One of Australia’s most iconic brands is coming home – with bootmaker RM Williams being purchased by mining magnate, Andrew ‘Twiggy’ Forest for $190 million.
“We just saw a great Australian product, a legacy for our country, and it just needed to be Australian,” Mr Forest said.
“It just needed to come back home. We thought now is the time, let’s bring it home.”
The Adelaide-based boot and clothing company, founded by Reginald Murray Williams in 1932, had been owned by luxury brand Louis Vuitton-backed private equity firm, L Catterton in a deal done back in 2013.
“Nicole and I are incredibly proud and humbled to be able to bring RM Williams back under Australian ownership,” Mr Forest said in a statement.
“RM Williams is a quintessential Aussie barnd with a long and proud history of high-quality Australian craftsmanship.”
Australian actor, Hugh Jackman, who is currently spruiking the boots in a risqué series of commercials in which Jackman seemingly appears to be nude except for his pair of RM Williams boots, will reportedly relinquish his 5% stake in the business, worth around $10 million.
It’s understand Jackman will stay on as the brand’s global ambassador under the new ownership arrangement.
SA Premier, Steven Marshall described the deal as “great news” for local jobs in South Australia.