Akubra Hat Company Sold

[Dalexs]

Just saw this info posted by our own Matt Deckard

https://www.afr.com/life-and-luxury/fas ... 118-p5el0x


https://youtu.be/zVukq5yvjNc?si=Uhc_WQsYsnn7FZmS

[Indiana Jeff]

Interesting news.

I very nearly deleted the thread based on the title thinking it was a listing in the Cairo Bazaar.


Regards,

Indiana Jeff

[IndyJedi]

It will be interesting to see what if any changes follow.

[WConly]

I just hope that the new owners maintain the dignity/quality of the brand! Akubra builds great hats -- I do pray this is to be continued! W>

[Dalexs]

Interesting news.

I very nearly deleted the thread based on the title thinking it was a listing in the Cairo Bazaar.


Regards,

Indiana Jeff

I so would have fired you!

I updated the title to make it a bit more clear

[Indiana Jeff]

I added an additional edit to make it even more clear.

Regards,

Indiana Jeff

[Howard Weinstein]

Just saw this info posted by our own Matt Deckard

https://www.afr.com/life-and-luxury/fas ... 118-p5el0x

Unfortunately, it looks like the link doesn't work for non-subscribers to the Australian Financial Review

So here's the text of the Akubra sale story if the link doesn't work --

Andrew and Nicola Forrest buy Akubra
Lauren Sams, Fashion editor
Nov 19, 2023 – 7.00am

Andrew and Nicola Forrest have bought Akubra, the 147-year-old Australian-owned hat company, for an undisclosed amount. The deal, announced on Sunday at the business’s headquarters in Kempsey, NSW, marks the third fashion investment the Forrests, through their private investment arm Tattarang, have made since 2020 when they acquired R.M. Williams from L Catterton in a deal worth $190 million. Earlier this year, Tattarang took a 25 per cent stake in Camilla.

“There’s nothing more proudly Australian than an akubra,” said Dr Forrest, who thanked the Keir family, Akubra’s owners. “It’s hats off to the Keir family. It’s hats on for Australia. Australia is the winner out of this, keeping a legacy at home.”

Tattarang purchased the company from the Keir family, who have owned Akubra since 1918, when ownership was transferred from founder Benjamin Dunkerley to his son-in-law, Stephen Keir. Keir’s great-great-great grandson, Stephen, is the outgoing chair of the board of directors; his sisters are also directors.

Dr Forrest said all manufacturing would continue in Australia. “These have to be made by Australian hands,” he said. “There’s a fallacy that Australia can’t do great manufacturing. Of course we can. [Akubra] will always be Australian made.”

Mr Keir said on Saturday that the family had not been looking to sell when they were approached by Dr Forrest six months ago to discuss manufacturing. “Ultimately the company needs to grow and we need to find someone to make that happen,” he told The Australian Financial Review.

“We couldn’t expand the business’s line of production, and we didn’t have the capital the business needed to grow. As a family we were worried about the amount we would have to invest to expand properly. We think Tattarang will be a custodian of the brand for the future.”

Tattarang chief executive John Hartman said the deal was “rooted in emotion”. “This is 147 years of history,” he said. “You don’t get many Australian icons like this. Each hat is made in Kempsey, it takes six weeks and there are 162 processes involved. Akubra makes hats like nowhere else in the world, and we want Australians to be very proud of that.”

Mr Hartman likened the hats made on site in New South Wales to those made at French atelier Maison Michel, which supplies headwear to the likes of Chanel. “This is very rare bespoke craftsmanship.”

The business is currently profitable, though Mr Hartman declined to offer further insight. “The business is very profitable,” he said. “It’s a fifth-generation business, and the Keirs feel they have taken it as far as they can.”

Akubra currently employs 120 staff and under Tattarang, Mr Hartman says staff numbers will expand. “Production will be the first investment,” he said. “We will invest in facilities and grow the workforce.”

Akubra currently produces more than 240,000 hats annually but Mr Hartman would like to see this number increase. “The company as it is cannot meet demand. Akubra hasn’t been able to boost its production for a few years now, but we think we have the skills to help the business to grow.”

Under Tattarang, RM Williams has upped its staff numbers by 60 per cent, and has added two additional lines of production to increase supply. In the financial year ending in June 2022, RM Williams posted a 17 per cent increase in sales, amounting to about $220 million.

“We have seen what Tattarang has done with RM,” said Mr Keir. “We feel they have our interests and the interests in manufacturing in Australia at heart.”

Mr Hartman added that there would be a shift in focus to more “fashion-forward” styles, as Tattarang has done with RM Williams. “There is an opportunity to bridge that city-country divide.”

RM Williams is Akubra’s biggest wholesale partner and Mr Hartman said there would be opportunities for crossover products that capitalised on the partnership. He did not rule out a Camilla Akubra hat.

“I have asked Camilla about that and she loves the idea,” he said. “She’s up for it.”

News of the sale comes days after the Financial Review’s Street Talk column reported Gina Rinehart as looking to buy iconic Australian oilskin coats and clothing products brand Driza-bone. Dr Forrest said that he too had looked at the Driza-bone business, but was happy with the “magic partnership” of Akubra and RM Williams.

Lauren Sams is the fashion editor, based in Sydney. She writes about lifestyle including the arts, entertainment, fashion and travel. Lauren has worked as a features editor and fashion journalist for ELLE, marie claire and more. Email Lauren at lauren.sams@afr.com

[Dalexs]

It works for me, and I’m definitely not a subscriber.
The YouTube report pretty much sums it up


Sent from my iPhone using Tapatalk

[Michaelson]

Appreciate you printing that out. I couldn’t get either to work for me.

Regards! Michaelson

[Illinois_Jones]

We'll see what comes of it. Not sure what they mean by reorienting to be more "fashion forward." Felt hats go in and out of popular fashion but the utility market is always there. I sure hope they don't lower the quality and durability to be a more " fashion" felt or start offering lower quality lids under the same brand the way Stetson and so many other brands now do. It was always nice with Akubra that you knew exactly what you were getting felt wise no matter the style. Lord knows they'll start offering wool hats.

And I know they've had production issues but that was always mostly covid era supply chain problems. 2019 they seemingly had no problem meeting demand.

[Dalexs]

Not sure why some folks have trouble with the links, but I embedded the YouTube video above, so hopefully you can watch it now.

what was interesting in the video was that they mentioned they want to make the brand more popular in Australian cities.. Huh?

[Hollowpond]

I also thought that it was interesting that he crammed that hat on his head so low that his ears bent down....

[Indiana Jeff]

I thought the same thing - definitely not a regular hat wearer!

I took their comments about being fashion forward and making Akubra more popular in Australian cities as Akubra is mainly considered an outdoor/outback hat brand. We all love the FedIV fedora, but “dress” fedoras is not what Akubra is known for and city folks don’t run around wearing outback styles hats.

Regards,

Indiana Jeff

[Hollowpond]

If what they mean by that is mass produced, quality vintage style lids at affordable prices (200ish USD).

I'd definitely be excited by that.

Now if they mean they are gonna become another Dorfman

[Illinois_Jones]

Yeah, that's what I'm worried about is them going Dorfman, or at least Stetson and anything under $200-300 is generally wool and inferior. Now I don't necessarily think they will as they're in a unique position now in the hat world, as in vertically integrated and they make their own felt. I don't see them dumping the big sellers like the Cattleman or Campdraft nor the Fed, but I do fear them starting a new fashion line that cuts corners and starts to bleed across the entire brand.

I mean, Akubra has long had "city" styles like the Stylemaster and Bogart and Hampton etc, but their bread and butter was always working hats for ranchers and the bush. The thing I always appreciated was that the Stylemaster used the same felt as the Cattleman or Snowy River, which made it more durable than the average fedora. The only thing about it that gives me comfort is that it's an Aussie buyer who -- for now -- cares about the brand and the history and legacy. But everything has a price and a limit.

[Hollowpond]

I am so glad you posted that. I had COMPLETELY forgotten about the Campdraft and I have been looking for a Stetson Stratoliner in a Cattleman's bash.

I'm about to make a hat purchase. Bashing that sand open crown myself will be fun, and what a great hat...

[Michaelson]

FYI, for an Indy connection, Steve Delk first started experimenting with hats using the Campdraft as the base.

Regards! M

[Hollowpond]

Nice X2 then!

The Akubra will very likely be more durable than a Strat to boot.

[Illinois_Jones]

Yeah the Campdraft is much more durable than the Stratoliner. Haven't bought one since 2016 I believe and after the covid supply issues and major restocking problems Akubra and its dealers have had the past 2-3 years I've wondered if the felt has suffered in any way, but regardless an Akubra will almost always be more durable than the comparable Stetson even going back to the days when they were aligned.

[Michaelson]

That sturdiness was the reason Steve moved away from the Campdraft as it was fairly difficult to work into the Raiders shape he was searching for. The examples he sent me to test were gorgeous, but stiff as a board.

Regards! M

[indianajohn007]

I’m really wanting to buy a Campdraft soon.

[Rob]

'Twiggy' Forrest is a legendary Australian businessman down here. Very passionate about the country. And uber-rich.

If anyone's going to run Akubra well - and keep it local - it's him