Castore gears up for $200m fundraising to take on Nike and Adidas
Premium British sportswear brand Castore is reportedly in talks with investors about a $200m fundraising round as it intensifies its battle with global giants Adidas and Nike.
According to Sky News, the Andy Murray backed business, which was founded by brothers Phil and Tom Beahon, is working with bankers on plans to secure a significant capital injection.
Castore has reportedly appointed Rothschild to advise it on the process. Initial talks with prospective investors have already begun ahead of a formal process later this year, according to sources.
The business, which mainly sells its products online, is positioning itself as an alternative to established sportswear rivals such as Adidas, Nike, and Puma.
Castore is already the official technical kit partner of numerous top tier teams and athletes including Rangers FC, Newcastle United, McLaren Racing, England Cricket, US Open Champion Matt Fitzpatrick, and Sir Andy Murray.
Castore recently increased the size of its debt facility from £50m to £75m, giving “additional levels of liquidity” to further support the group’s strategic growth ambitions. The increase has been put in place following continued strong trading for the business and strong forecast growth in 2023.
Black Friday 2022 was the most successful in the company's history, breaking all previous sales records, and 2023 will see Castore partner with a number of newly signed, major sports teams across Europe.
In January 2023, the brand announced a new partnership with Surrey Country Cricket Club, becoming the official teamwear supplier, whilst in December 2022 it launched a capsule collaboration collection with the 007 franchise.
In November 2022, Castore announced a new multi-year partnership with professional cycling team INEOS Grenadiers.
Most recently, Castore partnered with Savile Row tailor Richard James to create a high-performance suit that marries the two fashion categories.
Listen to TheIndustry.fashion's podcast with Tom Beahon, Co-founder of Castore.
