UK sports brand Castore raises cash to fund Asia, US drive

By

Sandra Halliday

Published
Jun 25, 2018

Premium British sportswear brand Castore is targeting expansion in the US and Asia and has raised £3.2 million from a group of private investors to help it grow in those markets.

The menswear-only company, which is only two years old, was founded by brothers Tom and Phil Beahon, both of them former professional athletes. 

Their new investors include ex-Saatchi & Saatchi boss Robert Senior and Arnaud Massenet – former husband of Net-A-Porter founder Natalie Massanet. The investment was part of a £2.5 million cash injection through new firm Redrice Ventures. The remaining money came from individuals, including the entrepreneur who founded New Look, Tom Singh.

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Massenet said of his part in the funding: “Founded by two formidable brothers with equal passion for sports and building a global technical sports brand. What's not to love? I look forward to the journey and coming along for the ride.”

Meanwhile Robert Senior called Castore “a truly modern brand for [a] truly modern athlete,” due to its focus on technical engineering and premium design.

But of course, this group isn't only investing in good design. They also have an eye on the company’s sales trajectory with sales of only £750,000 pounds last year but expectations that they will rise to £2.7 million in 2018.

And if it manages to make an impact in key Asian markets, as well as in the US, those sales should rise even faster.

The company, which is based in Chester, is planning a dedicated Asian website and is also mulling the opening of its first store in Hong Kong.

What’s the key to its appeal? It is tapping into a rich vein of sales potential by combining key sports items and fabrics with a design approach that also works for everyday wear. And its premium prices (£90 for a T-shirt, £215 for a jacket) can be justified by its performance profile with advanced materials, such as graphene, being a key part of the brand story.