Castore explores options to raise £10m
today Jul 1, 2019
Castore, the upmarket sportswear brand backed by Andy Murray, is seeking to raise £10 million to accelerate its growth as it prepares to see a sales surge this year.
The performance sportswear brand for men expects to see sales hit £14 million this year, with its new partnership with Andy Murray helping it almost triple the size of the business compared with 2018.
The British tennis player agreed to become a global ambassador for the brand in a deal worth £8 million in January, and also acquired an undisclosed stake in the business.
In addition to advising on product innovation, Murray will wear a kit designed by Castore when he returns to Wimbledon next week after a hip surgery, further raising the brand’s profile amid well-heeled tennis fans.
Tom Beahon, founder of Castore, told the Mail On Sunday: “When we started three years ago there was no real premium alternative to Nike, Adidas or Under Armour. Purely by virtue of their size and scale they are mass market brands. Castore has filled the gap for a slightly more affluent or discerning customer.
“Since we teamed up with Andy we have had several inquiries from potential investors. The timing is perfect because we are looking at how we want to grow the company and how best to fund expansion.”
There have been rumours the brand, which is currently only for men, could be adding a womenswear range in the near future, and Castore is set to open a website for Japan this year.
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