Strong festive sales helped Castore to achieve “record” trading in December as the British sportswear brand looks towards its long-term goal of stock market flotation.
The retailer said that sales in December increased by 16 per cent, boosted by strong demand from shoppers for its football shirts and Formula One products.
The group’s womenswear also provided a lift to Christmas trading as sales in the division climbed by more than 30 per cent in December 2024 compared with a year earlier.
Castore said the strong festive trading demonstrated that the sportswear sector “remained more resilient than other retail segments” as a growing number of shoppers prioritise fitness and wellbeing.
Castore, which makes Newcastle United’s kit, aims to be “the British Nike or British Adidas”
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Founded in 2015 by brothers Tom and Phil Beahon, the sportswear brand has grown rapidly to become a £950 million business. The company has attracted big-name investors, including Peter Roberts and Brian Scurrah, the Pure Gym founders, and Tom Singh, the founder of New Look.
“I very much focus my time and energy on building the best brand and business that I can because if we do that there’ll hopefully be some exciting options for us from a capital event — an IPO is one of those options,” Tom Beahon, co-chief executive with his brother, said.
“As a proud British entrepreneur I would love to be able to IPO the business in London but there’s nothing on the immediate cards on that front,” he added.
• Castore among 100 fastest-growing companies in Britain 2024
The expansion of the Manchester-based company comes as an increasing number of sportswear brands including Hoka and On Running “disrupt” the industry and challenge companies such as Nike and Adidas.
“More nascent challenger brands have come into the market. Castore is in that cohort, Gymshark is in that cohort and customers are willing to try new brands that are not the Nike swoosh or the Adidas three-stripe,” Beahon said.
He added that the sportswear industry had benefited as people grew more health conscious, with growing numbers signing up for yoga or the gym. “Long term my ambition is for Castore ultimately to be the British Nike or British Adidas, that was the founding vision,” he said.
Castore makes most of its revenues by selling directly to consumers online, but it is set to expand its physical retail presence by opening five to ten stores this year.
Beahon said: “We will be announcing a number of very large … flagship partnerships this year, both in the UK and internationally. We do see international growth as key to the next stage of Castore’s growth as a business.”
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