- Castore acquires 100% of Belstaff, on a debt-free, cash-free basis
- Premium brands Castore and Belstaff come together to drive further international growth
- INEOS, the parent company of Belstaff, will make a significant strategic investment in Castore
Castore, the manufacturer of premium sports apparel, has today announced that it has agreed to acquire 100% of the shares of Belstaff, the British premium heritage brand, on a debt-free, cash-free basis. The deal, the financial terms of which are undisclosed, will see INEOS, parent company of Belstaff, make a significant strategic investment in Castore at a holding company level.
Castore and Belstaff will join forces to drive future growth across premium categories, capitalising on Castore’s direct-to-consumer and online retail networks and expertise, supply chain, growing global retail footprint and Castore’s roster of professional sports team 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, said: “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.”
ENDS
For media inquiries:
Castore:
Will Palfreyman, Neil Daugherty, Teneo castore@teneo.com + 44 07796 106 191 / +44 07989 955 515
INEOS:
Press Office: +44 207 193 9030 ineos@firstlightgroup.io
Richard Longden, richard.longden@ineos.com +41 799 626 123
About Castore
Castore is a premium sportswear brand and end-to-end digital retailing platform for global sports teams. Castore’s Team Sports platform manages the full omni-channel retailing (online, offline, event-based) operations for selected partners and has a proven approach for growing revenues through product quality, supply chain innovation and fan engagement. Team Sports partners include Everton Football Club, Burnley FC, Rangers, Feyenoord, Athletic Club (Bilbao); McLaren F1; Oracle Red Bull Racing; BWT Alpine F1 Team; the England & Wales Cricket Board (ECB); Saracens Rugby, Harlequins, Scarlets; and Republic of Ireland Football (FAI). Castore’s Mainline brand crafts high-quality sportswear using advanced materials and precision engineering designed to improve athlete performance.
About Belstaff
Founded in 1924, Belstaff is a modern heritage brand with a rich history of moving people forward and equipping them with lasting apparel for life’s pursuits. Over the decades, Belstaff has created protective suits for race-car drivers so they had the confidence to go faster, wind-proof smocks for marines to help them weather the storm, and insulating clothing for mountaineers so they could venture further. One thing is at the heart of all these endeavours: An Independent Spirit. Favoured by renegades and novel thinkers, the brand’s community has a collective need to do things differently.