Castore, the British activewear brand, has acquired luxury menswear label Belstaff in a strategic move. Under the deal, Ineos, Belstaff’s previous owner, will make a “significant strategic investment” in Castore’s holding company. Further details of the deal, which was completed on a debt-free and cash-free basis, were not disclosed.
Ineos, the British multinational chemical giant owned by billionaire Jim Ratcliffe, had owned the brand since 2017 and is undergoing a restructuring plan to reduce debt levels.
Belstaff was founded in 1924 in Stoke-on-Trent, Staffordshire, England, and is renowned for its waxed jackets, which were once promoted by model Kate Moss and former professional UK soccer player, David Beckham.
According to a statement, Castore and Belstaff “will join forces to drive future growth across premium categories, capitalizing 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”.
Castore, founded in 2015 by brothers Tom and Phil Beahon, operates on a direct-to-consumer model and a sponsorship strategy, encompassing partnerships with English football, rugby, Formula 1, and cricket.
Tom Beahon, co-founder and chief executive of Castore, whose backers include British tennis player Andy Murray, said Belstaff returned to operating profit in 2023, excluding certain costs.
“Belstaff is a truly iconic brand with unparalleled heritage, and I have personally been a huge fan for a very long time,” Tom Beahon said. “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.
Tom Beahon added, “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.”
Ashley Reed, the chair of Belstaff, said “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.”
Image courtesy Belstaff
