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A lifetime of reinvention for Montréal’s Andrew Lutfy
Andrew Lutfy joined Montréal’s very first GARAGE retail store at 18 years old. Four decades later, he stands behind a multibillion-dollar fashion business, landmark real estate developments and an ever-growing legacy of community impact.
His journey is defined by his willingness to patiently grow a business from the ground up, continuously challenging the status quo and doubling down on transformational projects when facing adversity.
Andrew took his early sweat-equity stake and became sole owner of Groupe Dynamite in 2003. He challenged the traditional retail model that depended on intermediaries by bringing design and manufacturing in-house, giving the GARAGE and Dynamite businesses greater control over product, speed and brand identity.
His vision was tested as ecommerce disrupted mall traffic and the pandemic dealt a major blow to brick-and-mortar retail. Instead of defending the status quo, Andrew treated the challenges as an opportunity to reset. Groupe Dynamite restructured leases, exited underperforming locations and concentrated on stronger centres while sharpening its digital and customer capabilities. As Andrew explains, “Some of our greatest periods of progress came when circumstances forced us to challenge everything we thought we knew. Confront reality quickly, understand what has changed and then move forward with conviction. Adversity, properly embraced, can be an extraordinary catalyst for reinvention.”
In 2019, he established a formal board and an employee share ownership plan. In 2024, he took the company to its next stage of growth with an initial public offering that extended ownership exposure to its 6,000 employees, while preserving the company’s ability to pursue long-term value. It was a turning point that transformed a founder-led enterprise into a public institution without surrendering its entrepreneurial character.
Today, Groupe Dynamite’s brands have built a strong following across Canada, the US and the UK, with plans to reach 350 stores by the end of fiscal 2028. Their success reflects Andrew’s ability to keep the business culturally relevant and closely attuned to a new generation of shoppers.
In addition to his lasting impact on the North American fashion and retail industry, Andrew has dedicated himself to large-scale destination projects that are now redefining physical retail and mixed-use environments. Through Carbonleo, which he founded in 2012, he has effectively built a portfolio of landmark projects for generations to come, including the Four Seasons Hotel Montréal, the Quartier DIX30 mixed-use shopping and entertainment district, and ROYALMOUNT, a luxury retail and lifestyle destination.
Andrew believes entrepreneurial success carries a responsibility to strengthen the communities that make that success possible. His community and social impact are evidenced by his contribution as co-Chair of record-breaking Centraide campaigns to fight poverty and social exclusion and his longtime support to the Cedars Cancer Foundation. In 2023, his philanthropic commitment led the McGill University Health Centre’s oncology inpatient unit to be named in his family’s honour. He has described that support as both a privilege and a responsibility to the city of Montréal — evidence that enduring entrepreneurship can help people and strengthen communities along the way.
As a respected leader and mentor, Andrew is paving the way for future entrepreneurs with his playbook on staying attuned to the customer, having the courage to reinvent and aligning employees around purpose and inclusive ownership.
Andrew has made agility a defining principle of his leadership, building businesses capable of evolving with their customers and thriving through decades of change. This year, he receives the EY Entrepreneur Of The Year Eastern region Lifetime Achievement Award for his remarkable legacy of entrepreneurial success and sustained growth.
Across retail, real estate and philanthropy, he has reshaped industries and turned his creative vision into lasting value that’s become a legacy for Québec and contributed to a stronger Canada.