Sportswear brand Castore is ramping up plans to expand internationally after securing a new £90m credit facility with its banking partners.
The retailer has agreed the new deal with its banking partners HSBC UK, BNP Paribas, and Lloyds, and said it would use the new funding to drive new retail openings across the UK and to support “continued international expansion” into key areas like the Middle East and Asian markets.
The retailer is targeting turnover of more than £300m over the next financial year. As part of that, it will also invest further in its digital infrastructure and analytics capabilities “to enhance the purchasing journey for its growing global customer base”.
Castore co-founder Tom Beahon said: “Our ambition for Castore is to continue to offer our growing customer base sportswear that is committed to performance, innovation, and premium quality. This new funding provides us with the flexibility and ability to accelerate our retail rollout, expand into new international markets, and continue to grow the brand in the UK and overseas. We are excited about the next chapter of growth and the opportunity to strengthen our position as a leading global sportswear brand.”
HSBC UK global relationship director Mark Rowan added: “Castore has demonstrated impressive growth since its launch and continues to build a strong presence both in the UK and internationally. It’s fantastic to be among the banking partners to support the business with this funding, which will provide the support needed to execute its ambitious expansion plans and long-term growth strategy.”
The move was announced on the same day that Belstaff chief executive Kerry Byrne announced she would be stepping down from the brand after a year, following the brand’s acquisition by Castore in August last year.
No comments yet