Business

Plant-based RM Williams on the cards as Forrest makes fresh investment


Australia’s famed RM Williams boot may begin being made out of a plant-based leather-based different following a $26 million funding by mining magnate Andrew Forrest in a US sustainable textiles firm.

Forrest’s Tattarang funding agency introduced on Tuesday night it had backed Illinois-based Natural Fiber Welding’s $US85 million ($114 million) collection B funding spherical, pouring in $US20 million ($26.8 million) alongside a raft of high-profile traders reminiscent of BMW and Ralph Lauren.

Andrew Forrest, owner of RM Williams, has made an investment in a plant-based leather company.

Andrew Forrest, proprietor of RM Williams, has made an funding in a plant-based leather-based firm.Credit:David Mariuz

Natural Fiber Welding’s (NFW) most important merchandise are Clarus, a set of high-performance sustainable textiles, and Mirum, a plastic-free, plant-based leather-based different that’s absolutely biodegradable.

It’s the latter that Tattarang is eyeing as a product that might probably be utilized by one other one of many agency’s investments: RM Williams boots. Tattarang chief funding officer John Hartman mentioned Mirum may present “wide-ranging” alternatives for the enduring Australian model, although harassed the corporate’s core vary would stay conventional leather-based.

“Leather is of course deeply entwined in the DNA of RM Williams, and we have no plan to change that, however we know consumers are increasingly seeking high-performance, plastic-free leather alternatives. NFW could provide an opportunity for us to further explore this with RM Williams,” Hartman mentioned.

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“Aligning with Andrew and Nicola Forrest’s ultimate goal to eliminate all plastic waste through the initiatives of Minderoo Foundation, Tattarang and RM Williams are on a journey of continuous improvement to remove plastics and other synthetics from our supply chains.”

Forrest acquired RM Williams in late 2020 as a part of a $190 million deal, which was posed as a return of the corporate to Australian arms after years of international possession. Following the acquisition, the corporate mentioned it will focus extra on sourcing Australian-made leathers for its boots, and produce as a lot of its boot manufacturing again to Australia as doable.

If RM Williams had been to make use of NFW’s leather-like merchandise, it will not be the primary Australian firm to take action, with Fitzroy-based bag and pockets maker Bellroy additionally making a line of Mirum-based equipment. Global manufacturers reminiscent of H&M, Allbirds and Alexander McQueen have additionally used NFW’s textiles of their merchandise.



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