It is an Australian fashion staple famously donned by celebrities and prime ministers, and the new owners of Akubra hats, hand-made in Australia for almost 150 years, intend to keep it that way.
Key points:
- Andrew Forrest promises to expand operations and make Akubra "the premier hat of its type in the world"
- Outgoing Akubra chairman Stephen Keir says staff were "a bit shocked" by the company's sale
- The Forrests also own bootmaker RM Williams
Mining magnates Andrew and Nicola Forrest have announced they have acquired Akubra from the Keir family after 147 years of ownership.
The Akubra business started in Hobart in 1876 and the hats have been manufactured in Kempsey, on the New South Wales Mid North Coast, since 1972.
Speaking inside the Kempsey factory on Sunday, Mr Forrest said he planned to make the Akubra "the premier hat of its type in the world" and expand operations significantly in the coming years.
"This is a day for Akubra, a day for Kempsey, a day for Australia to keep a fantastic brand at home," Mr Forrest said.
"We have got to bring manufacturing back to Australia. It will always be Australian made by Australian hands, and to do that we need to grow the Akubra workforce."
It is not known how much the company sold for.
The Forrest acquisition is through their private investment firm Tattarang.
Mr Forrest did not offer details about growing the Kempsey operation but he referred to his 2020 purchase of Australian boot label RM Williams, saying Tattarang had increased that brand's workforce by 500.
Flanked by relatives, outgoing chair Stephen Keir said the Forrests' work with R.M. Williams gave the family confidence about the brand's future.
"'[Andrew Forrest's] passion for manufacturing here is what this place needs," Mr Keir said.
"I'm not lying — it's a tough decision but when you've got someone like [Andrew Forrest] it's going to go, it's going to fly".
Terrence Hunt, a former Akubra employee of 53 years, was among those at the Kempsey hat factory for Sunday's announcement.
Mr Hunt said he had many "interesting and happy times" working with generations of the Keir family, including the first Stephen Keir in the early 1960s.
For Mr Hunt, the sale of the company to the Forrests is a good move.
"It's good thinking," he said.
"It's advancing Akubra and it's advancing Australia."
Workers 'shocked' by sale
Mr Keir said the 120 local workers "were a bit shocked, but responded well" when he and Nicola Forrest told them about the sale on Thursday.
He cited the COVID-19 pandemic as one of the main drivers behind the decision to sell the business.
Kempsey Shire Mayor Leo Hauville said he was grateful the Keir family continued to manufacture in Kempsey and had not moved operations offshore, like some other brands.
"It's the icon of the area. We all support Akubra because it has supported us," Cr Hauville said.
He said the Forrests' purchase of the company would ensure "the famous Akubra hats stay in the Kempsey shire".
The Forrests announced they had separated this year but continue to invest together through Tattarang.