- Prachi Singh |
In a move that clearly defines Ineos’s aim to diversify its current business interests, the company has announced its impending acquisition of the British heritage brand Belstaff from JAB Luxury. The company said in a statement that on completion, this iconic, British brand with links to automotive, will return back into British ownership.
This is not the first time that the company founded by billionaire Jim Ratcliffe has shown investment interest in an off-beat project. Last month, the company with sales of 40 billion dollars and touted to be the 200th largest company in the world, said that it was seeking permission from the government to manufacture a new 4x4 vehicle based on Land Rover’s classic Defender, which was discontinued in 2016 after 68 years.
Ineos to acquire heritage British label Belstaff
Belstaff was first founded in 1924, starting out with the production of jackets in Stoke-on-Trent. It was the first company in the world to use waxed cotton to manufacture 'breathable' yet waterproof clothing.
Ineos’s acquisition of Belstaff is expected to be completed in the fourth quarter of this year. The development follows after the company’s owner, JAB Holdings, sold a majority stake in luxury shoe brand Jimmy Choo. According to media reports, JAB, the investment arm of the German Reimann family, aims to focus solely on food, beverage and beauty assets by selling its investments in luxury businesses. The company is currently scouting for a buyer for Bally, the only luxury business left in its portfolio.
Belstaff – The iconic outerwear brand
Founded by Eli Belovitch and his son-in-law Harry Grosberg in 1924, Belstaff changed hand in 2011 when The Labelux group acquired the company and repositioned it as a British heritage brand centered on luxury sportswear with Tommy Hilfiger roped in as a business consultant. Later In July 2014, along with Jimmy Choo and Bally, Belstaff was fully integrated into its parent group JAB Luxury and JAB management directly oversaw the brand till its current development.
Recently, Belstaff partnered with the Bloodhound Project in celebration of the car, Bloodhound SSC, making its first public debut at 200mph at Cornwall Airport, Newquay. To celebrate the partnership, Belstaff launched the limited edition four-pocket Bloodhound jacket style showcasing the evolution of Belstaff signature silhouette and is the first iteration of the 'Origins' collection.
According to the company’s website, over the years, from historical titans T.E. Lawrence, Amelia Earhart and Che Guevara to more modern names like David Beckham, Jemma Kidd, Sarah Jessica Parker and British trial racer Sammy Miller have worn Belstaff jackets and its classic belted 4-pocket jacket became an instantly recognizable stable for the racing set throughout the 20th Century.
Belstaff is headquartered in London the product range is currently sold through its flagship on the New Bond Street and twelve stores in Europe, the United States and Asia. The company also caters through select wholesale distribution worldwide and Belstaff.com.