Britain's larges private owned company has agreed to acquire the iconic British heritage brand for an undisclosed sum.
INEOS has agreed to acquire the Belstaff Group from Luxembourg-headquartered JAB Luxury GmbH, which acquired the brand in 2011.
On completion, the brand, which has close to 100 years of heritage, will return back into British ownership.
INEOS is the 200th largest company in the world and employs 18,500 people across 105 sites in 22 countries. With sales of US$40bn, it is also Britain’s largest private company.
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.
This ties in perfectly with INEOS chairman Jim Ratcliffe’s ambition to bring back production of the Land Rover Defender to the UK.
The Belstaff brand is known around the world and has outlets in the EU, US and Asia, employing around 200 people.
The acquisition and transfer of ownership is targeted to complete within Q4 this year, subject to the receipt of regulatory approvals.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement