British heritage brand Belstaff, which is best known for its waxed motorcycle jackets, has been acquired by petrochemicals group Ineos.
UK-based Ineos announced the deal without revealing its intentions for the business but said in a statement it was returning “this very British heritage brand with links to automotive […] back to British ownership”.
Belstaff, which was founded in Stoke-on-Trent in 1924, had been owned by JAB Holdings, the investment vehicle of the German billionaire Reichmann family, since 2011.
JAB has been offloading its interests in luxury fashion to concentrate on its consumer goods and beauty brands, which include Krispy Kreme and Coty. Earlier this year it sold British luxury footwear and accessories brand Jimmy Choo to Michael Kors and is still seeking a buyer for Bally.
The acquisition by Ineos is the latest unconventional deal by its billionaire Jim Ratcliffe. Last month Ratcliffe announced he was investing £600m in a project to create a new vehicle based on the Jaguar Land Rover Defender model which it discontinued in 2016. It is not known if the Belstaff deal is in any way linked to that project.
Ineos has said it would announce its plans for Belstaff in due course and the deal is expected to complete in the fourth quarter.