Belstaff puts IPO plans on hold following referendum shock

British luxury fashion brand Belstaff has put a pause on its plans to float following Britain’s vote to leave the EU, according to a report by the London Evening Standard.

Chief executive Gavin Haig said he “deprioritised” the move seven months after moving the trademark and finance operations back to London. He said he will now focus on growing the business in the UK with existing capital from parent JAB, holding company of billionaire German industrialists, the Reimann family.

The post Brexit environment proves to volatile, according to Haig as it provides “an opportunity for challenger brands to cut through”.

The brand has 13 stores, five in London and the rest scattered in cities all over the globe including Milan, Munich, New York and Macau. It plans to open five more in Japan.

Its sale items include a £1250 outlaw jacket worn by David Beckham and £750 weekend holdall bags.

Steve McQueen and Sarah Jessica Parker were among the celebrities seen sporting the brand. A new collaboration with Liv Tyler will be in shops before the end of July with an advertising campaign launch in September.

UK sales rose 20% in the year ending 31 January 2016.