Castore secures 90 million pounds in funding to invest in growth and digital capabilities

Sportswear brand Castore has secured a 90 million pound facility with banking partners as it continues to pursue global expansion and rollout a growth strategy. The company said it would use the funding to facilitate new retail openings across the UK, as well as support growth into the Middle East and Asia.

In a statement, Mark Rowan, global relationship director at HSBC UK, which was joined by BNP Paribas and Lloyds in the funding round, said: “Castore has demonstrated impressive growth since its launch and continues to build a strong presence both in the UK and internationally.

“It’s fantastic to be among the banking partners to support the business with this funding, which will provide the support needed to execute its ambitious expansion plans and long-term growth strategy.”

Founded in 2015, Castore is now targeting a turnover of more than 300 million pounds over the next financial year, a mission it intends to achieve through investments into digital infrastructure and analytics capabilities.

Beyond retail expansion, Castore has also been growing its presence through M&A, having specifically snapped up British premium brand Belstaff in a deal last year. At the time, Castore said it was planning to drive future growth through both companies, while steering Belstaff specifically back to profitability.

Speaking on the latest funding, Castore’s co-founder, Tom Beahon, said: “Our ambition for Castore is to continue to offer our growing customer base sportswear that is committed to performance, innovation and premium quality.

“This new funding provides us with the flexibility and ability to accelerate our retail rollout, expand into new international markets and continue to grow the brand in the UK and overseas. We are excited about the next chapter of growth and the opportunity to strengthen our position as a leading global sportswear brand.”