JB Hi-Fi founder dead: Tragedy as humble businessman John Barbuto – who put the ‘JB’ in the shop’s name – dies: Here’s his inspirational story
The founder of retail giant JB Hi-Fi, John 'JB' Barbuto, has died aged 86.
Mr Barbuto opened a modest record and sound systems store in the suburbs of Melbourne in 1974 – a business that eventually grew into a multi-billion dollar business, with 200 stores in Australia and New Zealand.
The music lover's family announced his death 'with great sadness' in a death announcement last week.
āJB will be sadly missed by all of us, but his legacy will live on forever in every Australian household,ā the family said.
āJB, you did it again!!!!ā read the tribute, echoing one of the store's famous slogans. 'Gone but not forgotten.'
Mr Barbuto was an Italian migrant who moved to Australia at the age of 15. As a young man he worked in fruit shops.
John Barbuto outside the business he founded in 1974 as a modest electronics store in Melbourne's north-west suburbs
The store was named JB-Hi-Fi by combining his initials with what he wanted to sell, namely hi-fi or hi-fi sound systems. Above the original store in Keilor
Inside the original JB-Hi-Fi store. The store's signature fluorescent yellow style has never changed
He opened his original JB Hi-Fi store in Centreway, East Keilor, in Melbourne's north-west suburbs, in 1974.
Like the stores found in virtually every major Australian shopping center today, the store was plastered with yellow post-it notes.
The business pioneer is survived by his wife Rita, three adult children and grandchildren.
āJB was truly a trailblazer and trailblazer who was funny, driven, passionate, authentic and had a unique character,ā read a tribute from a friend.
'I loved conversations about retail, hi-fi sound, old cars and classical music.
“Thank you JB for creating the beautiful JB world that so many of us know and love, may you rest in peace.”
Barbuto's legacy is one of Australia's business success stories.
Barbuto had one simple philosophy: to provide a specialist range of high fidelity sound products and recorded music at Australia's lowest prices.
His store was named JB-Hi-Fi by combining his initials with what he wanted to sell, namely Hi-Fi.
Barbuto sold the company in 1983 ā just nine years after opening ā but it still bore his name. A further nine stores were opened in 1999.
The original JB-Hi-Fi store in Melbourne's Keilor in East, in an archive photo from that era
JB Hi-Fi as it is better known to Australians today
The business pioneer is survived by his wife Rita, three adult children and grandchildren.
In July 2000, JB Hi-Fi was purchased by private equity bankers with the aim of taking the successful business model nationally.
Three years later it was publicly listed on the stock exchange.
In 2016, JB Hi-Fi added to its portfolio when it acquired The Good Guys home appliances retailer, but the two brands continue to trade under their own names.
JB Hi-Fi Australia is now a $5.3 billion company.
The umbrella JB Hi-Fi group, to which The Good Guys belongs, is a $7.92 billion company with more than 200 stores in Australia and New Zealand.
The store continues Barbuto's original philosophy of being one of Australia's fastest growing and largest home entertainment retailers, selling at low prices.