Mining magnate Andrew Forrest tries on RM Williams for size

Iconic bootmaker RM Williams may soon return to Australian hands with mining magnate Andrew 'Twiggy' Forrest now in pole position to acquire the luxury retailer.

RM Williams has been on the block since May last year after its parent company, Louis Vuitton-backed private equity firm L Catterton, started to seek buyers for the business at aThe sale had attracted a number of interested buyers including Dr Forrest's investment fund Tattarang and global private equity firm TPG Capital, the latter of which was close to finalising a deal last month.

However, sources close to the companies who were not authorised to speak publicly on the matter have confirmed TPG has pulled out of the race, leaving Tattarang as the sole interested party.have also been told that Tattarang is close to firming up a final offer for RM Williams, which if successful would see the brand return to Australian hands for the first time since 2014.

RM Williams' financial results for the most recent period are not yet available, but the business reported earnings of $23 million in the 2019 financial year.This may fall well short of the $500 million L Catterton was originally hoping for, but is still more than double the $110 million the firm paid for RM Williams in 2014. It would also create a sizable payday for Hollywood superstar Hugh Jackman, who owns a 5 per cent stake in the business.

While a luxury fashion retailer may seem like an odd pick for mining magnate and Fortescue chairman Dr Forrest, the rich lister is said to "absolutely love" the boots and wears them regularly.Tattarang has interests in the metals, energy and agriculture sectors. Any investment into RM Williams would diversify its portfolio.

domp Luxury (boring) retailer

domp RM Williams dropped off the cliff in service & quality ever since the family sold it to foreigners, caring more about money over legacy. Good to hear someone with some $$ is prepared to rescue it, LWNJs will still hate Twiggy in their Chinese slave labor K-mart crap. ausbiz

domp Can't believe it ever left.

domp Go Twiggy. We need an across the board return manufacturing & manufacturing ownership to Australia. This is where Australia needs to focus over the next 10 years.

domp If Twiggy is buying it then it would be Chinese owned.

domp Twiggy, As a customer bring R.M.WILLIAMS home where they belong. The profits will then remain in Aus.

domp So I'm wearing the last pair I'll ever own.

domp I’d be ok with someone using their fortune for this.

domp Because this guy doesn't pay taxes, does that mean that we (those of us that do pay taxes) have acquired the luxury retailer? How does it work? AuspolSoCorrupt

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