Sportswear giant Castore has acquired premium British menswear brand Belstaff from Jim Ratcliffe-owned parent company Ineos in a cash-free, debt-free deal, Retail Week can reveal.
The deal will also see Ineos make a significant strategic investment in Castore at a holding company level.
The brands 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”.
Confirming the completion of the deal to Retail Week, Castore chief executive Tom Beahon 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.”
Ashley Reed chairman of Belstaff, said: “This is a union of two British brands who have come together through shared qualities of purpose-led design and entrepreneurial spirit. 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.”
Belstaff, a luxury menswear brand best known for outerwear and accessories, currently operates five standalone retail stores and a further seven outlet stores across the UK, with further showrooms in London and Munich, Germany, and employs around 260 employees.
The purchase of Belstaff represents a significant strategic departure for Castore, which has previously looked to acquire the rights to sub-license other brands, such as the deal it struck with Umbro in 2024. It also bought Leeds-based clothing supplier Infinity Inc in mid-2024.
It’s also a departure for Castore in terms of product category, with the brand having previously been entirely focused on sportswear and athletic clothing.
Belstaff was bought by Ratcliffe’s oil and chemicals giant Ineos in 2017, but the marriage hasn’t been a happy one. Under parent company Ineos, the brand has struggled to turn a profit, and its most recent financial results for the 2024 financial year revealed mounting losses of almost £19m.
The brand previously had significant intercompany loans from Ineos, which were not contractually committed for repayment. Previous financial auditors Grant Thornton had also highlighted a material uncertainty regarding the company’s ability to continue as a going concern.
Manchester-based sportswear brand Castore, by comparison, has been going from strength to strength since its founding by entrepreneurial brothers Tom and Phil Beahon in 2015. It was valued at over £1bn in 2024, and last reported a record-breaking Christmas with its “strong ever sales performance”.
In November 2023, the brand raised £150m in new capital investment.
The current chief executive of Belstaff is Kerry Byrne, who took the reins at the brand in April 2025, having previously been the brand’s chief operating officer. Prior to her time with Belstaff, Byrne held numerous management positions at the British fashion brand Cath Kidston and with Arcadia Group.
Byrne has been responsible for heading up a turnaround of Belstaff, focusing on overhauling the brand to appeal to a wider audience, revamping and updating its store estate to make them more into community hubs and providing experiences beyond retail and innovating more with product.
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