×
90 803
Fashion Jobs
KOHLS
Financial Analyst
Permanent · Menomonee Falls
GAP
General Manager - Glendale Galleria
Permanent · Glendale
MACY'S
Asset Protection Security Guard, Herald Square - Full Time
Permanent · New York
MACY'S
Asset Protection Detective, Northpark Center - Part Time
Permanent · Dallas
MACY'S
Asset Protection Detective, Manhattan Beach - Full Time
Permanent · Manhattan Beach
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Dadeland
Permanent · Miami
AESOP
Part Time Retail Consultant | Seaport
Permanent · Boston
KOHLS
Distribution Center Operations Manager
Permanent · Patterson
PAUL SMITH
Sales Supervisor- Wooster Street
Permanent · NEW YORK
URBN
Urbn Urban Outfitters Inc. Inventory Control/Quality Audit
Permanent · RENO
H&M
Senior Director, Sales Component Engineering
Permanent · ATLANTA
H&M
Part Time Cleaning Technician
Permanent · NEW YORK
PRIMARK
Visual Merchandising Manager- Downtown Crossing
Permanent · BOSTON
PRIMARK
Visual Merchandising Manager-Concord Mills
Permanent · CONCORD
PRIMARK
Visual Merchandising Manager - Crossgates
Permanent · ALBANY
PRIMARK
Visual Merchandise Manager- Jersey Gardens
Permanent · ELIZABETH
PRIMARK
Visual Merchandise Manager- Green Acres
Permanent · NEW YORK
PRIMARK
Visual Merchandise Manager- Walden
Permanent · BUFFALO
PRIMARK
Visual Merchandise Manager- Woodfield Mall- New Store
Permanent · SCHAUMBURG
SACKS
Vendor Compliance Analyst
Permanent · WILKES-BARRE
SACK OFF 5TH
Asset Protection Investigator
Permanent · BOCA RATON
UNDER ARMOUR
Stock Lead, ft
Permanent · WOODSTOCK
Published
Sep 5, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Castore raises new funds that value it at £750m

Published
Sep 5, 2022

Castore, the hugely ambitious British sportswear brand, has raised £50 million from a consortium of banks to expand further and compete with industry giants including Adidas and Nike.


Castore


In a move that its owners claim now values the company at £750 million, HSBC, BNP Paribas and Silicon Valley Bank have provided the extra £50 million to top up an existing £25 million revolving credit facility secured in March.

Castore co-founder Tom Beahon told The Times newspaper he had been able to convince lenders to support the financing because its fitness clothing and replica kits “were relatively recession-proof”.

The added finance will give Castore the resources to build up stock to supply a recent flurry of major new partnerships where demand for consumer replica shirts escalates. 

The seven-year-old business, which is backed by the billionaire Asda-owning Issa brothers, plus the founders of Pure Gym and tennis star Andy Murray, has been busy adding to its extensive roster of 10 major names in the sports world. This includes Premier football teams Newcastle United and Aston Villa in England, Sevilla in Spain, Bayer 04 Leverkusen in Germany, partnerships with the England Cricket Board and McLaren in Formula 1 motor racing.

Beahon said: “We are delighted to have successfully raised new debt facilities with three global banking partners. The increased facility is a strong endorsement of Castore’s exceptional performance in recent years, as well as our business model and strategy. The additional liquidity will allow us to further accelerate and internationalise our growth trajectory as we continue to build Castore into the leading premium sportswear brand in the world.”

Beahon also told the Times newspaper that international expansion will include “the opportunity to take the model to sports clubs in the Middle East and Far East.”

The company is currently expected to turn over £200 million in its 2023 financial year via mostly online sales, with EBITDA profits set to come in at about £20 million, Beahon said. 

“Over the last three or four months, as the economy has worsened, people have focused their budgets. They’re still spending but only on things they’re passionate about. We’re selling products for sports teams whose fans are incredibly passionate. 

“For team sports fans, buying their child the team’s shirt or jacket is not a discretionary purchase. Fans tended to buy the new kit at the start of the season, he said, “because every fan is convinced this is the season where things will change”.

Copyright © 2022 FashionNetwork.com All rights reserved.