Sportswear Brand Castore Raises £145M, Hits £950M Valuation

Prestige sportswear is reaching new heights.

What’s happening: Castore secured £145M in new funding, valuing the athletic apparel company at £950M.

Touting elite sports partnerships including English Premier League football clubs like Aston Villa and Wolverhampton, as well as McLaren and Red Bull Formula One teams, the capital will accelerate product and market expansion.

Game on. Founded in 2015 by brothers Tom and Phil Beahon, the UK brand – which counts tennis star Andy Murray among its backers – gained traction in Europe and Australia. It now eyes new territory in the Americas, the Middle East and Asia.

Initially expecting an EBITDA of £20M, the company says it is on track to achieve “record revenues and profits” in 2023, targeting £500M revenue within three years.

Going the Distance

As more consumers fill their closets with athleisure, the global activewear market is set to reach $772B by 2032. Appealing to elite and everyday athletes alike, Castore is carving out a niche in the premium category, but competition remains fierce.

• lululemon, the official partner of the Canadian Olympics team and Peloton, expanded to eight European countries and expects ~$9.5B revenue this year.
• Valued at $500M, NOBULL recently became the official training apparel partner to the NFL Combine and landed funding from the league’s investment arm.
• US brands Alo Yoga and Vuori and Swiss On are pursuing international hypergrowth while tapping individual sports stars as ambassadors.

Elsewhere… high-end competitors supplying pro kit and athleisure alike are springing up across the EU, namely Spain’s JOMA, France’s Le Coq Sportif, and Macron and technical sportswear maker UYN hailing from Italy.

Takeaway: Proving pandemic-resilient, premium sports properties are doubling down on investors and fans. With the Americas and Europe landing 80% of global sports investment, Castore is well-placed to ride the wave, while the surge in women’s sport, and its growing viewership, will further drive the sector forward.