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Castore has agreed to acquire 100% of the shares of Belstaff on a debt-free, cash-free basis, with the financial terms of the deal undisclosed.
The move will see INEOS, the parent company of Belstaff, make a “significant” strategic investment in Castore at a holding company level.
Castore and Belstaff said they will drive growth across premium categories, capitalising on Castore’s direct-to-consumer and online retail networks, supply chain, global retail footprint and 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, 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.”
