Expanding Castore gets backing from New Look founder
UK-based Castore, the premium men’s activewear brand, has raised £1.2 million from a group of investors who include New Look founder Tom Singh.
The one-year-old company was founded by brothers Tom and Phil Beahon, both of them former professional athletes, who said they saw a market gap for better quality sports clothing targeting “a more discerning customer”.
Singh said they have created an “exciting company with strong growth prospects, not just in the UK, but worldwide.”
He added: “The premium sportswear market continues to expand rapidly and although currently dominated by a small group of multinational companies, there is undoubtedly appetite for a premium brand committed to superior product quality like Castore.”
The business claims to offer “the most advanced sportswear in the world” and “the best performing sportswear” globally. Jackets retail for £180 to £245 with shorts at £95 and vests starting at £80.
The label has grown so far through its e-store, which ships to 18 countries. It will be investing in online expansion but it is also planning to open its first stores, in London, with sites targeted in Canary Wharf, Bank and Chelsea. Hon Kong, Shanghai and New York City physical stores are also on the hitlist.
The company is predicting turnover of £0.65 million this year, rising to £2.1 million in 2018 with international sales already accounting for 45% of total turnover at this early stage.
Tom Beahon said the brothers are delighted” to have “one of the great figures of British retail” on board and that he “fully understands our brand DNA.”
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