BELSTAFF RETURNS TO BRITISH OWNERSHIP WITH SALE TO INEOS
Investment firm JAB Luxury GmbH has agreed to sell Belstaff, the British label known for its motorcycle-inspired outerwear, to Ineos, a global manufacturer of petrochemicals. Terms of the deal have not been disclosed.
With this new deal, Belstaff returns back to its British ownership. On completion, the Belstaff business and brand will transfer into Ineos, Britain’s largest privately owned company with sales of $40 billion annually.
In 1924 the Belstaff business began producing jackets in Stoke-on-Trent. It was the first company in the world to use waxed cotton to manufacture ‘breathable’ yet waterproof clothing. Its near 100-year heritage is firmly established, with clear links into exploration, aviation, and motorsport. Today its brand is known around the world. With outlets in the E.U., U.S. and Asia the business employs around 200 people.
The acquisition and transfer of ownership are targeted to be completed within the fourth quarter of this year, subject to the receipt of regulatory approvals. Details on Ineos’ plans for Belstaff will be announced soon.
“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.”
“JAB is very pleased to be handing Belstaff’s reins to Ineos, a great, growing company with the passion, desire and vision to further the company’s success,” added Peter Harf, senior partner at JAB Luxury. “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, and we trust the company’s next chapter will see both growth and well-deserved recognition for its iconic brand and talented team.”
