Iconic formerly British motorcycle apparel brand Belstaff has been acquired by UK petrochemicals giant Ineos, after years of languishing in Italian and then German ownership. BDN financial editor Roger Willis reports.
Ineos, the largest private company in Britain with a turnover exceeding £30bn, is the fiefdom of eccentric billionaire Jim Radcliffe. According to business information specialist Bloomberg, Radcliffe is the UK’s second-richest citizen with personal wealth of around £7bn.
Founded in 1924 and originally based at Stoke-on-Trent, Belstaff became part of the James Halstead Group until it was sold off to Italian fashion entrepreneur Franco Malenotti and his sons in 2004. The Malenottis subsequently flogged the company in 2011 to Swiss-based JAB Holding, a private investment vehicle for Germany’s secretive and astronomically-minted Reimann family.
JAB recently initiated a disposal of its luxury brand portfolio, which besides Belstaff included the Jimmy Choo and Bally women’s footwear labels. The purchase price paid by Ineos has not been revealed. In a statement, the company said: “Details on plans for Belstaff will be announced in due course.”