Australian icon R.M.Williams has sold just under half of its business to a private equity fund sponsored by LVMH Moet Hennessy - Louis Vuitton.
L Capital Asia has acquired a 49.9 per cent share in the 81-year-old brand.
R.M. Williams owner and chairman Ken Cowley has retained the majority
shareholding in the business.
Cowley and his family assumed sole ownership and privatised
R.M.Williams in October 2003.
“In the past 10 years the board and management have worked intelligently and diligently in delivering the resurgence of the R.M.Williams brand," he said.
"I am immensely proud of this. Our staff and management team are collectively one of the most inspiring that I have had the pleasure of working with.
"Partnering with L Capital, which is sponsored by one of the globe’s most prestigious and revered brand companies, LVMH, will allow the R.M.Williams name to reach its full potential.
"RM was one of my closest friends and I promised him in 2003 before he passed that I would take his legacy to the world”.
Cowley vowed that while production would remain onshore, the new funding structure would allow the brand to expand globally.
“R.M.Williams will always manufacture quality product in
Australia. Our new partners share our commitment to protect and develop
this fundamental element of our business”.
R.M.Williams and L Capital Asia will complete the formal transaction by
mid-May 2013 at which time new board members will be announced.
R.M.Williams and L Capital Asia will advise its directorships in due course.
R.M.Williams has 63 stores across Australia, the USA and UK and more than 1100 stockists and corporate accounts.
The company employs 600 staff and has over 850 suppliers.