Mining billionaire Andrew ‘Twiggy’ Forrest snaps up Akubra in multi-million dollar deal – as hatmaker changes hands for the first time in five generations
The image is woven into Australian lore: Under a hot desert sun, a mounted soldier pours the last of his water into his slouch hat to share with his best friend, his horse.
For countless Australians over the past 147 years, Akubra hats have not just been a fashion statement, but an integral part of life.
Now the iconic family brand Akubra will change ownership for the first time in five generations.
Australian business giants Andrew ‘Twiggy’ Forrest and ex-wife Nicola have acquired Akubra from the Keir family in a multi-million dollar takeover through their investment company Tattarang.
On Sunday, Tattarang will be given the keys to Akubra’s historic factory in Kempsey, on the NSW north coast.
Australian business titans Andrew ‘Twiggy’ Forrest (pictured wearing an Akubra in 2012 at his family property in Minderoo Station, Western Australia) and ex-wife Nicola have acquired Akubra from the Keir family through their investment company Tattarang
The acquisition ensures that the brand, which Diggers has supported since the First World War, remains Australian owned and produced locally.
Tattarang also purchased iconic Australian boot brand RM Williams in October 2020 and has since added two production lines to its Adelaide workshop and hired almost 500 additional staff.
Outgoing Akubra chairman Stephen Keir IV said the family chose to sell to Tattarang because they wanted owners who would protect and invest in the company – as they did in RM Williams.
“We have thought long and hard about selling the business after five generations of family ownership,” Mr Keir said.
“After seeing how the Forrests invested in local manufacturing alongside RM Williams, we conclude they were the right custodians for Akubra.”
It is believed Ms Forrest, who split from the mining magnate in July, will take over the leadership role in the company, with Akubra remaining separate from RM Williams.
Ms Forrest was at the Akubra factory in Kempsey on Thursday when Mr Keir announced the sale of the company to employees.
In her hand was the Akubra that her late father carried as he worked their farm in the fields in rural NSW between Dubbo and Mudgee.
Outgoing Akubra chairman Stephen Keir IV said the family chose to sell to Tattarang because they wanted owners who would protect and invest in Akubra.
It is believed that Ms Forrest will take on the leadership role in the company, claiming her focus is on protecting and strengthening Akubra’s legacy (pictured, wearing her late father’s Akubra hat)
Ms Forrest, who grew up in regional NSW, told employees she was committed to protecting and strengthening Akubra’s legacy.
“Growing up in regional NSW, my parents taught me lifelong lessons about hard work and resilience,” the Daily Telegraph reported.
‘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 the new custodian I am excited to help new generations discover this treasured Australian icon.”
Both parties are remaining tight-lipped on the amount of the sale, but it is expected to be in the $190 million range – a figure similar to what Tattarang paid for RM Williams.
Tattarang has announced plans not only to build more factories, but also to bring Akubras to the US market.
The iconic brand was founded in Hobart in 1876, with Stephen Keir I joining the company 28 years later in 1904.
Akubras have become synonymous with Australian culture and have been worn by the Australian Armed Forces, Australian Olympic teams, Prime Ministers and even a Pope.
Akubras have become synonymous with Australian culture and have been donned by Prime Ministers and the Australian Armed Forces and featured in classic films such as Crocodile Dundee (pictured)
Prince Harry is pictured adjusting his Akubra hat while at a cattle station in South Queensland on November 27, 2003
The handmade hats have even been featured in classic films including Crocodile Dundee, The Man from Snowy River and Phar Lap.
Making each hat takes about six weeks and 162 steps, requiring 60 pairs of hands in that time.
The Akubra, an Aboriginal word meaning ‘head covering’, has been protecting Australians from the country’s harsh elements for 147 years – the felt blocks out the scorching sun and keeps out the rain.
The hats symbolize life in the Outback and a rugged self-reliance that is still a source of pride for Australians, even as many have moved to a more comfortable urban lifestyle.