Billionaire Andrew ‘Twiggy’ Forrest buys Akubra brand with ex-wife

Raw Text

After 147 years in the same family, iconic Australian hat brand Akubra has been snapped up by billionaire business tycoons Andrew ‘Twiggy’ Forrest and his ex-wife Nicola.

Jasmine Kazlauskas

@J_Kazlauskas

4 min read

Beloved Sydney F45 franchise hits the wall

DP World Australia delayed ‘critical’ fix

Optus parent breaks silence on outage

Australian business tycoons Andrew ‘Twiggy’ Forrest and his ex-wife Nicola have bought iconic hat brand Akubra in a bombshell multimillion-dollar deal.

Few had any inkling about the shock takeover until earlier this week, after the Forrest and Akubra-owning Keir families sat down together and finally signed off on the agreement.

The lucrative deal between the families has been years in the making, according to The Sunday Telegraph ’s exclusive report.

The Keirs, who have owned the brand for five generations, have had plenty of offers over the years – but now siblings Nikki, Stacey and Chariman Stephen Keir IV are certain they have chosen the right people for the takeover of the brand.

Akubra has been run entirely by the one family for well over a century, when the siblings’ great-great grandfather Benjamin Dunkerly – who had a knack for machinery and hat making – left England for Tasmania in 1874.

He saw a lost business opportunity in Australia’s rabbit problem, with the animal wreaking havoc for farmers at the time, prompting culling efforts as they competed with domestic livestock for food.

By 1905, Dunkerly had hired a young Englishman with millinery prowess of his own, Stephen Keir I, who eventually married Benjamin’s daughter, Ada, and together they began a succession of Keirs at Akubra’s helm.

The handsome felt hats, made with rabbit fur, were propelled into becoming an integral part of Australia’s national identity, with Akubras going on to be given as gifts to visiting dignitaries, worn by Australia’s Olympians and military, as well as being donned by Hollywood stars.

But on Sunday, the Forrest’s investment company Tattarang will be handed the keys from the Keirs to the historic Kempsey factory, located on the Mid North Coast of New South Wales.

Dr Nicola Forrest is likely to take a leading role in the company, telling The Sunday Telegraph that one of her first orders of business will be to bring Akubras to the rest of the world, while reassuring that the brand would remain Australian-owned.

“We are humbled to be entrusted with a company which is so important to Australia’s national identity,” Dr Forrest said.

“Tattarang invests to ensure companies like Akubra remain Australian-owned and we’re proud to be able to ensure the growth of Australian manufacturing, both protecting and creating new jobs, particularly in our regions.”

The Keirs told the outlet that they simply cannot keep up with the demand for hats on their own, adding that they believe the Forrests can lift the brand to another level.

While hatting the Australian Army is the Keir family's proudest achievement, they said seeing the Australian team donning Akubras for the 2000 Sydney Olympics was one of their favourite moments.

“I’ll be honest with you. With (Crocodile Dundee), Greg Norman, The Man from Snowy River and Phar Lap they were probably the proudest moments we’ve had as a family,” Mr Keir told the outlet.

“Seeing your product on the world stage, we used to sit there and go, ‘wow look at that can you believe it?’ We’re pretty humble people.”

The latest deal marks the absorption of another major Aussie brand to the Forrest’s billion-dollar empire.

Just three years ago, the Forrest family and Tattarang purchased the famed boot brand R.M Williams in a deal believed to be worth almost $200 million.

Their company also shelled out more than $100 million to buy a 6.61 per cent stake in Australian cheese company Bega back in 2021.

This increased to an 11.5 per cent stake in 2022 after the billionaire bought an additional $15 million in shares.

While both parties were reportedly tight-lipped on the figure of the Akubra sale, it is expected it to be in the ballpark of – but not exceeding – the $190 million Tattarang paid for RM Williams three years ago.

At the time, Andrew Forrest said R.M Williams was “a quintessential Aussie brand”, adding that they were proud to be able to bring it back under Australian ownership.

“Everything about the great Australia character you can see depicted in a pair of boots and know that it was made right here in Australia,” he said after the October 2020 deal.

“We just saw a fantastic brand, a great Australian product, a legacy for country and it just needed to be Australian, it just had to come back home.”

In July this year, Andrew and Nicola Forrest – who have three adult children together – announced their shock separation after 31 years of marriage.

At the time, they said that the split will have no impact on their business or philanthropical endeavours.

“Our friendship and commitment to our family remains strong,” the pair said in a statement.

“There is no impact on the operations, control or direction of Fortescue, Minderoo or Tattarang.

“We will continue our shared mission to create and gift our wealth to tackle community and global challenges, as recently shown by last months’ donation of one-fifth of our Fortescue shareholding to Minderoo Foundation.”

‘Twiggy’ revealed the real reason for the split in August, after he was asked about his ex-wife and their separation in an interview on the sidelines of the Boao Forum for Asia conference in Perth – a business summit to address climate change.

“Nic and I are good mates, we speak all the time. She’s a fantastic lady,” he told 9 News.

“We made the call that it was better for everyone if we didn’t live right on top of each other but we still absolutely support each other.”

While not yet divorced, the pair – who were touted as Australia’s richest couple – have decided to split their $35.21 billion fortune, which was built from the iron ore miner which they founded in 2003.

Following the separation, Mr Forrest’s paper wealth took a huge hit and he fell from second place on the Australian Financial Review ’s Rich List to 10th spot.

He was worth $13.5 billion, according to the AFR’s analysis.

Meanwhile, Nicola’s wealth eclipsed that of her ex-husband’s after the split and she made her debut on the Rich List at eighth position overall.

More Coverage

Twiggy gambles millions to take Aussie icon Akubra global

Twiggy reveals real reason for shock split

She became the third-richest woman in Australia, with a fortune of $14.6 billion, according to analysis from the AFR.

Mr Keir was reportedly met with a standing ovation from his loyal workers on the factory floor on Thursday after tearfully announcing the takeover.

The transfer of the Akubra brand will officially take place on Sunday.

Other Industries

Beloved Sydney F45 franchise hits the wall

An F45 gym in Sydney has quietly closed its doors, adding to an already long list of defunct franchises involved in the embattled fitness chain.

Security

DP World Australia delayed ‘critical’ fix

DP World Australia did not follow cyber security advice to fix a “critical” exploit that shut down four major ports, disrupting 30,000 containers.

Online

Optus parent breaks silence on outage

The parent company behind Optus has denied responsibility for the crippling outage, one day before CEO Kelly Bayer Rosmarin fronts a Senate hearing into the failure.

Single Line Text

After 147 years in the same family, iconic Australian hat brand Akubra has been snapped up by billionaire business tycoons Andrew ‘Twiggy’ Forrest and his ex-wife Nicola. Jasmine Kazlauskas. @J_Kazlauskas. 4 min read. Beloved Sydney F45 franchise hits the wall. DP World Australia delayed ‘critical’ fix. Optus parent breaks silence on outage. Australian business tycoons Andrew ‘Twiggy’ Forrest and his ex-wife Nicola have bought iconic hat brand Akubra in a bombshell multimillion-dollar deal. Few had any inkling about the shock takeover until earlier this week, after the Forrest and Akubra-owning Keir families sat down together and finally signed off on the agreement. The lucrative deal between the families has been years in the making, according to The Sunday Telegraph ’s exclusive report. The Keirs, who have owned the brand for five generations, have had plenty of offers over the years – but now siblings Nikki, Stacey and Chariman Stephen Keir IV are certain they have chosen the right people for the takeover of the brand. Akubra has been run entirely by the one family for well over a century, when the siblings’ great-great grandfather Benjamin Dunkerly – who had a knack for machinery and hat making – left England for Tasmania in 1874. He saw a lost business opportunity in Australia’s rabbit problem, with the animal wreaking havoc for farmers at the time, prompting culling efforts as they competed with domestic livestock for food. By 1905, Dunkerly had hired a young Englishman with millinery prowess of his own, Stephen Keir I, who eventually married Benjamin’s daughter, Ada, and together they began a succession of Keirs at Akubra’s helm. The handsome felt hats, made with rabbit fur, were propelled into becoming an integral part of Australia’s national identity, with Akubras going on to be given as gifts to visiting dignitaries, worn by Australia’s Olympians and military, as well as being donned by Hollywood stars. But on Sunday, the Forrest’s investment company Tattarang will be handed the keys from the Keirs to the historic Kempsey factory, located on the Mid North Coast of New South Wales. Dr Nicola Forrest is likely to take a leading role in the company, telling The Sunday Telegraph that one of her first orders of business will be to bring Akubras to the rest of the world, while reassuring that the brand would remain Australian-owned. “We are humbled to be entrusted with a company which is so important to Australia’s national identity,” Dr Forrest said. “Tattarang invests to ensure companies like Akubra remain Australian-owned and we’re proud to be able to ensure the growth of Australian manufacturing, both protecting and creating new jobs, particularly in our regions.” The Keirs told the outlet that they simply cannot keep up with the demand for hats on their own, adding that they believe the Forrests can lift the brand to another level. While hatting the Australian Army is the Keir family's proudest achievement, they said seeing the Australian team donning Akubras for the 2000 Sydney Olympics was one of their favourite moments. “I’ll be honest with you. With (Crocodile Dundee), Greg Norman, The Man from Snowy River and Phar Lap they were probably the proudest moments we’ve had as a family,” Mr Keir told the outlet. “Seeing your product on the world stage, we used to sit there and go, ‘wow look at that can you believe it?’ We’re pretty humble people.” The latest deal marks the absorption of another major Aussie brand to the Forrest’s billion-dollar empire. Just three years ago, the Forrest family and Tattarang purchased the famed boot brand R.M Williams in a deal believed to be worth almost $200 million. Their company also shelled out more than $100 million to buy a 6.61 per cent stake in Australian cheese company Bega back in 2021. This increased to an 11.5 per cent stake in 2022 after the billionaire bought an additional $15 million in shares. While both parties were reportedly tight-lipped on the figure of the Akubra sale, it is expected it to be in the ballpark of – but not exceeding – the $190 million Tattarang paid for RM Williams three years ago. At the time, Andrew Forrest said R.M Williams was “a quintessential Aussie brand”, adding that they were proud to be able to bring it back under Australian ownership. “Everything about the great Australia character you can see depicted in a pair of boots and know that it was made right here in Australia,” he said after the October 2020 deal. “We just saw a fantastic brand, a great Australian product, a legacy for country and it just needed to be Australian, it just had to come back home.” In July this year, Andrew and Nicola Forrest – who have three adult children together – announced their shock separation after 31 years of marriage. At the time, they said that the split will have no impact on their business or philanthropical endeavours. “Our friendship and commitment to our family remains strong,” the pair said in a statement. “There is no impact on the operations, control or direction of Fortescue, Minderoo or Tattarang. “We will continue our shared mission to create and gift our wealth to tackle community and global challenges, as recently shown by last months’ donation of one-fifth of our Fortescue shareholding to Minderoo Foundation.” ‘Twiggy’ revealed the real reason for the split in August, after he was asked about his ex-wife and their separation in an interview on the sidelines of the Boao Forum for Asia conference in Perth – a business summit to address climate change. “Nic and I are good mates, we speak all the time. She’s a fantastic lady,” he told 9 News. “We made the call that it was better for everyone if we didn’t live right on top of each other but we still absolutely support each other.” While not yet divorced, the pair – who were touted as Australia’s richest couple – have decided to split their $35.21 billion fortune, which was built from the iron ore miner which they founded in 2003. Following the separation, Mr Forrest’s paper wealth took a huge hit and he fell from second place on the Australian Financial Review ’s Rich List to 10th spot. He was worth $13.5 billion, according to the AFR’s analysis. Meanwhile, Nicola’s wealth eclipsed that of her ex-husband’s after the split and she made her debut on the Rich List at eighth position overall. More Coverage. Twiggy gambles millions to take Aussie icon Akubra global. Twiggy reveals real reason for shock split. She became the third-richest woman in Australia, with a fortune of $14.6 billion, according to analysis from the AFR. Mr Keir was reportedly met with a standing ovation from his loyal workers on the factory floor on Thursday after tearfully announcing the takeover. The transfer of the Akubra brand will officially take place on Sunday. Other Industries. Beloved Sydney F45 franchise hits the wall. An F45 gym in Sydney has quietly closed its doors, adding to an already long list of defunct franchises involved in the embattled fitness chain. Security. DP World Australia delayed ‘critical’ fix. DP World Australia did not follow cyber security advice to fix a “critical” exploit that shut down four major ports, disrupting 30,000 containers. Online. Optus parent breaks silence on outage. The parent company behind Optus has denied responsibility for the crippling outage, one day before CEO Kelly Bayer Rosmarin fronts a Senate hearing into the failure.