Our beloved RM Williams boots are officially Australian-owned again after an investment company owned by mining magnate Andrew Twiggy Forrest bought out the company.
Twiggy and wife Nicola Forrest reportedly paid an eye-watering $190 million for the bootmaker, purchasing from an American private equity firm.
The move comes after its parent company Louis Vuitton began seeking buyers for the company last year with a $400-500m asking price. Although the mining giant paid significantly less than the asking price, its still more than the $110 million the brand was sold for previously.
“We just saw a great Australian product, a legacy for our country, and it just needed to be Australian,” he told 9News. “It just needed to come back home. We thought now is the time, let’s bring it home.”
RM Williams boots are crafted in their Adelaide factory, which employs approximately 900 workers. It is believed that the sale will help to create more jobs both in the factory and in stores as the beloved brand is brought back to Australia.
“Nicola and I are incredibly proud and humbled to be able to bring RM Williams back under Australian ownership,” Mr Forrest said, according to ABC.
“R.M. Williams is a quintessential Aussie brand with a long and proud history of high-quality Australian craftsmanship.”
As part of the new acquisition, our beloved Hugh Jackman will cop a $10M payout for his share in the company, but will remain on board as a brand ambassador.
Yes, that probably means we’ll cop another naked Hugh Jackman commercial soon. I hope. It’s honestly what we deserve after this year.
The move comes just a week after the company announced they’ll buy your old boots back for a $100 discount towards a brand new pair.
Here’s hoping this means we’ve got a lifetime of quality Australian-made boots to come.
More to come.
