Castore sportswear eyes Hong Kong, Shanghai
With plans that include stores in Hong Kong and Shanghai, men’s sportswear brand Castore has raised £1.2 million (US$1.6 million) from a group of private investors.
One of the backers for the one-year-old company is the founder of high-street fashion chain New Look, Tom Singh, who is still a non-executive board member. He also sits on the advisory board of private equity firm Bridges Fund Management.
Castore was founded by brothers and former professional athletes Tom and Phil Beahon, who worked in football and cricket respectively. They say they believed there was a gap in the market for quality sportswear “appealing to a more discerning customer”.
“The premium sportswear market continues to expand rapidly, and although dominated by a small group of multinational companies, there is undoubtedly appetite for a premium brand committed to superior product quality like Castore,” says Singh.
Already selling to 18 countries from its website, the company is planning a store expansion in the UK. It wants to invest further in e-commerce and would like to open stores in Hong Kong, Shanghai and New York.
Castore’s turnover is set to be £650,000 this year, rising to £2.1 million next year, with overseas sales accounting for 45 per cent of the total. The business employs 12 people and works with a Portuguese textile factory.