L Capital Asia, the corporate venturing fund representing French luxury consumer brands conglomerate LVMH, has bought a 49.9% stake in 81-year-old Australian bushwear firm RM Williams.

The deal was valued at around A$52m ($53.2m), according to a source.

Ken Cowley, chairman and owner of RM Williams, which is known for its elastic-sided boots, will retain the majority holding.

Singapore-based L Capital Asia, which is also backed by Groupe Arnault, the holding company of LVMH chairman and chief executive Bernard Arnault,…

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