The owners of the bootmaker RM Williams are trying to download the company for over $ 500 million.
The iconic Australian boot manufacturer R M Williams was put up for sale, with the private equity firm backed by the owners of Louis Vuitton trying to download the company for at least $ 500 million ($ 527 million).
Singapore-based L Catterton Asia led the investment bank Goldman Sachs to seek buyers and conduct an auction for the Adelaide-based company by the end of the year, they confirmed sources.
R M Williams has been a mainstay of rural fashion since its founding in 1932, and in recent years has positioned itself as a luxury shoe brand for "shores" in Australia and New Zealand and beyond.
The company has around 50 retail stores, including stores in New York, London, New Zealand and Scandinavia, and its shoes are stocked in around 500 department stores.
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Sales of R M Williams have grown thanks to that global push, reaching $ 142 million last financial year. This has risen from 126 million dollars in 2017, 119 million dollars in 2016 and 124 million dollars in 2015, the documents have been archived with the corporate regulatory program.
The owners of the company are trying to raise between A $ 400 million and A $ 500 million for the company, sources said.
L Catterton is a private equity investor focused on the consumer brand backed by LVMH Moët Hennessy – the French luxury goods conglomerate that owns the brands Louis Vuitton, Christian Dior, Givenchy and the famous champagne house Moët Hennessy.
In 2013 L Catterton bought a 49.9% stake in R M Williams from then owner Ken Cowley, former head of News Corp Australia.
The firm and the non-profit charity fund IFM Investors took full control of the company a year later.
L Catterton was contacted for comment.