Castore predicts 100% revenue growth in 2023
British luxury sportswear brand Castore has upped its revenue forecast for 2023 by 30% and now expects sales hit £200m ($250m), representing a 100% increase year-on-year.
The company is expecting increased sales driven by sports partnerships, including its recently announced collaboration with boxer Joe Joyce, as well as partnerships with Malaysian golfer Gavin Green and three-times grand slam winner Sir Andy Murray
Castore attributes the increase in its forecast to key factors including:
- Kit deals for new European teams such as Feyenoord Rotterdam FC, Athletic Club Bilbao, Football Association of Ireland, FC Twente, FC Utrecht with more being announced soon
- New localised e-commerce platforms
- Added brick-and-mortar retail, including three stores across key European cities, such as Amsterdam
- Growth of the mainline brand, securing a wider net of wholesale partners with Castore now available in more key accounts including Fanatics, Very, Frasers Group (Sports Direct/ Flannels), JD Sports, Harrods, John Lewis and Fenwick
Tom Beahon, Co-founder of Castore, commented: "Castore’s vision is to become the number one premium sportswear brand in the world. Right now, we’re focussing our efforts on boosting consumer awareness – developing close partnerships with sports teams and performance athletes and, driving organic growth of our mainline brands both digitally and within engaging new in-store environments.
Tom Beahon
"This is a really exciting time for us. We’ve the backing, liquidity, confidence and more importantly, the best performance sportswear kit that makes the most of advanced engineering and unique technical fabrics, to realise our strategic goals."
The increase was participated in by all three of Castore’s existing banks; HSBC, BNP Paribas and Silicon Valley Bank, and the newly increased revolving credit facility (RCF) will lengthen the maturity of Castore’s committed debt facilities, enhancing its financial flexibility.
