UK-based sportswear manufacturer Castore has announced that it has agreed to acquire 100 percent of the shares of British heritage outerwear brand Belstaff on a debt-free, cash-free basis. The financial terms of the deal are undisclosed. Upon the terms of the agreement, Sir Jim Ratcliffe’s Ineos will make “a significant strategic investment” in Castore’s holding company.
Belstaff, best known for its waxed jackets, was founded in 1924 by Eli Belovitch and Harry Grosberg in Stoke-on-Trent, Staffordshire. Belstaff was bought by Ineos in 2017 from German investment firm JAB Holding.
Castore, established in 2016, produces premium athletic apparel and manages e-commerce platforms for professional sports teams, including McLaren F1 and several top-tier football clubs. The acquisition is expected to enhance both brands’ international growth by combining Castore’s digital and retail infrastructure with Belstaff’s product heritage.
“This is a union of two British brands,” said Ashley Reed, Chairman of Belstaff. Castore CEO Tom Beahon added that the acquisition is a “privilege” and reflects Ineos’ confidence in Castore’s global ambitions.
