85 293
Fashion Jobs
LULULEMON
Visual Merchandising Specialist | Toledo Local
Permanent · TOLEDO
LULULEMON
Community Specialist | Martha's Vineyard
Permanent · EDGARTOWN
LULULEMON
Community Specialist | Market Street, Lynnfield
Permanent · LYNNFIELD
LULULEMON
Expeditor (9pm - 2am) | Scottsdale Fashion Square
Permanent · SCOTTSDALE
LULULEMON
Visual Merchandising Specialist | University Place, Orem - Full Time
Permanent · OREM
LULULEMON
Visual Merchandising Specialist | The Shops at Mission Viejo
Permanent · MISSION VIEJO
LULULEMON
Community Specialist | Village Meridian
Permanent · MERIDIAN
NORDSTROM
Customer Service Representative - Montgomery Mall
Permanent · BETHESDA
NORDSTROM
Retail Stock - Chandler Festival Rack
Permanent · CHANDLER
NORDSTROM
Customer Service Representative - Old Orchard Center
Permanent · SKOKIE
NORDSTROM
Chef - Nordstrom Grill - City Creek Center
Permanent · SALT LAKE CITY
NORDSTROM
Retail Stock - Mayfair Collection Rack
Permanent · WAUWATOSA
NORDSTROM
Asset Protection - Agent - International Plaza
Permanent · TAMPA
NORDSTROM
Area HR Business Partner - NE Stores - CT/NY Market
Permanent · NORWALK
NORDSTROM
Retail Stock - The Village at Totem Lake Rack
Permanent · KIRKLAND
NORDSTROM
Service Experience Rep - Fashion Island
Permanent · NEWPORT BEACH
NORDSTROM
Asset Protection - Agent - Pentagon City
Permanent · ARLINGTON
NORDSTROM
Asset Protection - Security Ambassador - Pentagon City
Permanent · ARLINGTON
NORDSTROM
Asset Protection - Agent - Westfield Culver City Rack
Permanent · CULVER CITY
NORDSTROM
Retail Stock - The Palms at Town & Country Rack
Permanent · KENDALL
URBN
Anthropologie Visual Merchandising Manager
Permanent · COLUMBIA
URBN
Urban Outfitters Visual Merchandising Manager
Permanent · SEATTLE
Published
Sep 5, 2022
Reading time
2 minutes
Download
Download the article
Print
Text size

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 © 2024 FashionNetwork.com All rights reserved.