Andrew and Nicola Forrest buy hat brand Akubra

The deal, by the Forrests’ private investment group Tattarang, covers the handmade hats business in Kempsey NSW which employs 120 staff.

Andrew 'Twiggy' Forrest and Nicola Forrest.

Billionaires Andrew and Nicola Forrest have bought Australian hat maker Akubra, adding to a string of high-profile brands owned by the mining magnate including RM Williams and a stake in Camilla.

The deal, by the Forrests’ private investment group Tattarang, covers the handmade hats business in Kempsey NSW which employs 120 staff.

“We are humbled to be entrusted with a company which is so important to Australia’s national identity,” Andrew Forrest said. “Tattarang invests to ensure companies like Akubra remain Australian-owned and we’re proud to be able to ensure the growth of Australian manufacturing, both protecting and creating new jobs, particularly in our regions.”

Nicola Forrest said: “Growing up in regional NSW, my parents taught me lifelong lessons about hard work and resilience. The image of my father’s tireless energy and perseverance, measured by the sweat on his Akubra, remains etched in my memory.

“An Akubra has always been part of my life, and as a new custodian I am excited to help new generations discover this treasured Australian icon.”

Three years ago the Forrests bought bootmaker and bush outfitter R.M. Williams from French fashion giant Louis Vuitton in a deal believed to be worth almost $200m. In January, Tattarang reportedly outlaid $42.5m for a 25 per cent stake in the Camilla resort wear brand.

Andrew and Nicola Forrest split as a couple in July this year.

Dr Forrest had been ranked as Australia’s second-richest person behind fellow West Australian iron ore magnate Gina Rinehart.

While the Fortescue shareholding is by far their largest asset, they also own a diverse suite of businesses and assets ­including numerous agriculture assets, commercial buildings, and boutique hospitality properties.