“The most difficult thing is the decision to act; the rest is merely tenacity." That’s a quote from Amelia Earhart. The famous aviatrix was rumoured to be wearing a Belstaff jacket when she became the first woman to fly solo across the Atlantic in 1932.
During the flight, Earhart encountered strong winds, a fuel leak, a cracked manifold, icy conditions, and a failed altimeter.
Tom and Phil Beahon, the founders of Castore, will be anticipating their own strong head winds after buying the Belstaff brand from Jim Ratcliffe’s Ineos.
As The Guardian notes, “Belstaff has reported losses every year since it was bought by Ratcliffe’s oil and chemicals empire in 2017, with the most recent published accounts showing a pre-tax loss of £18.3m in the year to December 2023.”
Icy fiscal conditions, then.
Only just ten years old, Castore turned over £190 million in 2024. So, having built their own sportwear brand so successfully, what will the brothers Beahon bring to Belstaff?
Well, Consumer Exec magazine points out, “This move brings together two very different but complementary players: Castore, built on a digital-first, performance-driven model with strong sponsorships across sport, and Belstaff, known for its heritage craftsmanship, motorcycle culture roots, and timeless jackets.”
And that’s a telling point. It’s Castore’s direct-to-consumer expertise that will help drive profits up for the iconic Belstaff brand. The Manchester company’s advanced e-commerce infrastructure, data-driven customer engagement, and efficient logistics will dramatically reduce Belstaff’s historic reliance on wholesale channels. In short, cut out some of middlemen and profit margins should start to move in the right direction.
So, the deal make sound immediate business sense. But what else could be driving it?
Ashley Reed, the chair of Belstaff, told The Guardian, “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.”
Seasoned industry watchers, however, suspect there’s a little more to the union than first meets the eye. Intriguingly, Ineos has made a significant strategic investment in Castore to facilitate the sportswear brand’s acquisition of Belstaff.
Fashion Network reports, “The move raises a broader question: is Ineos stepping back from a non-core business, or preparing to assemble a portfolio of iconic British brands? The answer could shape the future strategy of all parties involved.”
That’s an interesting proposition. Could the Lancashire-born tycoon be helping Castore to buy Belstaff whilst also planning for Ineos to – at some point – buy them?
Just like Amelia Earhart, Radcliffe relishes making challenging decisions. His investment in Castore may well turn out to be one of his best yet.