British high-end sports apparel brand Castore, known for its rapid growth, has once again caught the attention of the capital market with its latest financing round of over £100 million.
Founded in 2015 in the UK by brothers Thomas Beahon and Philip Beahon, Castore has quickly made a name for itself in the sports fashion industry. Coming from a family with a sports background, the Beahon brothers brought their passion for sports and fashion into the creation of Castore.
In 2017, Castore received its first public funding of £9.56 million from a group of five private investors. The brand's growth continued with an additional investment of £25.5 million two years later, attracting high-profile investors like Arnaud Massenet, an early investor in luxury e-commerce platform Net-a-porter, and renowned British tennis player Andy Murray.
In 2022, Castore raised £50 million, significantly increasing its scale. At the beginning of December 2023, the brand announced a new funding round of £145 million (approximately 1.306 billion yuan), led by growth equity investment fund Raine Partners, with participation from Hanaco Ventures and Felix Capital.
The Beahon brothers believe this investment will enhance the company's competitiveness, allowing them to invest in supply chains, improve data analysis capabilities, and compete with traditional major brands.
Castore, from its inception, has focused on high-end, high-performance men's sportswear. The founders saw a gap in the market for such a brand, catering to a demographic with purchasing power but limited options.
Castore's products, available on its official website, span fitness, football, tennis, golf, and running. The pricing of items like sweatshirts and jackets is generally in the four-figure range.
Following the recent funding, Castore has been exploring ways to increase brand awareness through marketing, particularly by sponsoring sports teams. Within three months of receiving investment from Murray in 2020, Castore signed a partnership with the Scottish Rangers Football Club. That same year, the brand collaborated with McLaren Automotive to develop a high-performance sportswear line and became responsible for McLaren's licensed merchandise and e-commerce distribution plans.
In 2022, Castore became the official apparel and sportswear partner of the McLaren F1 team, with its logo featured on team uniforms and drivers' race suits.
This year, Castore expanded its team sponsorships, securing contracts with the Ireland national football team and Spanish La Liga team Athletic Bilbao. In Formula 1, after renewing its contract with the McLaren F1 team, Castore announced a new season team uniform deal with the Red Bull F1 team in February.
As of January 2023, Castore's brand sales reached £115 million in the 12 months leading up to that date.
Regarding the Chinese market, Castore has yet to make significant moves. The brand does not have official flagship stores on major e-commerce platforms like Tmall, nor is it present on social media platforms like Weibo and WeChat.
However, Castore's official website indicates that products can be shipped to China for purchases over 900 yuan.
