L Capital to acquire majority stake in RM Williams

L Capital, the investment vehicle of French luxury

group LVMH, is thought to be about to purchase a major stake in Australian shoe-maker and apparel retailer RM Williams.

LVMH Moët Hennessy Louis Vuitton has reportedly bought 49.9 percent of Australian shoes and accessories brand RM Williams for 50 million dollars. The Australian retailer´s current owner, Ken Cowley, is thought to have kept a 51.1 percent stake.

Ken Cowley is set to retain a major stake in RM Williams, while almost half of the group will be sold to luxury goods fashion house LVMH Moët Hennessy Louis Vuitton, ‘The Australian Financial Review’ has reported earlier this month.

The Australian beloved boot-maker was put on sale in March, as widely reported by local media. At that time, RM Williams said it was "assessing external commercial growth and expansion plans".

The footwear and clothing company was founded by Cowley's long-term friend Reginald Murray Williams in 1932.

Last month RM Williams said the company was looking at "external" options for expansion to help ensure the future growth of the company in Australia and overseas. "At the forefront of this assessment is a commitment to the security of RM Williams employees and stakeholders and the continued integrity of the ... product range," the company said.

The company now exports to 15 countries and has more than 50 retail stores and 900 stockists. It generates sales of about 100 million dollars a year.