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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
