Ineos, the part owner of Manchester United, has declared a “significant strategic investment” in the upscale sportswear company Castore.
As part of a deal that would see Castore buy all of Ineos’ Belstaff on a “debt-free, cash-free” basis, the petrochemical company will invest in the British clothing company. Belstaff is the latest addition to Castore’s portfolio, which also includes sponsorship agreements with Andy Murray, England Cricket, and England Rugby.
Ashley Reed, chair of Belstaff, called the new agreement a “union of two British brands.” He said, “Castore is disrupting the sportswear market and has demonstrated phenomenal growth and resilience in recent years.”
“Having witnessed their journey, we saw a unique opportunity to join forces and accelerate Belstaff’s transformation through shared knowledge and resources.” Tom Beahon, the CEO and co-founder of Castore, said he was pleased with the investment.
“We are delighted that Sir Jim Ratcliffe’s Ineos is investing in Castore,” he stated, “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.” With the Formula 1 and grand tour cycling teams faltering, Ratcliffe’s recent attempts at sports have not produced many of the expected results.
Grimsby Town, a League Two team, defeated Manchester United in a penalty shootout this week in the Carabao Cup. As a result, fans are blaming Ratcliffe, who owns slightly less than 30% of United, and the Glazer family, who hold the majority of the shares, for the current state of affairs at Old Trafford.
Belstaff, a manufacturer of leather jackets, reported a £18 million loss last year. Castore’s acquisition of the company marks a shift from its typical sportswear and athleisure portfolio to more luxury goods. Steve McQueen donned a Belstaff jacket in The Great Escape, and Lawrence of Arabia is renowned for wearing one.
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