What Companies are Owned by Wesfarmers? Full List

Reviewed by Edwin Madison — Written by Lauren Mitchell — First published July 17, 2024 — Updated on September 3, 2026

• Wesfarmers fully owns major Australian retailers such as Bunnings, Kmart, Target, Officeworks, Priceline, and Blackwoods.
• Its healthcare portfolio includes API, Priceline Pharmacy, InstantScripts, Clear Skincare, the SILK Group, Soul Pattinson Chemist, and several pharmacy banners.
• Wesfarmers owns industrial and resource businesses through CSBP, Australian Vinyls, Kleenheat, and several partly owned joint ventures, including Covalent Lithium.
• It also holds 50% of Flybuys, 50% of Gresham Partners, 50% of Wespine, and approximately 24.8% of BWP Trust.

The Australian conglomerate controls Bunnings, Kmart, Target, Officeworks, Priceline, Australian Pharmaceutical Industries, Blackwoods, CSBP, and dozens of related brands. It also owns interests in Flybuys, Covalent Lithium, BWP Trust, Gresham Partners, and Wespine.

Wesfarmers is not a conventional retailer with one customer segment. It is a portfolio manager. Its businesses span retail, healthcare, industrial supplies, chemicals, fertilisers, lithium, digital services, loyalty programs, and financial investments.

Wesfarmers Founders and Origin

Wesfarmers was not created by one entrepreneur in the modern startup sense. It began as a cooperative initiative designed to give Western Australian farmers greater bargaining power.

Walter Harper

Charles Walter Harper was the central driving force behind Wesfarmers’ formation. He believed farmers should cooperate when selling produce and purchasing essential supplies.

Harper helped persuade the Farmers and Settlers’ Association of Western Australia to establish a separate trading organization. The Westralian Farmers Limited was registered on June 27, 1914.

He became a founding director. Harper later served as chairman from 1921 until 1953. His long tenure helped establish the disciplined and diversified culture that still influences Wesfarmers.

Basil Murray

Basil Lathrop Murray was another founding director. He became the company’s first managing director in 1917.

Murray brought commercial and insurance experience to the young cooperative. He helped turn the organization from a farmer-led concept into an operating business.

The Farmers and Settlers’ Association

The Farmers and Settlers’ Association was the institutional force behind the company. Its members wanted an organization that could purchase goods, market agricultural products, and provide services on fairer terms.

The business started from two small rooms in Perth. It later expanded into merchandise, fertilisers, fuel, insurance, livestock, wool, and grain services.

Wesfarmers listed on the Australian stock exchanges in 1984. It eventually moved away from cooperative control and became a widely owned public company.

List of Companies Owned by Wesfarmers

Wesfarmers owns businesses across home improvement, discount retail, office supplies, healthcare, industrial distribution, chemicals, fertilisers, lithium, data, and digital services.

The ownership structure is not identical across the portfolio. Bunnings, Kmart, Target, Officeworks, API, CSBP, and several other operations are controlled subsidiaries. Flybuys, Covalent Lithium, Gresham Partners, Wespine, and Built Living are jointly owned. BWP Group is a minority investment.

Store-level ownership can also differ from brand ownership. Wesfarmers controls brands such as Priceline Pharmacy, but many stores using those brands are owned and operated by franchise partners.

The following businesses represent Wesfarmers’ principal operating companies, consumer brands, digital platforms, joint ventures, and disclosed strategic investments as of September 2026.

Bunnings Group

Wesfarmers owns 100% of Bunnings Group. It has owned the business since acquiring the remaining publicly held Bunnings shares in 1994.

Bunnings is the largest business in the Wesfarmers portfolio. It sells home improvement, building, garden, outdoor-living, hardware, storage, automotive, pet, and lifestyle products in Australia and New Zealand.

The group operated 506 locations in FY2026. This total included Bunnings Warehouses, smaller-format stores, trade centres, Beaumont Tiles outlets, and Tool Kit Depot stores. The network is supported by frame-and-truss manufacturing operations, distribution facilities, digital channels, and marketplace capabilities.

Bunnings generated A$20.399 billion in FY2026 revenue. This was 4.1% higher than the previous year. Earnings before tax increased 5.1% to A$2.455 billion.

Total store sales increased 4%, while store-on-store sales grew 3.7%. Growth came from consumer and commercial customers across all regions and major product categories.

Bunnings also produced a 69.2% return on capital employed. This explains why it is more important to Wesfarmers than its revenue contribution alone suggests. It combines high sales with strong margins, rapid inventory turnover, and relatively efficient use of capital.

Tool Kit Depot

Tool Kit Depot is a specialist tools and equipment retailer owned through Bunnings Group. It developed from Adelaide Tools, which Bunnings acquired in 2019.

The business serves tradespeople and serious tool users. Its range includes power tools, hand tools, construction equipment, workwear, safety products, tool storage, outdoor power equipment, and accessories.

Tool Kit Depot operated 17 stores at the end of FY2026. It has expanded beyond its original South Australian base into additional Australian markets.

The format is more specialized than a standard Bunnings Warehouse. Stores carry professional ranges and provide servicing and technical support for customers who use equipment commercially.

Tool Kit Depot expands Bunnings’ addressable market without requiring every specialist product to be added to the main warehouse format. It also strengthens Wesfarmers’ exposure to contractors, builders, and small trade businesses.

Beaumont Tiles

Beaumont Tiles is owned by Bunnings Group. Bunnings acquired the business in 2021.

The company supplies tiles, bathroom products, flooring materials, installation tools, adhesives, and related renovation products. It serves homeowners, renovators, builders, designers, and commercial customers.

The Beaumont network included 110 stores in FY2026. It uses a combination of company-owned and franchised locations, so Wesfarmers does not necessarily own every individual store operating under the banner.

Beaumont adds specialist product knowledge and showroom-based selling to the Bunnings portfolio. Tile and bathroom purchases often require design assistance, measurements, product coordination, and installation advice.

The acquisition also increased Bunnings’ exposure to larger renovation projects. Customers can move between Bunnings’ general home-improvement range and Beaumont’s more specialized tile and bathroom offering.

Blackwoods

Blackwoods is an industrial distribution business owned by Wesfarmers. It became part of Bunnings Group on July 1, 2026, following an internal restructuring.

The company supplies tools, safety equipment, personal protective equipment, fasteners, abrasives, welding products, electrical supplies, workwear, and industrial consumables.

Its customers include mining companies, manufacturers, construction businesses, utilities, transport operators, government departments, defence organizations, and facilities-management providers.

Blackwoods sells through branches, distribution centres, account-management teams, online ordering, and integrated procurement arrangements. Large customers may use Blackwoods to consolidate thousands of industrial purchases through one supplier.

Before its transfer into Bunnings, Blackwoods was the largest business in Wesfarmers’ Industrial and Safety division. That division generated A$1.758 billion in FY2026 revenue after excluding the divested Coregas business.

Moving Blackwoods into Bunnings creates a larger combined commercial platform. Bunnings has extensive relationships with tradespeople and small businesses, while Blackwoods has deeper capabilities in complex industrial procurement and large corporate accounts.

NZ Safety Blackwoods

NZ Safety Blackwoods is Wesfarmers’ industrial distribution operation in New Zealand. It sits within the wider Blackwoods business.

The company supplies personal protective equipment, footwear, workwear, uniforms, tools, engineering products, packaging materials, and workplace-safety products.

Its customers range from small trades and local businesses to major industrial organizations. Sales are supported by retail locations, account managers, distribution infrastructure, and online ordering.

The business combines the capabilities of several former New Zealand operations. These include NZ Safety, Blackwoods Protector, and Packaging House.

NZ Safety Blackwoods gives Wesfarmers a business-to-business distribution platform outside Australia. However, its performance is affected by New Zealand’s construction, manufacturing, and industrial conditions. Wesfarmers reported that weaker New Zealand market conditions partly offset Blackwoods’ Australian growth during FY2026.

Workwear Group

Workwear Group is owned by Wesfarmers and became part of Bunnings Group on July 1, 2026.

The business designs, sources, manufactures, and distributes industrial workwear, footwear, uniforms, and protective apparel. It serves small businesses, large corporations, healthcare providers, emergency services, defence organizations, and government customers.

Its portfolio includes KingGee, Hard Yakka, Stubbies, Bates, Wolverine, Totally Workwear, NNT, and Incorporate Wear. Brand rights and market arrangements can differ between products and countries.

Workwear Group manufactures more than one million units annually and supplies customers in more than 30 countries. It also develops customized uniform programs for organizations with large or specialized workforces.

Industrial workwear demand increased in FY2026, including demand for KingGee and Hard Yakka products. The business also secured new defence-sector customer commitments expected to begin contributing in FY2027.

Its integration with Bunnings gives Workwear Group access to a larger commercial customer base. It can also benefit from Bunnings’ store network, procurement scale, digital infrastructure, and relationships with tradespeople.

Bullivants

Bullivants is a wholly owned Wesfarmers business within Blackwoods.

Founded in 1891, it supplies lifting, rigging, height-safety, inspection, testing, and related industrial services. Its work includes products and services used around cranes, hoists, mines, construction sites, ports, manufacturing facilities, and heavy industrial operations.

Bullivants does more than distribute equipment. It provides inspections, certification, testing, installation, technical support, and training.

These services are important because lifting and height-safety equipment is subject to strict operating and compliance requirements. Customers need reliable records and regular inspections, not simply replacement products.

Bullivants therefore adds a technical service layer to the Blackwoods product-distribution model. It also creates recurring customer relationships through inspection and maintenance requirements.

Cm3

Cm3 is a contractor risk and compliance management software company associated with Blackwoods. Its platform helps organizations assess and manage contractors before they enter workplaces or begin projects.

The software covers contractor prequalification, insurance documentation, workplace inductions, site access, modern-slavery risks, and continuing compliance monitoring.

More than 170 clients across Australia and New Zealand have used Cm3. Its contractor marketplace has included nearly 30,000 registered vendors.

Wesfarmers announced an agreement on July 24, 2026, to sell Cm3 to Achilles Group. The proposed sale was subject to Australian Foreign Investment Review Board approval.

Cm3 should therefore not be presented as an unquestioned long-term Wesfarmers holding. It remained a wholly owned subsidiary while completion conditions were outstanding, but Wesfarmers had already committed to divesting it.

Kmart

Wesfarmers owns Kmart Australia and New Zealand through Kmart Group. This business is separate from the American retailer that historically used the same name.

Kmart opened its first Australian store in Burwood, Victoria, in 1969. It has since developed into a large product-development and discount retail business.

The chain operated 325 stores across Australia and New Zealand in FY2026. It employed approximately 39,000 people in those two markets, with additional team members working in sourcing locations.

Kmart sells homewares, clothing, toys, storage, furniture, beauty products, small appliances, seasonal merchandise, and other everyday goods.

Its strategy relies heavily on products designed and sourced specifically for Kmart. This gives the company more control over pricing, product specifications, supply arrangements, and margins than a model based mainly on reselling third-party brands.

Kmart Group, which includes Kmart and Target, generated A$11.751 billion in FY2026 revenue. Earnings before tax reached A$1.109 billion, an increase of 6%.

Comparable sales grew 2.7%. The group reduced prices on more than 2,500 products during the year while using productivity improvements to help offset higher operating costs.

Target Australia

Target Australia is owned by Wesfarmers through Kmart Group. It is not affiliated with Target Corporation in the United States.

The Australian business traces its history to a textiles and homewares store opened in Geelong in 1926. It reached its centenary in 2026.

Target operated 120 Australian stores and employed more than 9,000 people in FY2026. Its principal categories include apparel, childrenswear, accessories, beauty, soft home furnishings, and general merchandise.

Target has a more quality-led position than Kmart while still competing at accessible price points. Kmart concentrates more heavily on everyday low prices and high-volume internally developed products.

The two retailers remain distinct consumer brands. However, they share sourcing, technology, distribution, product-development, and corporate capabilities through Kmart Group.

This shared infrastructure allows Wesfarmers to reduce duplication. It also enables Target to operate at a scale that would be more difficult to maintain as a completely independent retailer.

Anko

Anko is Kmart’s principal product-development brand. It appears across homewares, furniture, clothing, toys, storage, kitchenware, small appliances, beauty products, and other household categories.

Kmart introduced the Anko name across much of its private-label range in 2019. The brand consolidated numerous product labels under one recognizable identity.

Anko is strategically important because it gives Kmart control over product design and sourcing. Kmart can develop items around target prices rather than simply accepting the wholesale price and specifications set by an external brand owner.

Kmart continued developing higher-feature “one-up” and “two-up” Anko products in FY2026. These products sit above basic opening-price items while remaining below many branded alternatives.

Wesfarmers has also pursued international growth for Anko. This includes stores and commercial arrangements outside Australia and New Zealand. International expansion is intended to create additional demand for Kmart Group’s product-development and sourcing capabilities.

Anko should be described as a Wesfarmers-controlled brand rather than a separately reported operating division. Its financial results are included within Kmart Group.

Officeworks

Wesfarmers owns 100% of Officeworks. The company was originally established by Coles Myer in 1994 and became part of Wesfarmers when it acquired Coles Group in 2007.

Officeworks sells computers, technology accessories, stationery, office furniture, art supplies, school products, printing services, and educational resources.

The company operated 176 stores at the end of FY2026 and employed more than 7,600 people. It also serves customers through its website, business specialists, third-party marketplaces, and delivery network.

Its customer base includes households, students, schools, government organizations, small businesses, and large corporate customers. This creates a mix of retail and business-to-business revenue.

Officeworks generated A$3.698 billion in FY2026 revenue, an increase of 3.7%. Online penetration reached 34.8%, making digital sales more important to Officeworks than to several other Wesfarmers divisions.

Earnings before tax fell 22.2% to A$165 million. The decline included approximately A$40 million of one-time transformation costs associated with restructuring, a new enterprise resource-planning system, and merchandise clearance.

The result shows that higher revenue does not always produce higher profit. Wesfarmers is restructuring Officeworks to lower its operating costs and strengthen its position in technology, education, and business procurement.

Geeks2U

Geeks2U is a technology-support business owned through Officeworks.

It provides computer repairs, device setup, software installation, Wi-Fi support, virus removal, data migration, security assistance, and other technology services for homes and businesses.

The business extends Officeworks beyond product retailing. A customer buying a computer, printer, or networking device can also purchase help with setup and troubleshooting.

Service revenue has different economics from conventional retail sales. It requires trained technicians and reliable scheduling, but it is less exposed to inventory markdowns and product-price competition.

Geeks2U also allows Officeworks to maintain a customer relationship after the initial hardware purchase. This supports the company’s strategy of becoming a complete technology-solutions provider.

Box of Books

Box of Books is a digital education platform owned through Officeworks.

The platform gives schools and students access to digital textbooks, learning materials, and education content. It supports digital distribution rather than relying entirely on physical textbook sales.

The business strengthens Officeworks’ presence in the education market. Schools can combine learning-content services with technology, stationery, classroom furniture, and other products supplied by Officeworks.

Box of Books also gives Wesfarmers exposure to subscription and platform-based education services. These services can produce recurring relationships that are different from one-time retail transactions.

Wesfarmers Chemicals, Energy and Fertilisers

Wesfarmers Chemicals, Energy and Fertilisers, commonly called WesCEF, manages the group’s chemical, energy, fertiliser, and lithium interests.

WesCEF operated a portfolio of eight businesses and employed more than 1,200 people across Australia in FY2026. Its products are used by agriculture, mining, construction, manufacturing, food and beverage, and energy customers.

The division generated A$3.138 billion in FY2026 revenue. This was 5.9% higher than the previous year. Earnings before tax increased 18.5% to A$473 million.

WesCEF contributed less revenue than Bunnings, Kmart Group, or Wesfarmers Health. However, it generated considerably more earnings than Officeworks and Health.

Its results can be volatile. Commodity prices, agricultural conditions, plant availability, energy costs, mining demand, lithium markets, and major maintenance shutdowns can materially affect profitability.

CSBP Chemicals

CSBP Chemicals is owned through WesCEF. It manufactures and supplies ammonia, ammonium nitrate, and industrial chemicals.

Its customers include mining companies, industrial businesses, manufacturers, and resource-sector operators. Ammonium nitrate is particularly important to mining because it is used in commercial explosives.

CSBP benefits from established production infrastructure and long-standing customer relationships in Western Australia. These assets would be expensive and complex for a new competitor to reproduce.

Earnings can still move sharply between years. Ammonia prices, imported volumes, contractual pricing delays, production reliability, and scheduled plant shutdowns all affect results.

In FY2026, lower ammonia earnings were partly offset by stronger ammonium-nitrate sales to Western Australian mining customers. WesCEF also completed debottlenecking work at one of CSBP’s three nitric-acid plants.

CSBP Fertilisers

CSBP Fertilisers manufactures, imports, blends, and distributes fertiliser products for Western Australian agriculture.

Its range includes phosphate, nitrogen, potassium, blended, compound, and liquid fertilisers. The business also supplies soil and plant testing services.

These laboratory and advisory capabilities help farmers make more informed nutrient decisions. They also differentiate CSBP from a distributor that competes only on product availability and price.

The business is exposed to weather, planting decisions, crop prices, shipping costs, exchange rates, and global fertiliser markets. Seasonal conditions can change demand within a relatively short period.

Supply disruptions linked to conflict in the Middle East increased import costs during the second half of FY2026. CSBP responded by increasing local manufacturing and sourcing products from alternative regions.

Australian Vinyls

Australian Vinyls is a wholly owned WesCEF business. It manufactures and supplies polyvinyl chloride resin and specialty chemicals.

PVC resin is used in pipes, cables, flooring, building profiles, packaging, and industrial compounds. The business therefore has exposure to construction, utilities, manufacturing, and infrastructure activity.

Australian Vinyls operates in a market affected by energy costs, imported competition, raw-material prices, freight conditions, and domestic building demand.

Its inclusion gives Wesfarmers a manufacturing position rather than only a retail or distribution role. It also provides the parent group with exposure to essential industrial and construction supply chains.

ModWood

ModWood is owned through the Australian Vinyls structure.

The company manufactures composite decking, screening, marine boards, and related products using recycled plastic and reclaimed wood materials.

These products are designed as alternatives to traditional timber in outdoor and marine applications. They can offer resistance to moisture, insects, and weathering while requiring different maintenance from natural wood.

ModWood moves WesCEF further along the manufacturing value chain. Instead of supplying only chemical inputs, the group participates in the production of finished construction products.

The business also creates a commercial use for recovered materials. Its products are relevant to Wesfarmers’ wider exposure to construction and home improvement, although ModWood operates within WesCEF rather than Bunnings.

Australian Gold Reagents

Wesfarmers owns 75% of Australian Gold Reagents through CSBP. Coogee Chemicals holds the remaining 25%.

The company manufactures sodium cyanide, which is used to extract gold from ore. Its production supports Western Australian gold miners and customers in export markets.

Australian Gold Reagents is controlled by Wesfarmers because Wesfarmers holds a majority interest. However, it is not a wholly owned subsidiary.

The business completed the first stage of a sodium-cyanide expansion project during FY2026. The first expanded plant reached its targeted production rate in May 2026. A second expansion stage was scheduled for completion in the first half of FY2027.

Sodium-cyanide earnings remained broadly stable in FY2026 despite lower production during an extended planned shutdown.

Queensland Nitrates

Wesfarmers owns 50% of Queensland Nitrates through CSBP. Dyno Nobel Asia Pacific owns the other 50%.

The joint venture operates an integrated ammonia, nitric-acid, and ammonium-nitrate facility near Moura in Queensland.

Its products primarily support mining customers. Locally produced ammonium nitrate reduces dependence on long-distance supply for resource operations in eastern Australia.

The equal ownership structure means Wesfarmers shares control with its joint-venture partner. Major decisions cannot be made in the same unilateral way as decisions within a wholly owned WesCEF business.

Kleenheat

Kleenheat is owned through WesCEF.

The business retails natural gas to residential and commercial customers in Western Australia. WesCEF also retains energy-production activities that extract liquefied petroleum gas from natural gas and manufacture liquefied natural gas at its production facility.

This is narrower than Kleenheat’s former operating scope. Wesfarmers sold its LPG and LNG distribution businesses, but it retained natural-gas retailing and specified production activities.

Older ownership lists may therefore overstate what Kleenheat currently does. It should not be described as owning all of the distribution operations that previously sat inside the division.

Energy earnings declined in FY2026. Results were affected by lower LPG content in processed gas and movements in the Saudi Contract Price, an international benchmark used in LPG pricing.

Covalent Lithium

Wesfarmers owns 50% of Covalent Lithium. Chilean lithium producer SQM owns the other 50%.

Covalent operates the integrated Mt Holland lithium project in Western Australia. The project includes the Earl Grey mine, a concentrator at Mt Holland, and a lithium-hydroxide refinery at Kwinana.

The mine and concentrator produce spodumene concentrate. That concentrate can be sold or processed into lithium hydroxide for use in battery supply chains.

Wesfarmers’ share of FY2026 spodumene production reached 209,000 tonnes. This exceeded the joint venture’s Wesfarmers-share nameplate level of approximately 190,000 tonnes.

Covalent sold 151,000 tonnes of spodumene concentrate during the year. Remaining production was used as refinery feedstock or held in inventory.

The Kwinana refinery produced and sold its first lithium hydroxide in FY2026. Its ramp-up was affected by intermittent odour issues, which required additional mitigation work.

Lithium earnings improved from a A$59 million loss in FY2025 to A$40 million in FY2026. Higher spodumene prices and improved mine and concentrator production supported the turnaround.

Wesfarmers Health

Wesfarmers Health is the parent division for the group’s pharmacy, pharmaceutical wholesale, medical-aesthetics, digital-health, and beauty operations.

The division was established after Wesfarmers completed its acquisition of Australian Pharmaceutical Industries in March 2022. It has since expanded through acquisitions, new store formats, and digital-health investments.

Wesfarmers Health operated a network of more than 800 stores, pharmacies, and clinics in FY2026. It employed more than 3,000 people.

The division generated A$6.474 billion in FY2026 revenue, an increase of 9.1%. Earnings before tax rose 18.8% to A$76 million.

The earnings figure remains modest relative to revenue. Pharmaceutical wholesale produces high sales volumes but relatively narrow margins. Wesfarmers is therefore developing higher-margin retail, beauty, digital-health, and aesthetics operations around the wholesale platform.

Australian Pharmaceutical Industries

Australian Pharmaceutical Industries, or API, is wholly owned by Wesfarmers.

API began in 1910 as a cooperative created by three pharmacists. It later developed into one of Australia’s largest pharmaceutical wholesalers.

The business supplies more than 2,500 pharmacies across Australia. Its distribution infrastructure includes facilities in multiple states and supports delivery of essential medicines throughout the country.

API distributes medicines covered by Australia’s Pharmaceutical Benefits Scheme. It operates under Community Service Obligation arrangements that support the timely supply of medicines to urban, regional, rural, and remote communities.

The company also provides wholesale services for non-prescription medicines, beauty products, consumer-health products, and high-value drug categories.

Wholesale performance improved in FY2026. Sales benefited from new customers and increased demand for weight-loss drugs and other high-value medicines. Greater automation also reduced supply-chain costs per unit.

Priceline and Priceline Pharmacy

Wesfarmers owns the Priceline and Priceline Pharmacy brands through API.

Priceline is a health and beauty retailer. Priceline Pharmacy combines beauty and personal-care retailing with prescription medicines, pharmacist services, and community healthcare.

The network included approximately 433 community pharmacies in August 2026. Most Priceline Pharmacy stores are operated by pharmacist franchise partners.

Wesfarmers owns the banner, systems, customer proposition, supply relationships, digital platforms, and supporting infrastructure. It does not directly own every pharmacy business trading under the brand.

Priceline Pharmacy opened 23 new stores and completed 23 refurbishments during FY2026. Headline network sales, including dispensary sales, increased 12.7%.

Private-label sales grew 19%, while digital sales increased by more than 36%. Growth was supported by the redesigned Priceline app, lower prices on key products, beauty ranges, and expanded health services.

Wesfarmers Health also operated 57 non-pharmacy Priceline stores. These outlets focus on beauty, skincare, personal care, and consumer-health products without operating as full community pharmacies.

Pharmacy 4 Less

Pharmacy 4 Less is part of Wesfarmers Health’s pharmacy portfolio.

The banner follows a discount-led pharmacy model. It competes through value pricing on prescription medicines, over-the-counter products, vitamins, personal care, and everyday health products.

Wesfarmers Health integrated Pharmacy 4 Less into its network during FY2026. The acquisition added a complementary value-oriented format rather than simply increasing the number of Priceline stores.

The business may operate through corporate, franchise, or other store-level ownership arrangements. Wesfarmers controls the wider platform and brand assets but does not necessarily own every pharmacy location directly.

Clear Skincare

Clear Skincare is owned by Wesfarmers Health. It was established in 1999 and has developed into a large clinical-skincare and aesthetics network.

The business provides skin treatments, acne services, cosmetic injections, laser hair removal, and proprietary skincare products. Its services are delivered by trained therapists, nurses, and medical practitioners, depending on the treatment.

The Clear Skincare network has operated through more than 90 clinics across Australia and New Zealand. Individual locations can use company-owned, jointly owned, or franchised structures.

The business participates in a higher-margin but more discretionary market than pharmaceutical wholesale. Demand can therefore be more sensitive to consumer confidence and household spending.

Clear Skincare contributed to profitable growth in Wesfarmers Health’s medical-aesthetics operations during FY2026. The division simplified its operating model, refreshed its brands, and expanded its proprietary skincare products.

The SILK Group

Wesfarmers owns the SILK Group through Wesfarmers Health.

The group operates specialist beauty and medical-aesthetics clinics across Australia and New Zealand. Its services include laser hair removal, skin treatments, non-surgical cosmetic injections, body-contouring treatments, and skincare products.

Its brands include SILK Laser Clinics, Australian Skin Clinics, The Cosmetic Clinic, and Eden Laser Clinics. The network uses a combination of wholly owned, jointly owned, and franchised clinics.

This means Wesfarmers controls the group and its principal brand assets but does not necessarily own 100% of every clinic.

The acquisition increased Wesfarmers Health’s exposure to services rather than product sales alone. Customers often return for treatment programs, creating more recurring engagement than a single retail purchase.

The division consolidated parts of its medical-aesthetics network in FY2026. It also expanded proprietary product ranges, including AestheticsRX and Balense skincare.

InstantScripts

InstantScripts is a digital-health platform owned by Wesfarmers Health.

The company provides telehealth consultations, online prescriptions, medical certificates, pathology requests, treatment programs, and other digitally delivered healthcare services.

Wesfarmers acquired InstantScripts in 2023 for approximately A$135 million. The transaction gave the group an established telehealth platform rather than requiring it to build one from the beginning.

InstantScripts connects digital consultations with Wesfarmers Health’s pharmacy and consumer-health operations. A patient can access a consultation online and, where clinically appropriate, receive a prescription that can be fulfilled through a pharmacy.

The service continued adding users and expanding its range during FY2026. Wesfarmers Health also introduced a Telehealth Code of Practice to strengthen clinical governance and service quality.

The company has tested InstantScripts Pharmacy Health Hub, a smaller pharmacy format designed to combine physical pharmacy access with digital-health services.

SiSU Health

SiSU Health is a preventive-health technology business within Wesfarmers Health’s digital portfolio.

The company provides self-service health stations that can measure indicators such as blood pressure, body composition, heart rate, and risk factors associated with diabetes and cardiovascular conditions.

These stations are placed in accessible community locations, including pharmacies and workplaces. They allow users to complete basic health checks without scheduling a conventional appointment.

SiSU Health complements InstantScripts and Priceline Pharmacy. Its data and screening tools can help customers identify when further medical advice may be appropriate.

The platform also gives Wesfarmers Health exposure to preventive care. This is different from relying entirely on medicine distribution or beauty retailing.

Atomica

Atomica is a beauty retail brand developed by Wesfarmers Health.

The format focuses on skincare, cosmetics, haircare, wellness products, and beauty advice. It gives Wesfarmers a beauty-led retail concept that does not depend on the traditional pharmacy environment.

Wesfarmers Health operated 10 Atomica stores in FY2026. The concept produced a customer net promoter score above 90 during its trial period.

Atomica allows the group to test new products, store layouts, and customer experiences. It also provides another distribution channel for exclusive and proprietary beauty brands.

The concept remained in its development stage during 2026. Wesfarmers Health planned additional stores and an expanded online offering rather than treating the initial network as a finished national rollout.

Soul Pattinson Chemist

Soul Pattinson Chemist is an API-controlled pharmacy banner.

The brand has operated in Australia for more than 130 years. Its network includes more than 50 pharmacies across regional and metropolitan markets.

Stores provide prescription medicines, pharmacist advice, vaccinations, health products, and personal-care products.

Many locations are independently operated. Wesfarmers owns and supports the banner through API but does not necessarily own every pharmacy using the Soul Pattinson name.

The banner helps API maintain relationships with community pharmacies that serve customers outside the Priceline format.

Pharmacist Advice

Pharmacist Advice is a community-pharmacy banner supported by API.

The format is designed around pharmacist-led service, medication guidance, prescriptions, and essential health products.

Independent pharmacy owners can use the banner while obtaining procurement, marketing, merchandising, and operational support from API.

This structure gives Wesfarmers Health wider participation in community pharmacy without requiring every location to become a Priceline Pharmacy or a company-owned store.

Club Premium

Club Premium is API’s membership and business-support program for independent pharmacies.

Participating pharmacies can access buying arrangements, promotions, marketing assistance, merchandising support, and business-development services.

Club Premium is not a conventional consumer retail chain. Its commercial value comes from strengthening API’s wholesale relationships with pharmacies that retain their own identities.

The program helps API distribute a larger volume of pharmaceutical and consumer-health products while giving independent pharmacies access to some of the benefits associated with a larger network.

OneDigital

OneDigital manages Wesfarmers’ group-level data, loyalty, digital, retail-media, and artificial-intelligence capabilities. It forms part of the corporate office rather than operating as a separately reported retail division.

Its purpose is to create additional value from customer activity across Bunnings, Kmart, Target, Officeworks, Priceline, InstantScripts, and other participating businesses.

OneDigital managed a shared data asset containing approximately 12 million customer records in FY2026. These records are subject to privacy, consent, security, and governance requirements.

The group’s retail businesses generated more than A$3.3 billion in online retail sales during the year. Wesfarmers also offered more than 400,000 marketplace products from over 700 third-party sellers.

OneDigital helps the operating divisions identify cross-shopping patterns, personalize offers, develop retail media, and apply artificial intelligence to customer service and internal operations.

OnePass

OnePass is Wesfarmers’ retail subscription and membership program.

Participating businesses include Bunnings, Kmart, Target, Officeworks, Priceline, InstantScripts, and Flybuys. Benefits can include delivery offers, member pricing, rewards, and partner benefits.

OnePass is intended to increase the number of Wesfarmers brands used by each household. Members shop across more brands and channels than non-members.

Wesfarmers reported that OnePass members spent and shopped approximately 3.3 times more than non-members in FY2026.

The strategic value is therefore larger than subscription revenue. OnePass increases customer retention, supports online sales, and helps Wesfarmers connect activity across otherwise separate businesses.

OneData

OneData manages Wesfarmers’ shared first-party customer data asset.

The platform contains approximately 12 million customer records drawn from participating businesses and digital services. It helps Wesfarmers understand cross-shopping, customer preferences, and engagement across brands.

OneData can identify, for example, whether a customer who shops at Kmart may also be interested in Officeworks, Priceline, or Bunnings products.

The commercial objective is to improve personalization and increase customer lifetime value. The platform can also help divisions measure whether advertising and membership programs produce additional sales.

Its use is constrained by privacy laws, customer consent, cybersecurity requirements, and internal data-governance policies. Wesfarmers must manage those obligations carefully because a data failure could affect trust across several major brands.

OneReach

OneReach is Wesfarmers’ group-level retail-media platform.

Retail media allows advertisers and suppliers to promote products using Wesfarmers’ store traffic, websites, apps, marketplace activity, and customer insights.

The group operated more than 1,500 retail-media screens across Bunnings, Officeworks, and Priceline in FY2026. The advertiser base expanded into utilities, financial services, automotive, government, travel, and technology.

OneReach supports the retail-media teams operating within individual divisions. It provides shared data, technology, product-development, and sales capabilities.

Retail media can produce attractive margins because Wesfarmers already owns the customer environments in which advertisements appear. The business can monetize store and digital traffic without building a separate external audience.

Flybuys

Wesfarmers owns 50% of Flybuys. Coles Group owns the remaining 50%.

Flybuys became a standalone joint venture after Coles was demerged from Wesfarmers in November 2018. Neither shareholder has unilateral control.

The program had 10.3 million active members at June 30, 2026. Active membership increased 3.5% during FY2026.

Flybuys members can earn or redeem rewards across participating retailers and commercial partners. During FY2026, the program introduced in-store points redemption at Bunnings and Kmart.

Flybuys supports Wesfarmers’ customer-engagement strategy, but it remains legally and operationally separate. Wesfarmers must agree with Coles on major decisions concerning the joint venture.

BWP Group

Wesfarmers owned 23.44% of BWP Group at June 30, 2026.

BWP is an Australian real estate investment trust focused on large-format retail properties. Many properties are leased to Bunnings, creating a continuing commercial relationship between the two groups.

BWP owned 80 properties at the end of FY2026. Its securities trade independently on the Australian Securities Exchange.

Wesfarmers sold BWP Management Limited, the trust’s responsible entity, to BWP Group on August 1, 2025. The transaction generated approximately A$143 million in consideration.

Part of the consideration was received in BWP securities. This increased Wesfarmers’ holding from 22.29% to 23.44%.

Wesfarmers invested another A$53 million through BWP’s May 2026 entitlement offer. That purchase maintained the 23.44% position rather than increasing its percentage ownership.

BWP contributed A$96 million to Wesfarmers’ FY2026 earnings, compared with A$59 million in the previous year. Much of the increase reflected favorable property revaluations.

BWP is an associate investment, not a subsidiary. Wesfarmers has material economic exposure but does not own or control the trust outright.

Gresham Partners

Wesfarmers owns 50% of Gresham Partners Group Limited.

Gresham is an independent financial-services business. Its operations include corporate advisory, funds management, property investment, and capital solutions.

The company advises clients on mergers, acquisitions, capital transactions, restructuring, and other strategic matters. Its funds and property activities give it exposure beyond advisory fees.

Wesfarmers shares ownership and control with other Gresham interests. The 50% holding does not give Wesfarmers unilateral authority over the business.

Gresham also provides Wesfarmers with exposure to financial services without requiring the group to own a conventional bank, insurer, or consumer-lending operation.

Wespine Industries

Wesfarmers owns 50% of Wespine Industries.

The company operates a plantation-softwood sawmill in Dardanup, Western Australia. It manufactures structural timber used in construction, landscaping, and packaging.

Wespine benefits from demand for housing and building materials. Its results are affected by construction activity, timber prices, imported competition, log supply, and mill efficiency.

Revenue increased from A$139 million in FY2025 to A$152 million in FY2026. Higher mill throughput, an improved product mix, and recovering demand for sawn timber supported the increase.

Wesfarmers shares control with its joint-venture partner. Wespine is therefore not consolidated and managed in the same way as Bunnings or Officeworks.

Built Living

Wesfarmers and Built Group agreed to establish Built Living as a 50:50 joint venture in May 2026.

The business is intended to manufacture components and deliver medium- and high-rise residential apartments using Design for Manufacture and Assembly methods.

Wesfarmers committed up to A$100 million in initial equity. The funding is intended to support an advanced manufacturing facility at the Neerabup Automation and Robotics Precinct in Western Australia.

The facility is expected to support the delivery of more than 2,000 apartments annually when fully operational. The joint venture is targeting construction costs approximately 20% below conventional methods and delivery up to 50% faster.

Built Living is structurally different from Wesfarmers’ established retail businesses. It combines manufacturing, construction, property development, and project-execution risk.

The venture is also at an early stage. Its projected capacity and cost savings are operating targets, not an established financial record.

Zelora

Zelora is a home-electrification venture developed by Bunnings and Intellihub.

The service supplies solar panels, home batteries, installation, maintenance, and energy-management technology. Customers can purchase systems outright or use a subscription model.

An initial trial began in Newcastle and Greater Sydney. Expansion into additional metropolitan markets was being pursued during 2026.

Bunnings and Intellihub also proposed an incorporated joint venture that would combine Zelora with Intellihub’s Enreal assets. That transaction remained subject to relevant approvals and completion requirements.

Zelora should therefore be described carefully. It is a jointly developed Bunnings offering and proposed incorporated joint venture, not a conventional wholly owned Wesfarmers subsidiary.

Former Businesses That Wesfarmers No Longer Owns or Operates

Several older portfolio lists include businesses that should not be presented as current Wesfarmers holdings.

Wesfarmers no longer owns Coles Group. Coles was demerged in November 2018, and Wesfarmers later sold its remaining minority shareholding.

Catch ceased trading as an online marketplace in April 2025. Wesfarmers retained selected technology, fulfilment, and digital capabilities, but Catch is no longer an active retail company in the current portfolio.

Coregas was sold during FY2025. It should not be included as a current Wesfarmers industrial business.

Wesfarmers also divested WesCEF’s LPG and LNG distribution operations. The group retained specified energy-production activities and Kleenheat’s natural-gas retail business.

BWP Management Limited was sold to BWP Group in August 2025. Wesfarmers still owns 23.44% of BWP Group, but it no longer owns the trust’s responsible entity.

Cm3 also requires qualification. Wesfarmers agreed to sell the contractor-management software business in July 2026. Until the transaction completes, Cm3 may remain legally owned by Wesfarmers, but it is already classified as an agreed divestment rather than a long-term portfolio holding.

Who Owns Wesfarmers: Top Shareholders

Wesfarmers Limited is owned collectively by its shareholders. Its shares trade on the Australian Securities Exchange under the ticker WES.

The shareholder base includes Australian households, superannuation funds, index funds, active investment managers, and overseas institutions. This broad ownership structure means there is no founder, family, government body, or parent company with a controlling interest.

More than 480,000 investors hold Wesfarmers shares. Institutional managers account for a substantial portion of the register, but many of those shares are managed on behalf of pension members, fund investors, and other clients. The investment manager listed against a position is therefore not always the ultimate economic owner.

The percentages below are estimated beneficial holdings available in August 2026. Different databases may combine or separate funds, custodians, and affiliated entities in different ways. Positions can also change as funds receive new money, process withdrawals, or rebalance their portfolios.

State Street Global Advisors

State Street Global Advisors is reported as the largest institutional manager of Wesfarmers shares, with an estimated 7.14% position.

Much of this exposure is likely connected to index-tracking and institutional investment mandates. Wesfarmers has a significant weighting in major Australian equity indices. Funds designed to follow those indices must therefore maintain an appropriate position in the company.

State Street can vote the shares managed through many of its funds and mandates. This gives it influence on director elections, executive remuneration, governance proposals, and other shareholder resolutions. However, that influence should not be confused with operational control.

The firm does not appoint Wesfarmers’ management independently or direct its retail and industrial businesses. Its holding represents investment exposure managed for clients rather than ownership of Wesfarmers as a corporate subsidiary.

BlackRock

BlackRock-managed funds and investment accounts hold an estimated 6.04% of Wesfarmers.

The position reflects Wesfarmers’ importance within the Australian share market. BlackRock operates index funds, exchange-traded funds, pension mandates, and actively managed portfolios. Several of these products may hold Wesfarmers simultaneously.

A stake above 5% can make an institutional manager an important participant in corporate governance. BlackRock may engage with Wesfarmers on board independence, executive pay, climate-related risks, capital allocation, and shareholder protections. It can also exercise voting rights attached to shares under its management.

BlackRock cannot control Wesfarmers on its own. Its estimated interest is far below a majority, and the underlying economic exposure is spread across numerous funds and clients. The company’s decisions remain subject to its board, executive leadership, and the wider shareholder vote.

Vanguard Capital Management

Vanguard Capital Management is reported with an estimated 2.99% interest in Wesfarmers.

This position is primarily investment exposure held through managed portfolios. It should not be interpreted as a strategic acquisition or an attempt to take control of the company.

Vanguard-related funds commonly hold large listed companies because those businesses form part of the indices the funds are designed to replicate. When Wesfarmers’ market value or index weighting changes, the number of shares held by those funds may also change.

The voting rights associated with the position can still provide a degree of governance influence. However, a 2.99% holding does not allow Vanguard Capital Management to determine board appointments, approve transactions independently, or control Wesfarmers’ operating strategy.

Vanguard Investments Australia

Vanguard Investments Australia holds an estimated 2.94% of Wesfarmers shares through Australian investment products and managed accounts.

Its Wesfarmers position is consistent with the company’s prominent place in the Australian equity market. Domestic index funds and diversified Australian share funds generally need exposure to Wesfarmers because of its market capitalization and portfolio of major consumer businesses.

Some ownership databases record Vanguard Investments Australia separately from other Vanguard-managed entities. As a result, the 2.94% figure should not automatically be treated as an entirely unrelated holding to other Vanguard positions.

Even when Vanguard-affiliated interests are considered together, the shares remain managed across separate funds and for many underlying investors. They do not give Vanguard the same type of control that a parent company or concentrated strategic shareholder would possess.

AustralianSuper

AustralianSuper holds an estimated 2.81% interest in Wesfarmers on behalf of its members.

Unlike a conventional corporate owner, AustralianSuper invests retirement savings across a diversified portfolio. Its Wesfarmers position provides members with exposure to Australian retail, healthcare, industrial products, chemicals, fertilisers, and lithium development through one listed company.

Wesfarmers is attractive to large superannuation funds because its shares are liquid and its businesses generate substantial operating cash flow. The company also has a long history of paying dividends and moving capital between divisions when expected returns change.

AustralianSuper can vote its shares and engage with the board on governance, remuneration, risk, and long-term strategy. Nevertheless, its 2.81% interest gives it influence rather than control. The investment is held for superannuation members and does not make Wesfarmers part of AustralianSuper’s corporate group.

Norges Bank Investment Management

Norges Bank Investment Management holds an estimated 1.71% of Wesfarmers.

The organization manages Norway’s Government Pension Fund Global. It invests internationally so that Norway’s petroleum wealth is diversified across companies, industries, and countries.

Its Wesfarmers holding provides exposure to a large Australian company with established positions in home improvement, discount retail, office supplies, healthcare, and industrial markets. The investment forms a small part of a global portfolio containing thousands of listed companies.

Norges Bank Investment Management may vote on board elections, executive remuneration, shareholder rights, environmental matters, and governance proposals. Its influence comes from responsible ownership and voting participation rather than direct involvement in Wesfarmers’ daily management.

At 1.71%, it cannot control the company or determine its strategic direction independently. Its position should be viewed as a diversified portfolio investment rather than a controlling or operational stake.

What This Ownership Structure Means

The shareholder figures show that Wesfarmers has significant institutional ownership but no single controlling investor. Even the largest reported position represents only a small portion of the company’s total shares.

This creates a dispersed ownership model. Major investment managers can influence governance through voting and engagement, but they must work within a shareholder base that includes other institutions and hundreds of thousands of individual investors.

Practical control therefore sits with the board and executive team under authority granted by shareholders. Institutional investors can challenge decisions or vote against directors, but none of the shareholders listed above can independently dictate Wesfarmers’ acquisitions, dividends, management appointments, or operating strategy.

Competitor Ownership Comparison

No single competitor matches the full Wesfarmers portfolio. Bunnings competes in home improvement. Kmart and Target compete in discount retail. Officeworks competes in technology and office supplies. Wesfarmers Health competes in pharmacy distribution, beauty, and healthcare services.

Ownership structures also differ. Some competitors are widely owned public companies. Others retain substantial founder or family influence. Metcash relies heavily on independently owned stores. Wesfarmers mainly controls its largest retail chains directly.

These differences affect decision-making, capital allocation, and the level of operational control exercised by each corporate group.

Woolworths Group

Woolworths Group is an independently listed Australian company. Its shares trade on the ASX under the ticker WOW.

Like Wesfarmers, Woolworths has a broad shareholder base. Australian superannuation funds, international asset managers, index funds, and individual investors hold its shares. No parent company or founding family controls the group.

The two companies compete in several consumer categories, but their portfolios are structured differently. Woolworths remains heavily exposed to supermarkets. Its principal businesses include Woolworths Supermarkets, Countdown in New Zealand, Big W, and a range of digital, loyalty, and business-to-business services.

Wesfarmers no longer owns a supermarket chain. It exited direct ownership of Coles through the 2018 demerger and later sold its remaining shares. Its retail exposure is now concentrated in home improvement, discount department stores, office supplies, pharmacy, health, and beauty.

Woolworths therefore has a more concentrated relationship with household grocery spending. Grocery demand tends to be frequent and defensive. However, supermarket operations also face intense price competition, supply-chain complexity, regulatory scrutiny, and relatively narrow margins.

Wesfarmers has a more diversified earnings base. Weakness in discretionary retail can sometimes be offset by stronger performance from Bunnings, industrial chemicals, fertilisers, or other divisions. The trade-off is that managing such a varied portfolio requires disciplined decisions about where new capital should be invested.

Neither company has a controlling shareholder. In both cases, practical control is exercised through the board and executive leadership rather than through a dominant owner.

Coles Group

Coles Group is a separately listed ASX company. Wesfarmers does not own Coles.

Wesfarmers acquired the former Coles Group in 2007. It spent more than a decade restructuring and improving the supermarket business. Coles was then demerged in November 2018, allowing it to operate as an independent company with its own board, management team, and shareholder register.

Wesfarmers initially retained a minority interest after the demerger. It later sold that remaining position. There is therefore no direct ownership relationship between the two companies.

Coles is mainly exposed to supermarkets, liquor retailing, and related consumer services. Its revenue is supported by frequent household purchases. Wesfarmers relies more heavily on categories such as hardware, general merchandise, apparel, office products, pharmaceuticals, and industrial products.

The companies remain connected through Flybuys. Wesfarmers and Coles each own 50% of the loyalty business. That arrangement makes them joint owners of Flybuys, but it does not give either company an ownership interest in the other.

This joint venture also limits unilateral control. Strategic decisions concerning Flybuys require cooperation between the two shareholders. Wesfarmers cannot treat Flybuys in the same way that it treats wholly owned businesses such as Bunnings or Officeworks.

From an ownership perspective, Coles and Wesfarmers are now peers rather than parent and subsidiary. Both have dispersed public ownership. Both are governed by independently accountable boards.

Metcash

Metcash is an ASX-listed wholesale distribution company. It also has a widely dispersed shareholder base and no controlling parent company.

Its operating model is materially different from that of Wesfarmers. Metcash supplies products and services to networks of independent retailers. These networks include grocery, liquor, convenience, and hardware stores.

Many stores associated with Metcash-supported banners are owned by local operators. Metcash may provide distribution, procurement, marketing, technology, and banner support without owning the individual retail business.

Wesfarmers generally uses a more centralized ownership model for its largest operations. It owns and controls Bunnings, Kmart, Target, and Officeworks. This gives Wesfarmers direct authority over store investment, product ranges, pricing strategies, supply chains, staffing models, and digital systems.

The difference is particularly visible in hardware. Metcash participates through the Independent Hardware Group, which supports brands and independently operated stores. Bunnings competes through a predominantly corporate-owned network under centralized management.

Metcash’s model requires less direct investment in every retail location. It also allows local owners to bring market knowledge and personal incentives to their stores. However, Metcash has less control over the customer experience across the entire network.

Wesfarmers carries more of the operating and capital risk. In return, it retains greater control over earnings, property decisions, customer data, merchandising, and long-term strategy.

JB Hi-Fi

JB Hi-Fi is an independently listed retailer. It owns the JB Hi-Fi and The Good Guys businesses.

Its shareholder base consists largely of institutions and individual investors. It does not have a controlling parent company. Its board and management team are responsible for strategy within the authority granted by shareholders.

JB Hi-Fi competes most directly with Officeworks in computers, accessories, communications products, and consumer technology. The Good Guys also competes with selected categories sold by Kmart and Bunnings, including appliances and home products.

JB Hi-Fi operates a much more focused portfolio than Wesfarmers. Its results are closely connected to consumer electronics, appliances, product replacement cycles, and household discretionary spending.

Wesfarmers is exposed to these categories through Officeworks and parts of Kmart. However, a decline in technology demand would affect only one part of the broader Wesfarmers portfolio.

The focused JB Hi-Fi structure can be an advantage when market conditions are favorable. Management can direct its attention and capital toward a smaller number of closely related retail formats. Wesfarmers must compare investment opportunities across businesses with very different economics.

For example, Wesfarmers may need to choose between expanding Bunnings, improving Officeworks, developing its healthcare operations, or investing in lithium production. JB Hi-Fi faces fewer cross-portfolio capital-allocation decisions.

Both companies have dispersed public ownership. The main distinction is not who owns them. It is the degree of portfolio concentration and the way management allocates capital.

Harvey Norman Holdings

Harvey Norman Holdings is listed on the ASX, but its ownership structure is more concentrated than that of Wesfarmers.

Co-founder Gerry Harvey retains a substantial shareholding and remains closely involved in the company. Chief executive Katie Page also has a long-standing leadership role. This gives Harvey Norman a stronger founder-influenced identity than Wesfarmers.

Wesfarmers has no comparable founder, family, or executive ownership block. Its original founders are no longer connected to control of the company. Institutional and individual shareholders collectively own it.

Harvey Norman also uses a franchise-based model for much of its branded retail network. Franchisees operate individual businesses under the Harvey Norman system, while the listed company earns revenue from franchise fees, property, financing, and related services.

Wesfarmers directly controls most of its major retail operations. Bunnings, Kmart, Target, and Officeworks operate within divisions ultimately accountable to the Wesfarmers board.

The distinction affects both risk and control. Harvey Norman can benefit from franchisee investment and local operating responsibility. However, it must manage relationships with independently operated businesses.

Wesfarmers has greater authority over store formats, inventory, employment, pricing, technology, and customer data. It also bears more direct responsibility when a division underperforms.

Harvey Norman’s property portfolio is another important difference. Its ownership of retail property contributes meaningfully to its value. Wesfarmers owns some operational property but generally evaluates real estate as part of a broader capital-allocation strategy.

What the Comparison Shows

Wesfarmers sits between a focused retailer and a traditional conglomerate. Its major businesses operate independently, but the parent company controls capital allocation, leadership selection, and portfolio strategy.

Woolworths and Coles are more concentrated in groceries. JB Hi-Fi is more concentrated in electronics and appliances. Metcash relies more heavily on independent retailers. Harvey Norman combines founder influence, franchising, retail operations, and property ownership.

Wesfarmers’ competitive advantage is its ability to move capital between unrelated businesses. A strong Bunnings or Kmart cash flow can support investment in healthcare, digital platforms, or new industrial projects.

Diversification does not automatically create value. It becomes valuable only when management allocates capital better than shareholders could do independently. Wesfarmers’ ownership model should therefore be judged by the returns produced across the portfolio, not simply by the number of companies it owns.

Who Controls Wesfarmers?

Wesfarmers is controlled through a layered governance structure. Shareholders provide the ultimate ownership authority. The board oversees the company. The managing director leads the executive team. Divisional management runs the individual businesses.

No person or institution has complete authority at every level. This separation reduces dependence on one owner while creating checks on major decisions.

Shareholders Exercise Ultimate Ownership Rights

Wesfarmers’ shareholders collectively own the company. Their most important power is the ability to elect directors.

Shareholders can also vote on executive remuneration, constitutional changes, certain capital transactions, mergers, and other matters placed before a general meeting. These rights allow investors to hold the board accountable.

The largest institutional managers can have meaningful influence because they vote substantial blocks of shares. However, none has enough ownership to determine an outcome independently.

A major investor could oppose a remuneration report or vote against a director. It could also engage privately with the company about capital allocation or governance. It could not independently order Wesfarmers to sell Bunnings, acquire another company, or replace the chief executive.

Institutional ownership should therefore be understood as governance influence rather than direct managerial control.

The Board Controls Governance and Strategic Oversight

The board is the highest internal decision-making body. It represents shareholders and oversees Wesfarmers’ long-term direction.

Its responsibilities include approving major acquisitions, disposals, capital projects, borrowing arrangements, dividends, executive appointments, risk policies, and group strategy. It also monitors financial performance and holds management accountable for results.

The board does not manage store operations or make routine pricing decisions. Its role is to decide whether the portfolio is creating acceptable long-term returns and whether management is controlling the associated risks.

This is particularly important at Wesfarmers because the businesses are so different. A new Bunnings warehouse, a pharmacy acquisition, and a lithium refinery cannot be assessed using identical operating assumptions.

The board must compare expected returns, funding requirements, competitive advantages, and downside risks across the entire group. Capital is directed toward opportunities expected to create more value than they consume.

Michael Chaney and the Chairman Transition

Michael Chaney remained chairman during August 2026. He led the board and was responsible for its effective operation.

The chairman organizes the board’s work, supports constructive debate, and maintains the relationship between directors and executive management. The chairman does not personally run Wesfarmers or control its subsidiaries.

Ken MacKenzie joined the board in June 2026 as chairman-elect. He is scheduled to succeed Chaney at the conclusion of the 2026 annual general meeting.

This transition does not represent a change in ownership. It is a governance succession. Shareholders continue to own Wesfarmers, while the incoming chairman assumes responsibility for leading the board.

MacKenzie’s appointment is significant because the chairman can influence board priorities, succession planning, management accountability, and the quality of capital-allocation discussions. He will not have unilateral authority to make major corporate decisions.

Rob Scott and Executive Control

Rob Scott is the managing director and chief executive officer of Wesfarmers. He has led the group since November 2017.

Scott has the highest level of day-to-day executive authority. He oversees group strategy, financial performance, executive appointments, capital allocation proposals, and the relationship between the corporate office and operating divisions.

His influence is substantial. He can recommend acquisitions, disposals, new investments, restructuring plans, and leadership changes. He also determines which proposals are developed for board consideration.

However, the chief executive operates under authority delegated by the board. Material transactions and major capital commitments require board approval.

Scott is therefore the central executive decision-maker, but he does not own or personally control Wesfarmers. His authority comes from his office and can be changed or withdrawn by the board.

Divisional Managing Directors Control Daily Operations

Wesfarmers uses a decentralized operating model. Bunnings, Kmart Group, Officeworks, Wesfarmers Health, WesCEF, Industrial and Safety, and OneDigital have their own leadership teams.

Divisional managers make many decisions close to the customer. These include product selection, sourcing, pricing, marketing, staffing, inventory management, technology, and store operations.

This structure allows Bunnings to operate differently from Priceline or CSBP. Each business faces different customers, competitors, regulations, supply chains, and capital requirements.

The corporate office does not need to approve every operating decision. It sets financial expectations, reviews performance, appoints senior leaders, and determines how much capital each division receives.

A division that consistently produces strong returns may receive more investment. A business that cannot achieve acceptable returns may be restructured, sold, or closed. The closure of Catch is an example of Wesfarmers ending an operation when its prospects no longer justified continued losses.

Wesfarmers Controls Wholly Owned Businesses Directly

Wesfarmers has the greatest control over wholly owned businesses such as Bunnings, Kmart, Target, Officeworks, API, Blackwoods, and CSBP.

It can appoint their senior leadership, approve budgets, set return expectations, fund expansion, and decide whether an operation remains in the portfolio.

These businesses may have separate legal entities and management teams, but their ultimate accountability runs through Wesfarmers.

Direct ownership also means Wesfarmers bears the financial consequences of their performance. Strong earnings flow back to the group. Losses, restructuring costs, and capital requirements also fall on Wesfarmers.

Control Is Shared in Joint Ventures

Wesfarmers does not have unilateral control over its 50% investments.

Flybuys is owned equally with Coles. Covalent Lithium is owned equally with SQM. Gresham Partners and Wespine also have shared ownership structures.

Important decisions in these businesses generally require agreement between the partners. Wesfarmers cannot treat joint-venture assets as though they were wholly owned divisions.

Shared control can reduce the amount of capital Wesfarmers must provide. It also brings in partners with complementary experience. The disadvantage is that strategic changes may require negotiation and compromise.

Franchisees Retain Control of Their Own Businesses

Wesfarmers owns several brands that operate partly through franchise networks. Priceline Pharmacy and the SILK Group provide examples.

Wesfarmers may control the brand, operating system, wholesale relationship, marketing platform, and customer proposition. Independent franchisees can still own and operate individual locations.

This creates a different form of control. Wesfarmers can establish brand standards and contractual requirements, but it does not make every daily decision inside a franchisee-owned business.

The distinction is important when evaluating how many stores Wesfarmers actually owns. Control of a banner does not always mean direct ownership of every business operating under that banner.

Who Has the Final Say?

There is no single answer that applies to every decision.

Shareholders have the final vote on director appointments and specified corporate matters. The board has authority over governance, the chief executive, capital allocation, and major strategic decisions. Rob Scott leads group management. Divisional executives control daily business operations.

Joint-venture partners and franchisees also retain rights where Wesfarmers does not own 100% of an operation.

Wesfarmers is therefore controlled through governance and delegated authority rather than through one dominant shareholder. The board and executive team have practical control, but they remain accountable to the company’s shareholders.

Wesfarmers Annual Revenue and Net Worth

Wesfarmers’ revenue and net worth measure two different aspects of the business.

Revenue measures the value of goods and services sold during a financial year. Net worth can refer to accounting equity, enterprise value, or market capitalization. For a publicly listed company, market capitalization is the most useful measure of what the equity market believes the company is worth.

Market capitalization is calculated by multiplying the share price by the number of outstanding shares. It can move every trading day, even when the underlying businesses have not materially changed.

Wesfarmers Revenue History

Wesfarmers generated A$30.85 billion in revenue in FY2020. Revenue increased to A$33.94 billion in FY2021 and A$36.84 billion in FY2022.

The increase during this period was supported by strong demand across Bunnings and several retail categories. Changes in consumer behavior, home improvement spending, online activity, and portfolio composition also affected the results.

Revenue reached A$43.55 billion in FY2023. The large increase reflected a full-year contribution from Australian Pharmaceutical Industries and continued growth across the retail portfolio.

Wesfarmers reported A$44.19 billion in FY2024 and A$45.70 billion in FY2025. Growth moderated as the comparison base became larger and households faced higher living costs.

FY2026 revenue reached A$47.274 billion. This was a 3.4% increase from the previous year and replaced the earlier A$47.60 billion estimate.

The six-year progression from A$30.85 billion to A$47.274 billion represents an increase of more than 53%. Part of that growth was organic. Part came from acquisitions and changes in the portfolio.

Revenue alone does not prove that Wesfarmers created equivalent shareholder value. A company can increase sales while earning poor margins or investing too much capital. Wesfarmers must therefore be assessed using profit, cash flow, return on capital, and market value alongside revenue.

What Drove FY2026 Revenue

Bunnings remained the largest contributor to group sales. Demand was supported by trade customers, commercial activity, repairs, maintenance, and household spending on home improvement.

Bunnings has a broad customer base. A slowdown in major home renovations does not necessarily produce an equivalent decline in sales. Customers still purchase tools, maintenance products, garden supplies, pet products, storage, and repair materials.

Kmart Group recorded further sales growth as consumers continued to seek lower-priced products. Its Anko-led sourcing model gives the division greater control over product design, cost, assortment, and retail pricing.

Kmart and Target also benefit when households trade down from more expensive retailers. This provides some protection during periods of pressure on disposable income. However, margins remain exposed to freight, wages, currency movements, and sourcing costs.

Wesfarmers Health contributed growth through pharmaceutical wholesale, Priceline, digital health, beauty, and clinic operations. The division remains less profitable than Bunnings or Kmart relative to its revenue, but it has room to improve its earnings mix.

Officeworks increased sales, but profitability came under pressure. Its FY2026 earnings declined despite revenue growth. This shows why revenue must not be treated as a substitute for business quality.

Officeworks faces intense competition and must invest in pricing, technology, delivery, stores, and service. If operating costs rise faster than sales, additional revenue may not produce higher profit.

WesCEF’s performance is influenced by ammonia, ammonium nitrate, fertiliser, chemical, energy, and lithium economics. These operations contribute less revenue than the major retailers but can have a disproportionate effect on earnings.

FY2026 Profitability

Wesfarmers reported statutory net profit after tax of A$2.874 billion for FY2026. This was 8.3% higher than the previous year.

Profit grew faster than revenue. That is generally a positive sign because it indicates that the group converted a larger proportion of sales into earnings.

Bunnings and Kmart Group remained the main earnings engines. Bunnings’ earnings increased to approximately A$2.46 billion. Kmart Group generated earnings of roughly A$1.11 billion.

The performance confirms that the value of the Wesfarmers portfolio is concentrated. The group owns many companies, but Bunnings and Kmart account for a substantial share of operating profit.

Officeworks moved in the opposite direction. Its earnings declined to approximately A$165 million. The result indicates that higher sales did not compensate for cost pressure and investment requirements.

This distinction matters when estimating Wesfarmers’ value. A dollar of low-margin revenue from pharmaceutical distribution or office supplies does not have the same economic value as a dollar of high-return revenue from a leading retail platform.

Wesfarmers’ Current Net Worth

Wesfarmers’ net worth in market terms was close to A$90 billion near the end of August 2026. The exact figure changes with the share price.

This was below the A$102.29 billion valuation recorded earlier in August. The decline illustrates why market capitalization should always be attached to a specific date.

A lower share price does not mean that billions of dollars disappeared from the company’s bank accounts. It means investors became willing to pay less for each share.

The market may reduce its valuation because of weaker expectations, concerns about future costs, a high starting valuation, changes in interest rates, or disappointment that otherwise strong results did not exceed expectations.

Wesfarmers’ market capitalization was approximately A$57.14 billion at the end of 2020. It increased to roughly A$67.25 billion in 2021 before falling to about A$52.09 billion in 2022.

The decline in 2022 did not correspond to a collapse in revenue. It reflected changes in market conditions and the valuation investors were prepared to place on future earnings.

Market capitalization recovered to approximately A$64.73 billion in 2023. It then increased to about A$81.19 billion in 2024 and A$92.06 billion in 2025.

This history shows that revenue generally moves more gradually than market value. Sales are based on transactions completed during the year. Market capitalization responds immediately to expectations about future profit, risk, interest rates, and investor sentiment.

Why Wesfarmers Receives a Premium Valuation

Wesfarmers is valued on the quality of its individual businesses and the ability of management to allocate capital between them.

Bunnings holds a strong competitive position. Its store network, supplier relationships, product range, brand awareness, and trade-customer base would be difficult and expensive for a competitor to reproduce.

Kmart has built a scalable low-price model around internally developed products. Its Anko platform gives it greater control over sourcing and allows the business to differentiate products without relying entirely on external consumer brands.

The group also has balance-sheet capacity, strong operating cash flow, and access to public capital markets. These strengths allow it to invest during periods when weaker competitors may be reducing expenditure.

Investors also value Wesfarmers’ willingness to exit businesses. The Coles demerger, later asset sales, and closure of Catch demonstrate that management does not treat every acquisition as permanent.

The valuation premium carries risk. When investors already expect excellent execution, a merely acceptable result can lead to a falling share price. Strong businesses do not automatically represent attractive investments at every valuation.

Revenue Forecast for FY2027

A reasonable base case places FY2027 revenue near A$49.50 billion.

This would require growth of approximately 4.7% from FY2026. Bunnings, Kmart, Wesfarmers Health, and Officeworks would need to produce combined growth strong enough to offset softer or more volatile industrial revenue.

Bunnings can grow through trade customers, adjacent categories, new stores, and higher sales from existing locations. Housing shortages and the need to maintain older properties can support demand even if new construction remains uneven.

Kmart can grow through customer traffic, Anko product development, digital sales, and selected international opportunities. Its low-price positioning should remain relevant while household budgets are under pressure.

Wesfarmers Health could grow faster than the mature retail divisions. Pharmaceutical demand, Priceline, digital consultations, skincare, and clinic services provide several expansion channels.

The main risks are consumer weakness, wage inflation, energy costs, supply-chain disruption, and declining commodity prices.

Revenue Forecast for FY2028 to FY2030

Under a base-case scenario, revenue could reach approximately A$51.50 billion in FY2028, A$53.60 billion in FY2029, and A$55.90 billion in FY2030.

This forecast does not require a transformative acquisition. It assumes steady organic growth across the existing portfolio.

The projection represents annualized growth of slightly more than 4% from FY2026 to FY2030. That is achievable for a mature group, but it is not guaranteed.

Bunnings and Kmart would remain the largest contributors. Healthcare could become more important if Wesfarmers improves clinic economics, grows Priceline, expands digital health, and increases higher-margin consumer sales.

Officeworks would need to restore earnings discipline. Sales growth that produces lower profit would add little to the group’s valuation.

Covalent Lithium could eventually become a meaningful contributor. Its financial effect will depend on production volumes, refinery performance, operating costs, and lithium prices. It should not be treated as a predictable retail-style earnings stream.

A large acquisition would materially alter these forecasts. Wesfarmers has the financial capacity to pursue new businesses, but management has historically emphasized returns rather than expansion for its own sake.

Net Worth Forecast for 2027 to 2030

Forecasting market capitalization is more difficult than forecasting revenue. Market value depends on earnings and the valuation multiple investors apply to those earnings.

A reasonable base case places Wesfarmers’ market capitalization near A$94 billion in 2027. This assumes moderate earnings growth and no major deterioration in the market’s valuation of the company.

The base case rises to approximately A$99 billion in 2028 and A$104 billion in 2029. Market capitalization could reach approximately A$110 billion in 2030 if earnings continue to grow and the group preserves its premium valuation.

These figures should be treated as modeled outcomes rather than price targets. Wesfarmers could generate higher revenue and profit while its market capitalization remains flat. That could happen if its valuation multiple declines.

A stronger outcome would require Bunnings and Kmart to maintain earnings growth, Officeworks to recover, Health to become more profitable, and Covalent Lithium to produce acceptable returns.

A weaker outcome could result from consumer pressure, aggressive retail competition, higher wages, supply-chain costs, project delays, lithium oversupply, or an economic downturn.

Interest rates also matter. Higher rates can reduce the present value investors assign to future profits. They can also increase financing costs and place pressure on household spending.

What Investors Should Watch

The most important financial measure is not revenue growth in isolation. It is whether Wesfarmers can convert growth into higher cash flow and attractive returns on invested capital.

Bunnings and Kmart must protect their competitive positions without sacrificing margins. Officeworks must demonstrate that its investments can produce stronger earnings. Wesfarmers Health needs to improve profitability, not merely increase wholesale volume.

Investors should also watch capital expenditure at Covalent Lithium. Large resource projects can create substantial value, but they can also absorb capital for years before producing satisfactory returns.

Wesfarmers’ future net worth will ultimately depend on the quality of capital allocation. If management continues directing money toward high-return opportunities and exiting weak businesses, market value can grow faster than revenue.

If the group prioritizes size over returns, rising sales may not translate into greater shareholder wealth.

Final Words

Wesfarmers owns one of Australia’s most diverse collections of consumer and industrial businesses. Its best-known companies include Bunnings, Kmart, Target, Officeworks, Priceline, API, Blackwoods, and CSBP.

Its ownership structure is more nuanced below those headline names. Some businesses are wholly owned. Others operate through franchise networks. Covalent Lithium, Flybuys, Gresham Partners, and Wespine are 50% investments. BWP Trust is a minority holding.

The group’s real advantage is not diversification alone. It is the ability to invest in strong businesses, give divisional teams operational independence, and redirect capital when an asset no longer meets return expectations.

FAQs

Does Wesfarmers own Bunnings?

Yes. Wesfarmers owns Bunnings Group.

Bunnings is its largest operating division. The broader portfolio also includes Tool Kit Depot, Beaumont Tiles, and several industrial supply businesses.

Does Wesfarmers own Kmart?

Yes. Wesfarmers owns Kmart Australia and New Zealand through Kmart Group.

This business is separate from the Kmart brand in the United States.

Does Wesfarmers own Target?

Wesfarmers owns Target Australia through Kmart Group.

Target Australia has no ownership connection with Target Corporation in the United States.

Does Wesfarmers own Officeworks?

Yes. Officeworks is owned by Wesfarmers.

Officeworks also owns or operates related services such as Geeks2U and Box of Books.

Does Wesfarmers own Priceline?

Wesfarmers owns the Priceline and Priceline Pharmacy brands through Australian Pharmaceutical Industries.

Many Priceline Pharmacy stores are operated by independent pharmacist franchisees. Wesfarmers therefore owns the brand and network infrastructure but not necessarily each local pharmacy business.

Does Wesfarmers still own Coles?

No. Coles was demerged from Wesfarmers in November 2018.

Wesfarmers later sold its remaining Coles shares. The companies continue to own Flybuys equally, but neither owns the other.

Does Wesfarmers own Woolworths?

No. Woolworths Group is an independent ASX-listed company.

Wesfarmers and Woolworths compete in general merchandise, home-related categories, and parts of the consumer retail market.

Does Wesfarmers still own Catch?

No. Catch stopped trading in April 2025.

Some Catch technology and fulfillment capabilities were transferred into other Wesfarmers operations, but Catch is no longer an active marketplace.

What is Wesfarmers’ biggest company?

Bunnings is Wesfarmers’ largest business by revenue and earnings.

It contributed approximately A$19.60 billion of FY2025 revenue. That represented about 42.9% of group revenue.

Is Wesfarmers owned by the Australian government?

No. Wesfarmers is not government-owned.

It is a publicly listed company owned by individual and institutional shareholders.

Is Wesfarmers controlled by BlackRock or State Street?

No. BlackRock and State Street manage large Wesfarmers shareholdings for funds and clients, but neither owns enough shares to control the company independently.

Control is exercised through shareholder voting, the board of directors, and the executive management structure.

Recommended reading

List of US Companies Owned by Foreign Companies

September 5, 2026

List of Hotels Owned by Marriott

February 2, 2026

List of Top US Companies Owned by China [2026]

January 30, 2026