British sportswear firm Castore acquires heritage fashion label Belstaff

Belstaff Acquired by Sportswear Group Castore from Ineos

Belstaff, the British fashion label recognized for its classic motorcycle apparel, has been purchased by the sportswear company Castore from billionaire Sir Jim Ratcliffe’s Ineos.

The specifics of the deal remain undisclosed, though Ineos will provide a "substantial strategic investment" in Castore’s parent company.

Since its acquisition by Ratcliffe’s oil and chemicals conglomerate in 2017, Belstaff has consistently reported losses. Its latest financial records show a pre-tax loss of £18.3 million for the year ending December 2023, with revenues declining by 3.6% to £57.6 million, according to Companies House filings.

Founded in 1924 in Stoke-on-Trent, Staffordshire, Belstaff gained prominence for its waxed jackets, previously endorsed by figures like Kate Moss and David Beckham. The brand was sold to Ineos in 2017 by JAB Holding, the German investment firm that owns the UK coffee chain Pret a Manger and was once the owner of luxury shoe brand Jimmy Choo.

Ratcliffe, ranked among Britain’s wealthiest individuals with an estimated net worth of £17 billion, amassed his fortune after acquiring a Belgian oil refinery in 1998 for £84 million. However, concerns have grown over the financial stability of his debt-laden chemicals business, alongside his other ventures, including Premier League side Manchester United.

Tom Beahon, Castore’s co-founder and chief executive—supported by backers such as British tennis player Andy Murray—stated that Belstaff returned to an operational profit in 2023, excluding certain expenses.

"Belstaff is a legendary brand with an unmatched history, and I have personally admired it for years," he said. "Ineos and Belstaff’s leadership have done an exceptional job restoring profitability after a difficult retail environment. The chance to guide Belstaff into its next phase is both an honor and a dream."

He added, "We are also pleased that Sir Jim Ratcliffe’s Ineos is investing in Castore—this reflects confidence in our business and global aspirations. We look forward to collaborating to achieve this vision."

Ashley Reed, Belstaff’s chair, remarked, "Castore has reshaped the sportswear market, showing impressive expansion and adaptability. Recognizing their progress, we saw an opportunity to combine strengths and fast-track Belstaff’s evolution through shared expertise and resources."

The companies stated that Castore intends to leverage its e-commerce platforms, supply chain, and industry knowledge to support Belstaff’s growth.