Castore, the sportwear brand backed by Andy Murray, has bought celebrity favourite retailer Belstaff from Jim Ratcliffe’s INEOS group.
As part of the deal INEOS, controlled by the co-owner of Manchester United, “will make a significant strategic investment in Castore.”
The two high end British labels come together to help drive international growth.
Belstaff was founded by 1924 and its jackets been seen on stars such as Ewan McGregor, Kate Moss, David Beckham, and Brad Pitt.
Perhaps most famously a Belstaff biker jacket was worn by Steve McQueen when he played “cooler king” Captain Virgil Hilts in the 1963 wartime classic, The Great Escape.
It has five standalone stores, including a flagship on Regent Street, a further seven outlet stores and showrooms in London and Munich. The company employs 260 people.
It was bought by Ratcliffe’s oil and chemical giant in 2017 but has struggled to make a profit. Latest accounts show a loss of £18 million.
Manchester based Castore was founded by brothers Tom and Phil Beahon in 2015 and was valued at £1 billion last year. It has 68 stores, including outlets at Canary Wharf, the O2 and Bluewater shopping mall.
The two times Wimbledon champion was an early investor in 2019 and helped create the AMC line. It also has sponsorship deals with the likes of England Rugby and England Cricket.
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.”
