Article by Adrian Lowe courtesy of the West Australian.
Billionaire WA mining magnate Gina Rinehart is making a foray into fashion retail, with a purchase of the beloved Australian brand Driza-Bone.
Fresh from announcing a buy into Bunbury Farmers Market, Mrs Rinehart’s purchase via her S. Kidman & Co company — two-thirds owned by Hancock Prospecting — means the company, best known for its oilskin jackets, stays in Australian hands after a quiet sales process.
No sales price for the deal was disclosed but it is understood the new owners plan to bolster Driza-Bone’s expansion plans, including entering new markets and maintaining its legacy. Mrs Rinehart said Driza-Bone’s oilskin coats were iconic, and the association of her family and company with the outback appeared to be a natural fit for the fashion label’s future.
“We are honoured to carry forward Driza-Bone’s pioneering legacy while supporting its growth,” she told reporters.
“Driza-Bone has been an emblem of Australian quality and resilience.”
Driza-Bone’s history in Australia dates back to 1898 when it was first manufactured and sold in Sydney. The name was trademarked in 1933 and was subsequently adapted — made longer for horse riding, and a fantail added to comfortably stay over a horse and keep its saddle dry.
Its place in the national psyche was cemented during the opening ceremony of the Sydney 2000 Olympics when stockmen and women on horseback featured heavily, while flag bearers were dressed in neutral Driza-Bone uniforms.
They were also the item du jour when Australia hosted the 2007 APEC Summit, when former prime minister John Howard decked out 20 of his peers in the coats after advice from his wife, Janette, and the summit’s task force.
Driza-Bone was purchased by the Propel Group in 2008, but the latest sales process is not the first time it has tried to offload the brand, or a majority stake in it. In 2018, Propel chief executive Keith Evans signalled it wanted to take advantage of northern hHemisphere winters and sell Driza-Bone overseas, but would need deeper pockets.
Mrs Rinehart’s purchase comes just weeks after Tattarang, the investment vehicle of billionaire Andrew Forrest and his former wife, Nicola, snapped up hat brand Akubra. It also owns boot brand R.M. Williams.
S. Kidman is jointly owned by Mrs Rinehart and Chinese company Shanghai Cred.
Founded by pioneering cattleman Sir Sidney Kidman, it has more recently been best known for beef produced in Queensland and the Northern Territory and a range of beef pies.
