Billionaire Andrew ‘Twiggy’ Forrest and his ex-wife Nicola have purchased Akubra in a multimillion-dollar deal.
The iconic Australian hat brand has been owned by the Keir family for almost 150 years, from generation to generation.
The Forrest’s first order of business is to take Akubra to overseas markets and make it more popular in Australian cities.
Australian Retailers Association Chief Executive Paul Zahra joined Sky News Australia to discuss the implications of this “amazing deal”.
“It’s going to remain Aussie-owned, committed to local manufacturing but equally this investment allows them to take the brand globally,” he said.
“Being able to take a brand like this internationally in such a grand scale with this investment will be good for Akubra – good for Australia.”