100% of Belstaff passes to Castore, and in doing so, the British brand known for its leather and waxed motorbike jackets, now belongs to the fast-growing sportswear company. Under the agreement (signed on 28 August), the terms of which are not known, the British group Ineos, which has controlled Belstaff since 2017, will in turn make a “significant strategic investment” in Castor’s holding company. The deal demonstrates the desire to reposition Belstaff, which has been struggling for some time, but also Castore’s strong ambition for international growth, which aims to join giants such as Nike, Adidas and Puma.
Belstaff switches to Castor
Belstaff had been struggling lately: the brand has generated losses every year since it was bought in 2017 by Sir Jim Ratcliffe’s oil and chemical giant Ineos. The financial statements for the year that ended December 2023 reports a pre-tax loss of £18.3 million. According to documents filed, sales fell 3.6% to £57.6m (as reported by The Guardian). Until 2017, the brand, founded in 1924, was owned by German investment company JAB Holding, which in turn had acquired it from German group Labelux in 2011.
And now (perhaps) recovery
Tom Beahon, co-founder and CEO of Castor, said that Belstaff was once again profitable in 2023. “Belstaff is a truly iconic brand with an unparalleled heritage, and I personally have been a huge fan for a very long time”, the entrepreneur told the British newspaper. “Ineos and the Belstaff management team have done a phenomenal job in returning the company to profitability after a difficult period. To have the opportunity to accompany Belstaff through the next phase of its growth journey is a dream come true and a huge privilege”, he added. Castor is on the launch pad: the company is expected to surpass the £200 million turnover mark. The group has become best known as a supplier of sports equipment, focusing both on direct-to-consumer sales but also on sponsorship of clubs and federations (including English football, rugby, Formula 1, and cricket).
Union Jack
“Two British brands united by entrepreneurial spirit”, summed up Ashley Reed, president of Belstaff in a statement quoted by Fashionnetwork.com. The synergy between the two British companies certainly has great potential, as the press release goes on to explain, especially “in digital distribution, logistics and the retail network, while at the same time fertilizing each other’s skills: technical innovation and performance for Castore, heritage and lifestyle aura for Belstaff”.
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