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Ineos buys into Castore through Belstaff deal

Ineos buys into Castore through Belstaff deal

Ineos invests in Castore, shifting Belstaff ownership in strategic deal. The company’s strategic investment in sports apparel brand Castore facilitates Castore’s acquisition of heritage brand Belstaff, marking a shift towards luxury fashion.

Manchester United minority owner Sir Jim Ratcliffe’s Ineos has announced a significant strategic investment in the premium sports apparel brand Castore. This investment will enable Castore to acquire 100 per cent of Ineos-owned Belstaff on a debt-free, cash-free basis. Castore, known for its sponsorship deals with England Rugby, England Cricket, and former Wimbledon champion Andy Murray, will now incorporate Belstaff, the heritage clothing brand celebrating its 100th anniversary in 2024, into its portfolio.

Belstaff chair Ashley Reed described the agreement as a union of two British brands. He praised Castore for disrupting the sportswear market and demonstrating phenomenal growth and resilience. Reed expressed optimism that the partnership would accelerate Belstaff’s transformation through shared knowledge and resources.

Castore co-founder Tom Beahon expressed delight over Ineos’s investment, viewing it as a commitment to the brand’s business and global growth ambitions. He anticipates a fruitful collaboration with Ineos to realise their shared vision.

Despite Ratcliffe’s recent challenges in the sporting arena, including underperformance from the Formula 1 team and Manchester United’s loss to League 2 side Grimsby Town in the Carabao Cup, this investment signals a strategic shift. Fans have raised concerns about the state of play at Manchester United, with some attributing blame to Ratcliffe and the majority shareholding Glazer family.

Belstaff, which reported an £18 million loss last year, is known for its leather jackets worn by icons such as Lawrence of Arabia and Steve McQueen. The acquisition by Castore represents a strategic expansion from its traditional sporting apparel and athleisure focus into the luxury fashion sector.

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BQ

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