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, and Malaysia’s YTL Corp, specialises in developing distinctive but affordable brands in the Asia-Pacific region. Last year, it took a 50% stake in upmarket Australian food store Jones the Grocer.

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