Andrew and Nicola Forrest have purchased Akubra to add to their ever-expanding rollcall of Australian business interests.
Andrew and Nicola Forrest have purchased Akubra to add to their ever-expanding rollcall of Australian business interests.
Akubra revealed the Forrest’s private investment vehicle Tattarang had scooped up the famous hat-maker on Saturday after nearly 150 years of ownership by the Keir family.
The billionaire former couple, often pictured wearing Akubras themselves, made the purchase to ensure the Akubra remains Australian.
Mr Forrest said the brand was important to Australia’s national identity.
“Tattarang invests to ensure companies like Akubra remain Australian owned and we’re proud to be able to ensure the growth of Australian manufacturing both protecting and creating new jobs, particularly in our regions,” he said.
Akubra was founded in Tasmania in 1876, moved to Sydney in the early 1900s, and has been made in Kemspey, New South Wales, since 1972.
Outgoing Akubra chairman Stephen Keir IV said the family trusted Tattarang to protect and invest in the company.
“We thought long and hard about selling the business after five generations of family ownership and after we saw how the Forrests have invested in local manufacturing with RM Williams we decided they were the right custodians for Akubra,” he said.
The purchase appears to make a natural synergy for sales of Akubra through RM Williams outlets which the Forrests purchased in 2020.
RM Williams currently stocks a limited range of more than 60 Akubra varieties.
The outlet, billed as a country brand, has WA stores in Perth’s well-heeled shopping enclaves.
Tattarang has committed to maintaining operations in Kempsey and keeping the brand name itself separate to RM Williams.
While not divulging on too many plans for the hat, the Forrests on Saturday pointed to the growth of RM Williams’ workforce by some 500 staff under their stewardship.
The news comes as fellow Western Australian mining billionaire Gina Rinehart is linked to the potential purchase of another famed Australian country clothing brand, Driza-Bone.
Driza-Bone’s oilskin coats were born from a sail-making business and have been made in Australia since 1898.
They are currently made in Burnley, Victoria.
Like Akubra, the brand has strong connections with Australia’s armed forces.
Akubra has produced more than two million hats for the military and Driza-Bone made tents used by the ANZACs at Gallipoli.
