Australian icon for sale for $ 500 million

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Adelaide's iconic footwear manufacturer, RM Williams, has been in the market for as much as $ 500 million.

The Goldman Sachs investment bank was introduced by the Singapore-based owner of the bootmaker, L Catterton Asia, to shop around the luxury brand for potential sales near the end of the year, according to as reported by the Australian Financial Review.

The boots, famous for being made in the northern suburb of Prospect, Adelaide, have overcome their roots in rural cities and are a common accessory in Australian and foreign cities.

RM Williams has about 50 windows throughout the country and also in New York, London and Scandinavia.

A 49.9% stake was bought in the company by L Catterton in 2013, which helped the iconic Australian brand grow worldwide and steadily increase sales.

That international business and the IFM Investors superannuation fund acquired full control of RM Williams in 2014.

Last financial year, bootmaker sales revenue was $ 142 million.

L Catterton is a private equity investor supported by LVMH Moët Hennessy, who is behind powerful brands like Louis Vuitton, Christian Dior and, of course, the Moët Hennessy champagne.

Although the company is already owned by a foreign entity, RM Williams has maintained its workforce within the country because the brand relies heavily on the image and crafts of Australia, has said Gary Mortimer, a Queensland University of Technology retail expert.

"As long as production remains at its production point, there will be no problem selling the brand," he told news.com.au.

"It still needs to remain an Australian brand, this is its iconic value in the same way that Vegemite has always been the iconic Australian spread sandwich despite having been owned by Kraft for many years and only recently returned to Bega" .

The owners of the company want to sell RM Williams for between $ 400 million and $ 500 million.

Continue the conversation on Twitter @James_P_Hall or james.hall1@news.com.au

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