Oil tycoon snaps up British classic Belstaff
CHEMICALS tycoon Jim Ratcliffe has bought classic motorcycle-clothing brand Belstaff.
In the latest of a series of attempts to branch out, the self-made billionaire’s firm Ineos is buying the British leather- jacket maker – a favourite of Hollywood actor Steve McQueen and Marxist revolutionary Che Guevara.
Ineos recently revealed plans to build an off-road 4x4 as a successor to the Land Rover Defender.
Bosses gave no details on their plans for Belstaff yesterday – nor the price paid – but said: ‘This very British heritage brand, with links to automotive, returns back to British ownership.’
Founded by Ratcliffe, Ineos has so far focused on oil and chemicals – snapping up ICI and BP assets to become what they claim is Britain’s largest privately owned company, with £30bn sales.
The company’s forays into consumer goods are a huge shift for the firm – and could stumble on something of a public image problem.
Ineos is publicly best known for its attempts to kick-start fracking across the UK and battles with unions at its petrochemicals plant in Grangemouth, Scotland.
In a statement yesterday, bosses described the firm simply as a ‘ fast- growing entrepreneurial business’.
Belstaff is owned by JAB Holding, a consumer goods-focused investment firm backed by the wealthy, reclusive Reimann family. Belstaff started producing its motorcycle jackets in 1924 in Stokeon-Trent, pioneering the use of waxed cotton to make waterproof clothing that was also breathable.
The fashionable jackets went on to be worn by pio- neering aviator Amy Johnson, Lawrence of Arabia and David Beckham ( pictured). It also makes handbags and other accessories. JAB Holding also owns doughnut brand Krispy Kreme and has a large stake in US beauty products brand Coty. It has been selling some luxury brands, including designer shoe company Jimmy Choo to Michael Kors in July.
The deal to buy Belstaff, which employs about 200 people in the European Union, US and Asia, is expected to finalise this year. Bosses said details on plans would be announced this year.