R.M.Williams, one of Australia's most iconic companies and brands for 81 years, is "consolidating and strengthening its presence in Australia and around the globe" through an investment by L Capital Asia, a private equity fund sponsored by LVMH Mo?t Hennessy – Louis Vuitton.
R.M.Williams owner and chairman Ken Cowley AO retains the majority shareholding in the R.M.Williams business, while L Capital Asia has acquired a 49.9% share in the company.
Mr Williams said L Capital Asia has looked at the business performance over the past five years and "appreciates the opportunity that the R.M.Williams brand has to grow even further with the support of a like-minded investor. L Capital enhances R.M.Williams' ability to engage new markets with strength, vigour and invaluable local knowledge."
Ken Cowley and his family assumed sole ownership and privatised R.M.Williams in October 2003. Ken Cowley said of the family's investment: "In the past 10 years the board and management have worked intelligently and diligently in delivering the resurgence of the R.M.Williams brand. I am immensely proud of this.? Our staff and management team are collectively one of the most inspiring that I have had the pleasure of working with. I am excited to keep working with them as their chairman." Mr Cowley continued: "Partnering with L Capital, which is sponsored by one of the globe's most prestigious and revered brand companies, LVMH, will allow the R.M.Williams name to reach its full potential. RM was one of my closest friends and I promised him in 2003 before he passed away that I would take his legacy to the world.
"We are committed to the R.M.Williams legacy and are ensuring the future growth of this company by aligning with L Capital, which is sponsored by one of the globe's most authoritative luxury groups, LVMH. R.M.Williams will always manufacture quality product in Australia. Our new partners share our commitment to protect and develop this fundamental element of our business".
R.M.Williams and L Capital Asia will complete the formal transaction by mid-May 2013 at which time new board members will be announced.R.M.Williams and L Capital Asia will advise its directorships in due course.
