Ineos boss Sir Jim Ratcliffe bails out Belstaff’s £17m losses
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Ineos boss Sir Jim Ratcliffe is bailing out his fashion label Belstaff after it suffered significant losses
Stylish: Poldark star Eleanor Tomlinson is a fan of the Belstaff brand
Sir Jim Ratcliffe bailed out his fashion label Belstaff after it suffered significant losses.
The company sells its clothing through its own shops and department stores, including Harrods and House of Fraser.
Belstaff leather biker jackets are a favorite with bikers and supermodels alike, including Kate Moss.
Poldark star Eleanor Tomlinson and James Norton, who has starred in the hit TV series Happy Valley, are both fans, as is Ratcliffe himself, who often wears the brand.
Belstaff International sales rose 16 per cent to £50 million in 2021, despite the temporary closure of shops during the lockdown. Losses shrunk to just under £17 million. The fashion company said it was dependent on £233 million in loans from parent company Ineos, the chemical group owned by Ratcliffe.
Billionaire Ratcliffe is one of the richest men in the world. He owns a fleet of jets and two football clubs: Nice in the South of France and Lausanne-Sport in Switzerland. The tycoon has suffered losses at Ineos Automotive, which is trying to develop a rival to the Land Rover Defender.
When Ratcliffe bought Belstaff in 2017, it lost money and has continued to do so ever since.
Belstaff said Ineos has agreed to subsidize the company at least until the end of next year and will continue to make funding available “as needed.”
The brand was founded 99 years ago and made waterproof waxed cotton jackets for motorcyclists. It has been revived under Ratcliffe ownership and has stores in London, Glasgow, Manchester, Germany and the US.
The company is looking for new stores and wholesale customers as part of a growth plan.