Propel Group is selling its water-resistant coat and apparel brand Driza-Bone to billionaire mining magnate Gina Rinehart via her S Kidman and Co pastoral company.
The deal, whose value has not been disclosed, marks Rinehart’s foray into fashion retail.
Driza-Bone, acquired by Propel Group in 2008, was merged with country apparel retailer RB Sellars in 2017. The brand marked its 125th-anniversary this year.
“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,” said S Kidman & Co chief executive Adam Giles.
“The Driza-Bone brand is synonymous with the spirit of the Australian bush. We are committed to upholding and nurturing Driza-Bone’s legacy of Australian craftsmanship while also propelling it to new heights.”
In addition, Rinehart is also reported to have bought Propel Group’s Rossi Boots.
Propel Group seeks to continue investing in the expansion of its Australian rural outfitting brand, RB Sellars, including the opening of new stores in Australia and New Zealand.
The Driza-Bone items will continue to be available at RB Sellars locations across the country.