Castore, the tech-enabled Manchester-based sportswear brand, has acquired premium British footwear brand Grenson Shoes.
The unicorn was founded in Liverpool in 2016 by brothers Thomas and Philip Beahon, whose parents remortgaged their home to get the business off the ground in the early days.
The latest deal for Grenson Shoes, which was founded in Northamptonshire in 1866, comes a year after Castore acquired INEOS-owned heritage fashion house Belstaff.
Thomas Beahon said: “With this latest addition to our portfolio we become ever more convinced that heritage brands are where the greatest long-term opportunities exist.
“Heritage simply cannot be recreated; it is built over decades with love, discipline and passion. Characteristics that AI will never be able to replicate.
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“Authenticity is incredibly powerful and Grenson’s commitment to craftsmanship has remained at the core of its DNA since 1866, creating an exceptional level of customer loyalty and devotion, often lasting multiple generations within families.
“Technology will make it easier than ever before to launch a new brand, but very few brands in the world can trace their roots to the 19th century and this history is where the magic for Grenson lies.”
Castore won BusinessCloud’s International Award at the 2024 Northern Leaders Awards.
Beahon said: “As we have grown Castore over the last 10 years, it’s become clear that many brands face similar challenges – balancing revenue growth with profitability, choosing between short and long-term objectives, building multi-channel distribution and approaching international expansion.
“It is incredibly difficult to grow profitably without raising outside investment, which often results in the loss of what makes a brand special.
“We believe we have a solution to this problem: investing in high-quality, durable brands; leaving creative control with those who do it best; and helping to support operating functions.
“Where these functions leverage the scaled infrastructure of the wider Castore Group, profitability increases, allowing greater reinvestment back into the brand to drive long-term growth.
“Unlike financial investors, our investment horizon is 20+ years and we believe great brands become ever stronger over time when nurtured in the right way. We are passionate about British brands and their ability to compete on the global stage and want to play our role in making this happen.”