One of Australia’s richest (separated) couples — Nicola and Andrew “Twiggy” Forrest — aren’t afraid to put their $33.29 billion net worth to work, with the acquisition of legendary Aussie hatmaker Akubra.
Purchased through their investment firm Tattarang, the Forrests will assume ownership from the Keir family, the latter of whom have been Akubra’s faithful custodians for almost 150 years (five generations).
Of course, this isn’t the mining family’s first foray into the world of fashion. As some of you may recall, the Forrests bought another legendary brand — R.M.Williams — from an LVMH Group-affiliated private equity firm back in 2021.
More recently, it was revealed Twiggy Forrest was broadening his sector interests with the purchase of Australia’s very first Waldorf Astoria Hotel for the tidy sum of $520 million.
“We are humbled to be entrusted with a company which is so important to Australia’s national identity,” Andrew Forrest said in a statement.
“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.”
Nicola Forrest added: “The image of my father’s tireless energy and perseverance, measured by the sweat on his Akubra, remains etched in my memory.”
“An Akubra has always been part of my life and as a new custodian, I am excited to help new generations discover this treasured Australian icon.”
It hasn’t been revealed what the Forrests paid for Akubra, but you can imagine it wasn’t a small sum.