A private investment fund financed by a French luxury brand LVMH Group has bought 49.9% of Australia's R.M. Williams according to Reuters. Total value of the shares sold was valued at an estimated Aus$52 million or US$55 million. The deal is intended to be used for the expansion overseas of the bushwear firm.

Singapore-based L Capital Asia and Malaysia's YTL Corp both specialize in developing unique but inexpensive brands in the Asia Pacific area form part of the fund. L Capital Asia is is also supported by Groupe Arnault, the investment company of LVMH Chairman and Chief Executive Bernard Arnault. In 2012, LVMH bought 50% shares in the high-end retailer Jones the Grocer, an Australian food store.

Chairman and owner of R.M. Williams, Ken Cowley will hold on to the majority of shares. According to Mr Cowley, L Capital had agreed in retaining the manufacturing for the company's products in Australia. The Australian company known for their elastic-sided boots had been in the market for 81 years and holds more than 50 stores globally.