Why Australia’s Richest Man Bought R.M. Williams: an Andrew Forrest Interview

Here’s a new one: they let me interview the richest man in Australia.

I’ve spent years visiting boot factories and interviewing shoemakers all over the world, but I don’t think any have the kind of singular influence of R.M. Williams.

I’m not just saying this because they let me visit their factory; I’ve said it every time I’ve ever mentioned this brand on my YouTube channel: R.M. Williams’ Craftsman Chelsea is the national boot of Australia.

Born in the bush nearly a hundred years ago and now the default boot of the Australian male, whether he’s on a farm or in a boardroom, this tough-but-sleek Chelsea is near and dear to the young country’s heart. In fact, they don’t even call them Chelseas in Australia — they’re more likely to just call them boots. If you’re talking about someone’s boot, the assumption is that it’s a Chelsea.

But the 21st century has been a rocky one for R.M. Williams.

The company was sold to multinational conglomerate LVMH in 2014, throwing their all-Aussie identity into jeopardy. But Dr. Andrew Forrest successfully returned it to Australian ownership when his company Tattarang bought it back in 2020.

Forrest, who happens to be the nation’s richest man, is the founder of Fortescue Metals Group and has been involved in many ventures across the industries of mining, medical equipment, rugby, cattle, and shipbuilding.

But we met to discuss his most Australian accomplishment: saving R.M. Williams. (I know it sounds like I was paid to say that, but this interview wasn’t actually sponsored — I just think it’s a cool story.)

This interview has been edited for clarity and space.

Why Andrew Forrest Bought RM Williams

SW: Walk me through your decision to purchase R.M. Williams. You were doing pretty well before that (Editor’s note: he was already the country’s richest man) but rescuing Australia’s boots from a foreign multinational really cemented your place in the country’s cultural landscape.

Andrew Forrest: Any of these other brands people wear are fine, but they’re not Australian. That egalitarian, fair-go spirit of Australia, the joy of freedom, unlimited landscapes and horizons that’s all epitomised in R.M. Williams boots. It is deeply Australian.

Eighty-eight pairs of hands turn that bit of leather into a work of art on your feet, and you can take it anywhere: boardrooms or cattle yards.

For two decades, I failed at getting R.M. Williams. Tried and lost, tried and lost, tried and lost. I just wanted to be the custodian, and then really grow something so that anywhere in the world — especially North America, your home — you slip on a pair of R.M. Williams and you’re wearing some of that sunshine, some of that freedom, some of that dust. You put on the boots and think, ‘ah, yes.‘

Expanding Australian Manufacturing

SW: It’s been five years today since you brought R.M. Williams back to Australian ownership, and today you announced you’ve doubled the size of the facility here.

Andrew Forrest: Exactly. There are machines to help, but this facility is a manual craftsman’s paradise. It’s twice the size of a super-large football field, probably three times your American football fields.

No one feels like a number here. They feel like a family. People come up, shake your hand, have a selfie, they’re delighted to be working for Australia.

Instead of a foreign company owning Australia, we’re exporting Australia all over the world. That sense of purpose, that sense of freedom, that’s what we’re exporting.

The Future of RM Williams

SW: R.M. Williams is coming up on its 100th birthday. What do you hope to have accomplished by that date in 2032?

Andrew Forrest: Over the next seven years, R.M. Williams can really expand. The people here are keen as mustard, they want it to happen. I want to spread R.M. Williams wherever people want it, especially North America.

Being a brand that’s had Australian manufacturing for 100 years, that’s rare. Australia’s only been around a couple of centuries!

Back in 1932, R.M. Williams couldn’t buy a good pair of boots, so he made his own. He couldn’t have dreamed of where we are now.

People I meet all over the world ask me why they can’t buy R.M. Williams boots, so I’d like to bring them to wherever people want them. Even in North America — Americans love having a boot that they know is handmade in Australia.

Why Do Australians Love Chelsea Boots?

SW: I’m glad you brought up American boots. As an Australian-born American citizen who spends his life talking about boots, I’m always wondering: why do Australians pretty much only wear Chelsea boots? There are other boots that exist here, and R.M. Williams makes them, but I know that well over 90 percent of your sales are of Chelseas.

Andrew Forrest: Look, I love my American boots, my Western boots. They come up to my knees (or halfway) and they’re works of art, but gawd they’re clunky.

I like to get off a horse, have a shower, and go have a meeting without changing my boots. And with (Chelsea) boots, you can wear them in the city, the country, anywhere in the world. And you’re wearing Australia.

SW: Yeah. I think it speaks to Australia’s egalitarianism, too: whether you’re the Prime Minister or a farmer, you’re wearing the same boots.

Andrew Forrest: Exactly. Same pair of boots.

Philanthropy: Because Success Always Involves Luck

SW: I also wanted to talk about your philanthropy. You’ve given away over 400 million Australian dollars and you were the first Australian to sign the Giving Pledge, meaning you swore to give away the majority of your fortune during your lifetime.

Your focus has been Indigenous education and ocean ecosystems. Why did you decide to focus on philanthropy so much?

Andrew Forrest: I don’t care how good you are at business, you’ve had a lot of luck. You keep trying, keep failing, then you succeed. I never forget that I’m lucky.

SW: That’s a very un-American way to talk.

Andrew Forrest: Is it?

SW: Yeah, in America, they always say that their success was purely because of hard work.

Andrew Forrest: Yeah, I’m afraid there’s a lot of luck there (too), mate. I don’t care who you are, you had luck. You worked hard, took advantage of it, but Lady Luck smiled on you.

And I know that I’m no better than anyone else. We’re all equally loved in the eyes of God, but no better than one another.

In Australia, you get a fair crack, a fair go. But there’s a lot we can improve: Indigenous Australians deserve the dignity of work like anyone else. They’re our first Australians.

Again, this country’s about fairness, and there’s incredible unfairness in the world. It’s especially the case with natural disasters — I just want to wade in there and help, and trust people to distribute capital where it’s needed.

Sometimes you trust too much and get hurt, but you should still trust twenty times out of twenty. You might get let down one of those times, but trust the other nineteen times will work out. Don’t change, don’t lose your faith in people.

Advice for Australia’s Entrepreneurs

SW: We’ve touched on differences between Australia and the U.S., and I wanted to ask you one last question on that topic.

In the United States, I think it’s fair to say that the risk-taking entrepreneur is central to society in a way that it isn’t in Australia. Like you said, we have that bigger emphasis on equality than on individualism.

Australia’s egalitarianism has produced a country that leads the world in stability and welfare, but it’s also produced a society where ambition and risk taking and entrepreneurship aren’t as common.

So as an insanely successful and ambitious Australian, what advice would you give young entrepreneurs, particularly those in Australia?

Andrew Forrest: Put up with criticism. Cop the kicks in the teeth. If your cause is straight and true, apply the one ingredient that matters: it’s not brilliance, it’s determination.

Especially when you’re starting out, just be determined. The kicks in the teeth are normal. We failed for 20 years before becoming custodians of R.M. Williams!

And you do get a lot of that discouragement in Australia. In the United States, if someone fails — and they weren’t dishonest, they just made some bad bets — Americans will back them again and say that he’ll get it right next time.

Australia is kind of… lackadaisical. Everyone’s equal. We don’t care if you’re a Prime Minister or a pauper, we’re going to treat you exactly the same. The rub of that is that Australians can get kind of niggly with tall poppies and want to cut them down.

That’s a part of the culture that has really good and really bad effects, but it’s just who we are. And it keeps everyone on the level, mate! You can’t think “Hey, look, I’ve made a buck, therefore I’m great.” No, you’re not. You just made a buck, you’re no better than anyone else.

SW: Yeah, in the U.S., billionaires have a lot of social capital, but Australians say, “Alright, you’ve got money, but what have you done?”

Andrew Forrest: Exactly. What are you doing?

SW: And you brought R.M. Williams back to Australian shores, and I think that’s what brought you the most legitimacy to a lot of Australians! So congratulations on that achievement.

Andrew Forrest: Thank you. And to all your American viewers: give R.M. Williams a try. Feel the freedom of Australia!