Economy

Mining magnate brings iconic outback boot brand home to Australia

Mining magnate brings iconic outback boot brand home to Australia”

Iconic homegrown brand - R.M. Williams - has returned to being Australian-owned after its latest acquisition from LVMH Group by the investment company owned by billionaire mining magnate Dr Andrew "Twiggy" Forrest and wife Nicola Forrest.

Forrest's investment fund Tattarang, which he owns with wife Nicola, announced the news on Monday.

Founded in 1932 by legendary bushman Reginald Murray Williams, the boot, apparel and leathercraft manufacturer has 900 Australian employees, including 400 at its Salisbury workshop in Adelaide's north.

"Firstly, let me say, Hugh, that we are delighted that you love RM Williams boots", the executive says in the opening before the camera pans out showing a naked Jackman seated across the desk, with his boot clad feet up.

As part of the deal, Australian actor Hugh Jackman will relinquish a five per cent stake in the business, which is worth around $10 million.

More news: Biden Holds 12-Point Lead Over Trump in New Post/ABC Poll

When L Catterton took over R.M. Williams in 2014, the Outback-themed company was valued at about A$104 million.

"It's such a great Australian company, high-quality products, handsome boots that people wear in the country and the city, you can wear them anywhere", says Nicola Forrest. Picture: John Feder/The Australian.

"By bringing RM Williams back into Australian hands, we will ensure the Australian craftsmanship continues to be loved and worn all around the world".

This included a decision past year to invest in a second boot line and train 100 extra workers at the Salisbury workshop.

"Andrew and I want to continue the legacy of this great company, and that means continuing to employ and support the Australians that have built and grown the brand", Mrs Forrest said in a statement released on Tattarang's website.



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