Australia’s wealthiest woman Gina Rinehart has followed the example of fellow mining billionaires Andrew and Nicola Forrest by investing in an iconic Australian outdoor clothing company.
Rinehart has taken control of Driza-Bone, which has been manufacturing oilskin jackets and coats since 1898.
Driza-Bone has been acquired by pastoral company S. Kidman & Co., which is majority owned by Rinehart’s Hancock Agriculture with Shanghai CRED holding 33%. Rinehart is chair of the company.
No financial details of the acquisition have been disclosed but the vendor, Propel Group, has owned Driza-Bone since 2017 and is believed to have been seeking a buyer for the business for some time.
Rinehart said: “Driza-Bone has been intertwined with pivotal moments in Australian history. From shetering soldiers at Gallipoli during World War I, 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.
“Driza-Bone’s oilskin coats are iconic.
“We are honoured to carry forward Driza-Bone’s pioneering legacy while supporting its growth. Our family’s and the company’s long association with the outback seems to be a natural fit.
Chief executive of S. Kidman and Co., Adam Giles, said: “Our investment has ensured Driza-Bone remains in Australia and sees two iconic Australian brands unite.
“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.”
Rinehart’s acquisition Driza-Bone follows the Forrest family office Tattarang recently acquiring iconic Australian hat maker Akubra. Tattarang had earlier acquired “bush outfitter” R.M. Williams.
Image: Gina Rinehart joins a lineup of Driza-Bone models.