News dalla rete ITA

8 Febbraio 2021

Australia

ANDREW FORREST WANTS RM WILLIAMS TO BE FULLY TRUE BLUE

Rich Lister and and iron ore magnate Andre Forrest says he’ll spend “whatever it takes” to return the 35 per cent of production which is offshore at boot and clothing maker RM Williams, back to Australia. Mr Forrest said the business, which he and wife Nicola acquired for $190 million in October, also needed to build up more critical mass to ensure the process of returning all manufacturing to Australia could happen as quickly as possible. Asked what the capital spending budget would be to enable the shift, Mr Forrest said it would be whatever was needed to ensure 100 per cent Australian manufacturing. It is 65 per cent currently. “Whatever it takes we’ll do,” Mr Forrest said. Some products are made in Portugal and Bangladesh and Hong Kong. The trajectory of the RM Williams business is strong, with the company having a record sales month in December, buoyed by the robust consumer spending environment with overseas travel off the agenda. RM Williams has 64 standalone outlets across Australia which generate about 60 per cent of its overall revenue, with 15 per cent coming from sales in external stockists who carry the RM Williams products and the rest from the fast-growing online channel. The group has seven overseas stores. The company brought manufacturing of leather bags back to the Salisbury plant in October from Italy. “I want to drive for Australian-made only and that’s our vision and we’re going to do that as soon as we possibly can,” Mr Forrest said on Wednesday. About 900 people are employed by RM Williams across the entire business. (ICE SYDNEY)


Fonte notizia: AUSTRALIAN FINANCIAL REVIEW