Retail entrepreneur admits that luck played a significant role in his success

Founder of Richer Sounds, Julian Richer, has admitted that luck played a large role in his success, has denounced the idea we live in a meritocracy, and urged others to acknowledge their good fortune.

Julian Richer: “incredible luck”

In a Guardian opinion piece, Julian Richer wrote:

It took me a while to realise that my journey through life has been eased by several tailwinds. I have had the incredible luck of being born in the UK, in a peaceful period of history. I was blessed with an able body and mind, and had a good upbringing, and an incredibly exclusive education. I had the freedom to take advantage of opportunities, to start my own business and pursue my ambitions. In that sense my early years were a heck of a lot easier than many people’s.

Being born into affluence is like winning the lottery at birth. And that fact has only continued, given, throughout the world, from 2000-2024, the richest 1% took 41% of new wealth, while 50% gained just 1% of it.

The retail entrepreneur operates 51 stores, mostly in England, and online. But Richer also acts on his acceptance of good fortune. In 2019, he transferred 60% of Richer Sounds shares to an employee ownership trust, resulting in profit-sharing.

Julian Richer also founded the Fairness Foundation. In October 2024, the organisation showed that the gap in absolute wealth between the poorest 10% and richest 10% of people in the UK increased by 48% between 2011 and 2019.

Generational disparity – good fortune for boomers

Julian Richer addressed boomers in the Guardian piece:

Maybe you were born in a period when house prices were low, or when university education was free? You may not have had all of these things, but imagine for a second that you had none of them. Imagine that you came into this world facing barriers to your progress at every stage. Your parents unemployed, or needing care from you, or working ridiculous hours in insecure jobs. Your neighbourhood wracked by deprivation, despair, pollution and crime, with precious few opportunities to move up or out.

Indeed, university used to be free and house prices are now astronomically higher. Positive Money has calculated that between 1990 and 2022 landlords in England made £400bn because of real house price rises. That doesn’t include the rent people have been paying them. The ‘value’ of homes in England sky rocketed by an average of 432% over this period. It means a landlord who bought a property in 1990 and sold it in 2022 would make an average of £240,634 per house.

Instead of acknowledging this, corporations and politicians like Keir Starmer appear to be kicking down the ladder behind them.

Julian Richer: “myth of meritocracy”

Julian Richer further wrote:

In this country we like to think that we live in a meritocracy, where talent and hard work are rewarded by success and status, and opportunities are there for whoever is willing to work for them. Clearly this isn’t the case, when there is a record wealth gap in Britain today, with a mere 50 families owning more wealth than the poorest half of the population, while about a third of children live in poverty, and disadvantaged children are 19 months behind their peers by the time they take their GCSEs. Still, 38% of people think that someone’s chance of success depends on their own merit rather than on factors beyond their control. They subscribe to the myth of meritocracy.

The Resolution Foundation also points to the meritocracy myth. The thinktank found that 76% of people from low income families do not move one decile up or down in wealth over a four year period. This means that the class one is born in largely determines outcome, rather than work.

Perhaps corporations and politicians should learn some humility from Julian Richer.

Featured image via the Canary