LONDON — Belstaff, the British label known for its motorcycle-inspired outerwear, has been sold to Ineos, the global manufacturer of petrochemicals. Terms of the deal have not been disclosed.
Ineos is one of Britain’s largest private companies, generating sales of $40 billion annually — and its owner, Jim Ratcliffe, is also known as an avid collector of motorbikes.
“I am extremely pleased that Belstaff is to be bought by a British company bringing ownership back into British hands,” said Gavin Haig, chief executive officer of Belstaff. “Ineos is a dynamic, entrepreneurial business that has a long-term vision, and most importantly appreciates the nearly 100 years of heritage that the Belstaff brand is built upon.”
This is the second brand JAB has sold, following the acquisition of Jimmy Choo by Michael Kors. The group put the company up for sale last April, as it seeks to step away from luxury and focus on coffee and consumer goods.
“Having invested in Belstaff and watched its brand grow over the last five years, we are confident that Ineos is the best possible steward for the company,” added Peter Harf, Senior Partner at JAB Luxury.
Although sales terms were not disclosed, it would have been significantly smaller than Michael Kors’ $1.35 billion Jimmy Choo deal.
Belstaff is in the process of transforming itself into a lifestyle brand, but it remains a work in progress and, according to the latest Companies House, remains loss-making.
A financial source said that because the company is loss-making in the double-digit millions, it will most likely be sold with a “dowry,” or sweetener, to whomever the buyer happens to be.
Bally, the JAB-owned Swiss leather-goods label, is still up for sale and is currently in the process of creating a shortlist of potential buyers.