Iconic retailer R.M.Williams has confirmed plans to sell the 81-year-old business.
R.M.Williams, founded by Reginald Murray Williams in 1932, is one of Australia’s most recognisable and iconic brands and offers a range of bushwear and boots.
Following industry whispers that the business was being readied for sale, the company has now confirmed that it is on the hunt for a buyer.
“To ensure the future development of R.M.Williams domestically and internationally Mr [Ken] Cowley is now assessing external commercial growth and expansion plans.
“At the forefront of this assessment is a commitment to the security of R.M.Williams employees and stakeholders and the continued integrity of the R.M.Williams product range.”
Ken Cowley, a close friend and confidant of company founder Reginald Murray Williams. assumed sole ownership of the R.M.Williams brand in 2003.
Recent reports have suggested a raft of foreign parties who could be potential contenders for the purchase, including French luxury brand giant LVMH Group, owner of brands including Louis Vuitton, Bulgari and Moet et Chandon champagne.
Locally, companies who have expressed interest in acquisitions going forward, could also be in the running. These include Just Jeans parent company Premier Investments and luxury fashion empire Oroton which has previously stated that it expects the 2013 financial year to be “a year of transition for the group as we review our possible strategic options including acquisitions”.
As previously reported on ragtrader.com.au, Oroton is also facing the expiration of the Ralph Lauren license on June 30, 2013.
Since taking over the R.M.Williams business, Cowley has overseen the appointment of a new management team for the brand and growth of the business, which now exports to 15 countries around the world.
R.M.Williams also currently operates over 50 retail stores, including an outlet in New York and another in London, and has more than 900 stockists internationally.