Castore completes acquisition of Belstaff

• Castore acquires 100 percent 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 announced that it has agreed to acquire 100 percent 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.”