The acquisition would "ensure Akubra remains Australian owned," Tattarang said in a statement, regarding the 147-year-old company located in the town of Kempsey, in Australia's New South Wales state.

"We're proud to be able to ensure the growth of Australian manufacturing, both protecting and creating new jobs," said Andrew Forrest, founder and executive chairman of Fortescue Metals.

Nicola Forrest said she was "excited to help new generations discover this treasured Australian icon".

Stephen Keir IV, outgoing chairman of the board of directors of Akubra, said it had sold to Tattarang "to entrust the company to custodians who would protect and invest in the company", according to the Tattarang statement.

The deal marks another fashion investment by the Forrests, via Tattarang, after they acquired bootmaker R.M. Williams from a fund backed by French fashion giant LVMH Moet Hennessy Louis Vuitton SE in 2020.

(Reporting by Sam McKeith in Sydney; Editing by Chizu Nomiyama)