R.M.Williams has announced the sale of a 49.9 percent shareholding in its business to L Capital Asia, a private equity fund sponsored by LVMH Moët Hennessy – Louis Vuitton.

Ken Cowley AO, owner and chairman of R.M.Williams, retains the majority shareholding in the R.M.Williams business.

In a statement released yesterday, R.M. Williams said L Capital Asia had looked at the business performance over the past five years and appreciated the opportunity that the R.M.Williams brand had 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,” the media statement said.

Ken Cowley and his family assumed sole ownership and privatised R.M.Williams in October 2003.

Mr 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.

“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 that I would take his legacy to the world”.

“R.M.Williams is part of the heritage and fabric of the Australian way of life. It is a brand that we can all identify with. 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 has 63 Retail stores across Australia, the USA and UK and publishes R.M. Williams OUTBACK magazine, which has a circulation of 66,000 copies.