Belstaff, a British fashion brand recognized for its motorcycle gear, has been acquired by sportswear company Castore, which is backed by Sir Jim Ratcliffe’s Ineos group. The specifics of the acquisition deal have not been revealed, but Ineos is expected to invest significantly in Castore’s holding company.
Since being acquired by Ineos in 2017, Belstaff has incurred annual losses, with its most recent financial report indicating a pre-tax loss of £18.3 million for the year ending December 2023. Sales for the same period fell by 3.6%, totaling £57.6 million, based on documents submitted to Companies House. Belstaff was established in 1924 in Stoke-on-Trent and is famous for its waxed jackets, historically endorsed by figures such as Kate Moss and David Beckham. Prior to the purchase by Ineos, the brand was owned by the German investment firm JAB Holding.
Jim Ratcliffe, whose net worth is estimated at £17 billion, has built a successful chemicals empire, starting with the purchase of a Belgian oil refinery in 1998. However, concerns have arisen regarding the financial stability of his businesses, especially his chemicals group and involvement with Manchester United.
Under the new ownership, Tom Beahon, co-founder and CEO of Castore, stated that Belstaff achieved operational profit in 2023, excluding certain costs. He expressed enthusiasm for guiding the brand’s next phase of growth. The chairperson of Belstaff, Ashley Reed, highlighted the strategic alignment with Castore, noting their ability to leverage shared knowledge and resources for the brand’s transformation.
Castore, which started in Liverpool in 2015 and has since moved to Manchester, plans to utilize its expertise in online retail to enhance Belstaff’s growth. In 2024, Castore expanded its portfolio by acquiring the professional team sports license for Umbro in several European markets.
Source: https://www.theguardian.com/business/2025/aug/28/belstaff-bought-castore-ineos-jim-ratcliffe