Economy

Ineos snaps up British fashion brand Belstaff

Ineos snaps up British fashion brand Belstaff”

British heritage brand Belstaff, which is best known for its waxed motorcycle jackets, has been acquired by petrochemicals group Ineos. More recently, soccer star David Beckham has been a promoter of the brand.

JAB, the investment vehicle of the German Reimann family, is now moving its focus towards food and beverage and beauty assets, and away from luxury goods.

On announcing its purchase of Belstaff, Ineos cited its "links to automotive".

This ties in perfectly with INEOS chairman Jim Ratcliffe's ambition to bring back production of the Land Rover Defender to the UK. Last month it revealed plans to set up an independent vehicle company to make a successor to the Land Rover Defender, in a move which critics called a "vanity project". It is unclear if this project is linked with the decision to buy Belstaff. With sales of US$40bn, it is also Britain's largest private company.

INEOS is the 200th largest company in the world and employs 18,500 people across 105 sites in 22 countries.

The deal is expected to close in the fourth quarter, subject to regulatory approval. Earlier this year it sold British luxury footwear and accessories brand Jimmy Choo to Michael Kors and is still seeking a buyer for Bally.

"Details on Ineos' plans for Belstaff will be announced in due course", it said in a statement, adding that Belstaff would remain a separate entity, rather than be subsumed within the business.



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