Article by Charlie Peel courtesy of the Australian.
From mining to cattle to iconic oilskin coats, Gina Rinehart is increasing her stock in rural Australia with the acquisition of famed fashion brand Driza-Bone.
The celebrated jacket manufacturer was sold to Mrs Rinehart’s S. Kidman & Co this week in a deal that marked a new trajectory for the country’s richest person.
Better known for her private iron ore and coal mining business, Hancock Prospecting, and her agricultural empire, Mrs Rinehart’s foray into fashion follows in the footsteps of fellow billionaire miner and pastoralist Andrew Forrest, who last month added hatmaker Akubra alongside RM Williams, to his collection of heritage Australian brands.
Mrs Rinehart, who was raised on her family’s cattle station in the Pilbara, said the purchase was a snug fit for a company, founded by celebrated cattle baron Sir Sidney Kidman, which was bought by Hancock Agriculture and joint venture partner Shanghai CRED in 2016.
“Driza-Bone’s oilskin coats are iconic,” Mrs Rinehart said.
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“My interest in Australian fashion started when I was quite young, as my mother designed and made clothes for herself, and me too over my early years.
“We are honoured to carry forward Driza-Bone’s pioneering legacy while supporting its growth.
“Our family’s and company’s long association with the outback seems to be a natural fit.”
The sale, which went through on Thursday night after weeks of negotiations, means the 125-year-old company, which was bought by Propel Group in 2008, will remain in Australian hands.
“Established in 1898, Driza-Bone has been intertwined with pivotal moments in Australian history,” said Mrs Rinehart, who is well-known for her sponsorship of Australian swimmers.
“From sheltering soldiers at Gallipoli during World War One, to being worn in the magnificent film The Man from Snowy River, and by our Olympians for the Sydney Olympics, Driza-Bone has been an emblem of Australian quality and resilience.”
Behind the Driza-Bone purchase are plans to expand the label’s range in a push to increase its market overseas.
Kidman chief executive officer Adam Giles would not reveal the purchase price.
“Our investment has ensured Driza-Bone remains in Australian hands and sees two iconic Australian brands unite,” the former Northern Territory Chief Minister said.
“We will bolster Driza-Bone’s expansion strategies, enabling the brand to venture into new international markets while staying true to its Australian heritage and commitment to superior quality.
“The Driza-Bone brand is synonymous with the spirit of the Australian bush. We are committed to upholding and nurturing Driza-Bone’s legacy of Australian craftsmanship while also propelling it to new heights.”
The sale is the latest chapter in the apparent rivalry between Australia’s two richest people, who both rose from cattle stations in the Pilbara, to boardrooms of major iron ore companies.
Mr Forrest, who is the non-executive chairman of Fortescue, said his purchase of Akubra was in accordance with his desire to retain Australian ownership of brands that form part of the national identity.
He reportedly paid almost $200m to buy bush outfitter RM Williams from French fashion giant Louis Vuitton in 2020.
Several renowned fashion and agriculture figures paid tribute to the Driza-Bone sale, including Paspaley Pearling Company chairman Nick Paspaley, who backed Mrs Rinehart’s bid to go global.
“The world has a fascination and enchantment with all things related to the Australian outback,” Mr Paspaley said.
“I feel confident that this enchantment, together with Gina’s style and business acumen, will be a perfect recipe for taking Driza-Bone beyond Australia’s borders.”
Driza-Bone’s water-resistant coats were first developed in New Zealand by Scottish immigrant Edward Le Roy before they were brought to Australia and adopted as workwear by stockmen whose application refined the recognisable style known today.
Brisbane Fashion Festival director Lindsay Bennett said hard-wearing Driza-Bone coats had become the backbone of rural Australia and could find their place in overseas markets.
“Just as fashion designers produce seasonal collections, Driza-Bone now has the financial support to look at the leisure market in a stronger and more competitive way while also staying true to its deep rural heritage,” she said.
Fashion designer Keri Craig-Lee, who is also the co-founder of beef business Australian Country Choice, said the sale would continue Driza-Bone’s success story.
The purchase caps off a significant year for Kidman, which began with the sale of Durrie, Naryilco, Glengyle and Brunchilly cattle stations as the company refined its focus to premium beef brands.
