Castore acquires Belstaff from Ineos, which takes stake in the sportswear brand

Castore, the British sportswear company founded in 2015 by brothers Tom and Phil Beahon, announced on August 28 that it has acquired Belstaff, the high-end heritage outerwear label. Financial details of the deal, completed on a debt-free, cash-free basis, weren’t disclosed — but it includes a strategic twist: Ineos, Belstaff’s former owner, is now a shareholder in Castore’s parent company.

Both companies declined to provide further details on the implications of the transaction when contacted by FashionNetwork.com.

But we know that Castore and Belstaff “will join forces to drive future growth across premium categories, capitalising on Castore’s direct-to-consumer and online retail networks and expertise, supply chain, growing global retail footprint and Castore’s roster of professional sports team partnerships”.

The dual move highlights two dynamics: Belstaff’s repositioning within the fashion landscape and Castore’s international growth ambitions. Founded in 1924 in Stoke-on-Trent, Belstaff is known for its iconic waxed jackets and premium leather outerwear. The brand has changed hands several times over the last decade — from the German group Labelux in 2011, to JAB Holding, and then to Ineos in 2017. In recent years, Belstaff has reportedly returned to profitability by focusing sharply on its heritage identity.

Meanwhile, Castore has been gaining momentum in the sportswear sector. Built on a direct-to-consumer model and a strong sponsorship strategy, the brand has forged partnerships across English football, rugby, Formula 1, and cricket. In 2023, it reportedly surpassed £200 million in revenue, positioning itself as a rising British challenger to global giants such as Nike, Adidas, and Puma.

It has a premium profile but Belstaff also takes it into a much higher price bracket.

“Belstaff is an iconic brand with a legacy like no other. It’s a privilege to help steer it into a new phase of growth,” said Tom Beahon, Castore co-founder and CEO, adding that Ineos founder Sir Jim Ratcliffe’s investment represents a strong vote of confidence. Ratcliffe is also a key shareholder in Manchester United.

According to the companies, the partnership will create new synergies in digital distribution, logistics, and retail networks. It aims to combine Castore’s technical performance focus with Belstaff’s heritage and lifestyle positioning.

“Two British brands united by entrepreneurial spirit,” explained Belstaff Chairman Ashley Reed.

And Tom Beahon, co-founder and CEO of Castore, said: “Belstaff is a truly iconic brand with unparalleled heritage, and I have personally been a huge fan for a very long time. Ineos and the management team at Belstaff have done a phenomenal job in steering the company back to profitability following a challenging period for the retail sector. To have the opportunity to take Belstaff through the next stage of its growth journey is a dream come true and a huge privilege. We are also delighted that Sir Jim Ratcliffe’s Ineos is investing in Castore which is a demonstration of commitment to our business and global growth ambitions and we look forward to working together to deliver on this vision.” 

The move raises a broader question: is Ineos stepping back from a non-core business, or preparing to assemble a portfolio of iconic British brands? The answer could shape the future strategy of all parties involved.

Additional material by Sandra Halliday