Manchester-based unicorn Castore has acquired INEOS-owned heritage fashion house Belstaff.
The deal, which will give the premium sportswear brand 100% ownership on a debt-free, cash-free basis, also sees Sir Jim Ratcliffe’s INEOS take a strategic stake in the fast-growing sports apparel manufacturer.
London-based INEOS, founded and spearheaded by billionaire industrialist and Manchester United minority shareholder Ratcliffe, will make a ‘significant strategic investment’ in Castore at the holding company level.
The move brings together two British brands who will come together to drive further international growth.
Ratcliffe’s investment into Castore comes nine months after he upped his stake in Manchester United to 28.9%.
Castore will look to accelerate Belstaff’s growth with the help of its direct-to-consumer expertise, international retail footprint, supply chain and a portfolio of professional sports team partnerships.
It was founded by brothers and BusinessCloud Northern Leaders Thomas and Philip Beahon.
The company won the International Award at the inaugral Northern Leaders awards night in January.
The firm became a unicorn in 2023, just seven years after its inception in Liverpool and saw revenues rise to £190m, despite a loss of £29m.
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The move also comes just three months into Kerry Byrne’s tenure as Belstaff CEO, having taken over from Fran Millar in May.
She had previously held a range of management positions in the sector with companies including Arcadia Group and Cath Kidston.
“This is a union of two British brands who have come together through shared qualities of purpose-led design and entrepreneurial spirit,” said Ashley Reed, chairman of Belstaff.
“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.”