What is Jean Coutu's Net Worth?
Jean Coutu is a renowned Canadian pharmacist and entrepreneur boasting a net worth of $2.5 billion. Born on May 29, 1927, in Montreal, Canada, Coutu achieved billionaire status through his pharmaceutical chain, the Jean Coutu Group. In 1969, he inaugurated his first drugstore, eventually expanding it into a vast network of over 400 franchised drugstores across Canada.
In 2007, Coutu made a significant business move by selling his Eckerd and Brooks brands to the U.S. drugstore chain, Rite Aid, for $3.4 billion. This transaction secured him a 20% stake in Rite Aid, making him a major shareholder. By 2012, the group's revenues had surged by nearly 5% from the previous year, leading to a profit of $2.8 billion.
Leadership and Philanthropy
Today, Jean Coutu serves as the Chairman of the Jean Coutu Group, while his son, Francois, holds the positions of President and CEO. Beyond his business achievements, Coutu has been an ardent supporter of the Quebec Association of pharmacists-owners and the Foundation Marcelle et Jean Coutu. This charitable foundation is dedicated to combating poverty and promoting well-being in economically disadvantaged communities.
Innovative Pharmacy Solutions
Among Coutu's notable contributions is the introduction of an online service allowing customers to manage their prescriptions and renewals conveniently via their phones, a pioneering system established in Quebec.
