- Iconic Australian brand R.M Williams has been bought by billionaire Andrew “Twiggy” Forrest and his wife Nicola Forrest
- The Forrest’s private investment vehicle Tattarang acquired the boot-maker from L Catterton, a company backed by the Louis Vuitton group
- It’s estimated the sale cost around $190 million, with L Catterton first putting the brand up for sale last year for half-a-billion-dollars
- The sale to Twiggy brings certainty to the brand, which manufactures its boots out of Adelaide and employs around 900 people
- The son of founder R.M. Williams has also welcomed the sale and said he looks forward to the brand returning to its roots
Iconic Australian brand R.M Williams has been bought by billionaire Andrew “Twiggy” Forrest and his wife Nicola Forrest.
The couples’ private investment vehicle, known as Tattarang, announced it had officially acquired the boot-maker yesterday for an estimated $190 million.
The mining tycoon’s company bought R.M. from L Catterton, a company which is backed by luxury goods-maker Louis Vuitton group.
L Catterton first acquired a stake in the bootmaker back in 2013, before taking control one year later.
“Nicola and I are incredibly proud and humbled to be able to bring R.M. Williams back under Australian ownership,” Andrew Forrest said.
“R.M. Williams is a quintessential Aussie brand with a long and proud history of high-quality Australian craftsmanship,” Twiggy added.
The iconic R.M boots are handcrafted in Adelaide, in a factory which employs around 400 locals.
South Australian Premier Steven Marshall said the sale brought much-needed certainty to the local manufacturing industry.
BREAKING: Iconic bootmaker RM Williams which manufactures out of Salisbury is back in Australian hands.
— Steven Marshall, MP (@marshall_steven) October 18, 2020
This is great news for local manufacturing in #SouthAustralia and local #SAjobs. https://t.co/AHMLVZ3wDH
Andrew and Nicola Forrest are now planning to meet the workers in Salisbury, as well as the 500 other workers based across Australia.
“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,” Nicola said.
“By bringing R.M. Williams back into Australian hands, we will ensure the Australian craftmanship continues to be loved and worn all around the world,” she concluded.
The sale of the Australian luxury-good brand hasn’t just been welcomed by locals: Mike Williams, son of founder, R.M. Williams, also expressed his satisfaction with the deal.
“I think [my father] would be pleased that the company is back in Australian hands,” Mike told the ABC.
“I think fundamentally Twiggy’s a businessman and he’s taken this on a business proposition. But having said that — I think it’s been a decision of the heart as much as it has of the chequebook,” he added.