Billionaire Jim Ratcliffe's Ineos has agreed to buy iconic fashion brand Belstaff Group from JAB Holding.
Belstaff, which is known for its waxed cotton biker jackets, has close ties to the automotive world, Ineos said. Ratcliffe has plans to create a new vehicle like Jaguar Land Rover's famous Defender, which was discontinued in 2016.
The price of the deal was not disclosed, but on completion the Belstaff business and brand will transfer to Ineos, which claims to be Britain's largest privately owned company.
Belstaff was founded in 1924 and has been promoted by the likes of David Beckham, and it employs around 200 people with outlets in the European Union, the US and Asia. It will remain a separate entity from Ineos.
The deal will complete in the fourth quarter of this year, subject to regulatory approvals, and detail on Ineos' plans for Belstaff will be announced in due course, the company said.
JAB has been selling off luxury brands like Jimmy Choo as it shifts its focus to coffee, restaurants and beauty products. Its portfolio includes Krispy Kreme donuts and Keurig coffee machines.