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Andrew Forrest purchases bootmaker R.M. Williams for reported $135M

SYDNEY – Australian mining billionaire Andrew Forrest said his private company bought bootmaker R.M. Williams from French fashion giant LVMH Moet Hennessy Louis Vuitton SE LVMH.PA, returning ownership of the famed fashion label to its home country after six years.

In a statement, the Fortescue Metals Group Ltd FMG.AX founder and major shareholder said he was “incredibly proud and humbled” to bring back the manufacturing icon which had “a long and proud history of high-quality Australian craftsmanship.”

Forrest did not disclose a price but the Australian Financial Review reported it was about A$190 million ($135 million). That would represent a mark-down from the roughly A$500 million that local media reported was R.M. Williams’s valuation when LVMH, via its investment arm L Catterton, put the asset up for sale in 2019. Read from source….