Sir Jim Ratcliffe sold Belstaff to sportswear label Castore, with Ineos taking a minority stake in Castore. Ratcliffe bought Belstaff in 2017 aiming to return it to British ownership, but the brand reported an £18 million loss in 2023 and required owner support. The sale reflects Ineos stepping back from consumer and lifestyle investments after earlier diversification into football clubs, cycling sponsorship and other ventures. Ratcliffe has reduced some sponsorships and sought buyers for pandemic-era businesses. The divestment raises questions about the future of Ineos Automotive's Grenadier project, which has cost over £1.4 billion and faced recalls, supplier collapse and production halts.
Sir Jim Ratcliffe has sold luxury motorcycle jacket brand Belstaff to sportswear label Castore, in a further sign of the billionaire scaling back his Ineos empire outside its core chemicals business. The deal, announced on Thursday, will see Castore acquire the heritage fashion house for an undisclosed sum, while Ineos will take a minority stake in the fast-growing sportswear company, which supplies kit for England's cricket and rugby teams.
Ashley Reed, Belstaff's chairman, described the transaction as "a union of two British brands that have come together through shared qualities of purpose-led design and entrepreneurial spirit." Ratcliffe, 72, bought Belstaff from German group JAB in 2017, vowing to restore the Stoke-on-Trent-founded label "back to British ownership". However, the brand has struggled financially. In 2023 it reported an £18 million loss after sales fell 4 per cent, forcing Ratcliffe to inject cash to keep the business afloat.
The sale underscores the retreat of Ineos from some of its more adventurous consumer investments. Ratcliffe has diversified heavily into sport and lifestyle ventures in recent years, acquiring stakes in Manchester United and French football clubs Nice and Lausanne-Sport, and sponsoring the Ineos Grenadiers cycling team. But he has also cut back, including ending sponsorship of New Zealand's All Blacks rugby team and reportedly seeking a buyer for a hand sanitiser business launched during the pandemic.
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