemist Warehouse?
He is a co-founder and long-term leader within the company, contributing to the development of its large-format discount model and its expansion into hundreds of stores across Australia and overseas.
Where does Sam Gance live?
He resides in Melbourne and has been associated with several high-value properties in Toorak, including a significant mansion purchase on Lansell Road.
What other business ventures is Sam Gance involved in?
Beyond Chemist Warehouse, he is involved in National Retail Group, a property management business aiming to grow a portfolio worth up to $5 billion across Australia and New Zealand.
Does Sam Gance have children?
Yes, his family includes at least one son, Damien, who made headlines for purchasing a $33.5 million beachfront property in Byron Bay, reflecting the wider family’s involvement in large-scale property holdings.
