Castore acquires British heritage brand Belstaff
Sports apparel manufacturer Castore has agreed to acquire 100% of the shares of British heritage brand Belstaff on a cash-free, debt-free basis.
The deal will see INEOS, the parent company of Belstaff, make a significant strategic investment in Castore at a holding level.
The financial details of the acquisition have not been disclosed.
Castore and Belstaff will now look to drive future growth across the premium categories, capitalising on the former’s retail networks and expertise, supply chain, growing global footprint, and its roster of sports team partnerships.
Founded in 1924, Belstaff has, over the decades, created protective suits for race-car drivers, wind-proof smocks for marines, and insulating clothing for mountaineers. It was acquired by INEOS in 2017.
It was recently announced that Belstaff will open its first-ever store in Leeds at Victoria Quarter.
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.”