Castore has acquired Belstaff from minority Manchester United owners, INEOS Group.
Financial details haven’t been revealed, but as part of the deal, INEOS will make a “significant strategic investment” in Castore.
“This is a union of two British brands who have come together through shared qualities of purpose-led design and entrepreneurial spirit,” said Ashley Reed Chairman of Belstaff.
“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.”
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Castore has taken a 100% holding in the historic British clothing brand, on a debt-free, cash-free basis.
The North West firm said that it would seek to drive further growth across premium categories, enabling Belstaff to capitalise on its direct-to-consumer and online retail networks.
“Belstaff is a truly iconic brand with unparalleled heritage, and I have personally been a huge fan for a very long time,” added Tom Beahon, Co-Founder and CEO of Castore.
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“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.”