Andrew Lutfy
Andrew Lutfy | |
|---|---|
| Born | August 1964 (age 61–62) Montreal, Canada |
| Children | 2 |
Andrew Lutfy, born in Montreal in August 1964, is a Canadian billionaire businessman. He is president and owner of Groupe Dynamite and CEO of Carbonleo.
Career
[edit]Lutfy began his career in 1982, at the age of 18, as a clerk in the first Garage store, located in the east end of Montreal.[1][2]
In 2002, Lutfy became president and sole owner of Groupe Dynamite, a women's clothing retailer with a presence in Canada and the United States, operating the Dynamite and Garage brands.
In 2024, Groupe Dynamite announced its intention to list on the Toronto Stock Exchange, a move that could value the company at approximately $2.3 billion and allow Andrew Lutfy to retain control of the group despite the sale of a minority stake.[3][4] As of May 2026, the company had a market capitalization of C$10.53 billion.[5]
In 2025, Lutfy criticized François Legault and the Quebec government's immigration policies, stating that they were hindering the growth of Groupe Dynamite by complicating the recruitment of foreign senior executives and specialists.[6]
Lutfy also runs Carbonleo, a real estate developer behind several major projects in Montreal, including Quartier DIX30, Royalmount and the Four Seasons Montreal, which includes a luxury hotel and private residences.[7]
Philanthropy
[edit]In 2023, the oncology unit at the McGill University Health Centre (MUHC) was named the Andrew J. Lutfy and Family Cedars Oncology Unit, in recognition of a $C 3.6 million donation to the Cedars Cancer Foundation.[8] His maternal grandfather, Joseph “Joe” Chamandy, was one of the founders of the Cedars Cancer Foundation in 1966.[9][10]
Personal life
[edit]Lutfy grew up in a family of entrepreneurs in Montreal. He is married to Melanie Cosgrove and is the father of two children and a grandfather. Although his mother tongue is English, Lutfy is fully bilingual and speaks fluent French. He chose to send his children to French school to help them integrate better into Montreal life.
In 2026, his shares in Dynamite are worth 6.7 billion Canadian dollars.[11]
His maternal grandfather, Joseph "Joe" Chamandy, was the founder of Gildan, one of the world's leading manufacturers of clothing, socks, and hosiery.[12]
References
[edit]- ↑ "Andrew Lutfy - Hop! Le Sommet du commerce de détail 2025". Conseil québécois du commerce de détail (in French). Retrieved 2025-12-23.
- ↑ Froment, Dominique (2010-05-15). "Andrew Lutfy veut ouvrir des Garage partout dans le monde". BAnQ (in French). Les affaires. Retrieved 2025-12-23.
- ↑ Larocque, Sylvain (2024-11-12). "Royalmount et boutiques Garage: l'entrepreneur Andrew Lutfy deux fois milliardaire". Le Journal de Montréal (in French). Retrieved 2025-12-23.
- ↑ Dion, Mathieu (2024-12-09). "Billionaire Lutfy's Dynamite IPO was a matter of succession". Financial Post. Retrieved 2025-12-23.
- ↑ "Groupe Dynamite Inc (GRGD) Stock Price & News - Google Finance". www.google.com. Retrieved 2026-05-15.
- ↑ "L'homme d'affaires pourrait quitter le Québec | «C'est un gouvernement qui a peur de tout» -Andrew Lutfy". 98.5 Montréal (in French). 2025-09-24. Retrieved 2025-12-23.
- ↑ Corriveau, Jeanne (2018-02-20). "Le projet du Royalmount préoccupe toujours l'administration de Valérie Plante". BAnQ (in French). Le Devoir. Retrieved 2025-12-23.
- ↑ Marie-Eve Fournier (2024-04-12). "Dix questions à… Andrew Lutfy « J'adore créer et rendre les gens heureux »". La Presse (Montréal). Retrieved 2025-12-23.
- ↑ "Our history". Cedars Cancer Foundation. Retrieved 2025-12-26.
- ↑ "MUHC names oncology ward for Lutfy". BAnQ. Westmount Independent. 2023-05-23. Retrieved 2025-12-26.
- ↑ Larocque, Sylvain (2026-01-28). "«Optimisation fiscale»: l'un des hommes les plus riches du Québec réorganise ses actifs". Le Journal de Québec (in French). Archived from the original on 2026-01-28. Retrieved 2026-02-15.
- ↑ "How We Became a Leading Apparel Company". Gildan. Retrieved 2025-12-26.
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