Castore acquires Belstaff to accelerate international growth
British premium sportswear brand Castore has acquired 100% of Belstaff, the heritage fashion label, in a deal that brings together two homegrown names to accelerate international growth.
The transaction, completed on a debt-free, cash-free basis, will also see Belstaff’s parent company INEOS make a significant strategic investment in Castore at holding company level.
Financial details of the deal have not been disclosed.
Castore said the union will strengthen its premium offering by leveraging Belstaff’s heritage and design pedigree alongside Castore’s direct-to-consumer expertise, online retail networks, supply chain and expanding roster of global sports partnerships.
Ashley Reed, Chairman of Belstaff, said: "This is a union of two British brands who have 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."
Tom Beahon, Co-Founder and CEO of Castore, added: "Belstaff is a truly iconic brand with unparalleled heritage, and I have personally been a huge fan for a very long time. 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. We are also delighted that Sir Jim Ratcliffe’s INEOS is investing in Castore, which is a demonstration of commitment to our business and global growth ambitions and we look forward to working together to deliver on this vision."
The deal marks a significant step for Castore, which has rapidly scaled in recent years through partnerships with leading sports teams and an expanding retail footprint, as it looks to cement its position in the premium sportswear market.
