Castore, the manufacturer of premium sports apparel, has today announced that it has agreed to acquire 100% of the shares of Belstaff, the British premium heritage brand, on a debt-free, cash-free basis. The deal, the financial terms of which are undisclosed, will see INEOS, parent company of Belstaff, make a significant strategic investment in Castore at a holding company level.

Castore and Belstaff 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.

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.”

Castore has acquired 100 per cent of British brand Belstaff from Ineos on a debt-free, cash-free basis.
As part of the deal, INEOS will make a strategic investment in Castore.
The partnership aims to accelerate growth by combining Castore’s digital retail, supply chain and sports partnerships with Belstaff’s heritage positioning, while strengthening both brands’ presence in premium categories.

Tom Beahon, Co-Founder and CEO of Castore, 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.”

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Fibre2Fashion News Desk (RM)

Hong Kong property developer New World Development confirmed on Monday it is in discussions about a loan facility led by Deutsche Bank AG, but denied receiving any other funding proposals.

However, the firm did not reveal any other financial details about the loan facility being discussed with Deutsche, Germany’s largest lender.

Bloomberg News reported earlier, citing unnamed sources, that Hong Kong tycoon Henry Cheng’s family, also the firm’s controlling shareholder, was weighing a HK$10-billion ($1.28-billion) capital injection through a joint venture.

The report said the family was seeking a partner to provide a roughly similar amount for an equity stake, with Blackstone and CapitaLand among those in talks.

New World, which carries one of the highest debt ratios among its peers, secured an $11.2-billion loan refinancing package in late June, one of the largest yet in Hong Kong, designed to bring the company back from the brink of default.

Shares and bonds of the property developer had surged on August 7 after a media report on a potential take-private deal.