Castore Acquires Belstaff, Aims for International Growth
LONDON — Castore, a U.K.-based performance brand for global sports teams, has agreed to acquire a full stake in the century-old British fashion label Belstaff on a debt-free, cash-free basis.
The financial terms of the team were undisclosed.
At the same time, Belstaff’s parent company Ineos, a U.K.-based manufacturer of petrochemicals, will make a significant strategic investment in Castore at a holding company level.
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Ineos is one of Britain’s largest private companies, generating revenue of $21.88 billion annually — and its owner, Jim Ratcliffe, is also known as an avid collector of motorbikes. The firm snapped up Belstaff in 2017 from JAB.
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The union between two British brands is aimed at driving future growth across premium categories by capitalizing on Castore’s direct-to-consumer and online retail networks, supply chain, growing global retail footprint and roster of professional sports team partnerships, including McLaren F1, Oracle Red Bull Racing, England Cricket Board and BWT Alpine Formula 1 Team.
Ashley Reed, chairman of Belstaff, said the two brands come together through shared qualities of “purpose-led design and entrepreneurial spirit.”
“Castore is disrupting the sportswear market and has demonstrated phenomenal growth and resilience in recent years. Having witnessed their journey, we saw a unique opportunity to join forces and accelerate Belstaff’s transformation through shared knowledge and resources,” Reed added.
Tom Beahon, chief executive officer and cofounder of Castore, said he has personally been a huge fan of Belstaff for a long time and is delighted that Ineos is investing in Castore.
“Ineos and the management team at Belstaff have done a phenomenal job in steering the company back to profitability following a challenging period for the retail sector. To have the opportunity to take Belstaff through the next stage of its growth journey is a dream come true and a huge privilege,” Beahon added.
Founded in Liverpool in 2016 by brothers Tom and Phil Beahon, Castore’s business model combines premium performance apparel with a vertically integrated digital commerce platform and supply chain platform for top sports teams and leagues.
Castore raised 7.5 million pounds from private investors, including tennis star Andy Murray, in 2020, and received a 145 million pound investment in a funding round led by Raine Partners, the growth equity arm of The Raine Group, an advisory and investment firm focused on media, entertainment and sports in 2023.
Under Ineos’s backing, the motorcycling and windproofing outerwear specialist celebrated its centenary last year with a retrospective exhibition in Stoke-on-Trent, a city in England’s Midlands, and the birthplace of the brand.
The brand operates 11 permanent stores and has plans to expand through pop-ups, with a focus on the U.K., Germany, and potential growth in Asia and North America.
Last year, it launched a street-meet-luxury collaboration with Manchester-originated fashion label Represent. Belstaff has also teamed with 1TRL, a subbrand of Merrell, on two sneakers and partnered with Grenson on a trio of service boots.
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