Belstaff acquired by Ineos

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Belstaff

British heritage brand Belstaff has been acquired by chemicals giant Ineos.

The brand — which employs 200 people worldwide and trades through several standalone stores, department store concessions and online — changed hands after it was put up for sale in April by former owner JAB Holdings.

Ineos said it decided to acquire Belstaff because of its “links to automotive”, and that it would it bring it back to British ownership.

Founded in 1924, Belstaff is best known for its waxed motorcycle jackets, as worn by Steve McQueen in The Great Escape.

It also known for making aviator jackets worn by Amelia Earhart and Amy Johnson.

Ineos said the acquisition should be completed in the fourth quarter of this year.

It added that any plans for Belstaff would be announced in due course.

JAB Holdings – the investment arm of the billionaire German Reimann family – purchased Belstaff in 2011 for £100 million.

It is not yet known how much Ineos spent to take over the brand, but during the sales process there was speculation JAB Holdings was only asking for as little as £3 million, in light of Belstaff recording a loss of £4.8 million in the year to December 2015.

JAB Holdings also sold its controlling stake in luxury shoe retailer and brand Jimmy Choo this year.

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