A magnetic fastener for releasably coupling a first material to a second material, the fastener comprising: a first fastening portion configured to be fixed to the first material, the first fastening portion including a first pin having a channel, wherein at least a portion of the first pin is formed from a ferromagnetic material; a second fastening portion configured to be fixed to the second material, the second fastening portion including an annular opening configured to receive the first pin and a second pin disposed within the annular opening shaped to fit within the channel of the first pin, wherein the second fastening portion includes a magnetic ring disposed within a body of the second fastening portion.