Sir Jim Ratcliffe has sold luxury motorcycle jacket brand Belstaff to sportswear label Castore, furthering signs that the billionaire has reduced his Ineos empire beyond its core chemicals business.
The deal, announced on Thursday, will allow Castore to acquire the money for the estate fashion house, while Ineos will acquire a minority stake in the fast-growing sportswear company that provides kits for England’s cricket and rugby teams.
Belstaff Chairman Ashley Reed described the deal as “a combination of two British brands that blend together through shared professional leadership design and entrepreneurship.”
Ratcliffe, 72, acquired Belstaff from German group Jab in 2017, vowing to restore the tag “return to UK ownership” created by Trent Trent. However, the brand is struggling financially. In 2023, it reported losing £18 million after sales fell by 4%, forcing Ratcliffe to inject cash to keep the business in circulation. Auditors warned that Bellstaff will continue to need the support of its owners.
The sale highlights Ineos’ retreat from some of its more adventurous consumer investments. Ratcliffe has entered the sport and lifestyle in a large variety in recent years, gaining stakes in Manchester United and French football clubs Nice and Lausanne-Sport, and sponsoring the Ineos Grenade Climbing Team. But he has also reduced it, including ending sponsorships from all Black Rugby teams in New Zealand, and he is reportedly seeking a hand-disturbing business that buyers have conducted during the pandemic.
Belstaff’s divest raises new questions about the future of Ineos Automotive off-road vehicle brand Grenadier. The project has already cost Ratcliffe more than £1.4 billion in development and setbacks, including recalling more than 7,000 vehicles after complaints of malfunctions and temporary production halted the burger plant in France after suppliers collapsed. There are now approximately 20,000 ballistic hands worldwide.
Meanwhile, Ratcliffe has been making overall changes at Manchester United, which owns 27.7 per cent in Ineos. Since embraced strategic control earlier this year, he has fulfilled a cost-cutting plan while also supporting ambitious plans to acquire a new £2 billion, 100,000-seat stadium.
Ratcliffe said in his speech this week that Manchester United has been on the verge of a financial crisis: “At the end of 2025, Manchester United will run out of cash. There will be no cash by the end of this year. This is the first time we have said in public, but that’s the truth.”
Currently, Belstaff’s disposal shows that Ratcliffe is refocusing its empire on core chemicals and high-profile sports assets while returning from expensive lifestyle bets that have not yet provided returns.
