North West sports brand predicts 100% year on year rise in revenues
Manchester-based sportswear brand, Castore, has increased its revenue forecast for 2023 following new kit deals and the growth of its physical stores’ portfolio.
The business is predicting a 30% rise in turnover to $250m, a representative increase of 100% year on year.
Castore said the improved forecast is due to kit deals with new teams in Europe such as, Feyenoord Rotterdam FC, Athletic Club Bilbao, Football Association of Ireland, FC Twente, FC Utrecht, with more being announced soon.
It also has new localised e-commerce platforms, as well as a growth of its physical retail portfolio with Castore adding a minimum of three stores across key European cities, including Amsterdam.
Organic growth of its mainline brand has secured a wider net of wholesale partners with Castore now available in more key accounts including Fanatics, Very, Fraser Group (Sports Direct/ Flannels), JD, Harrods, John Lewis & Fenwicks.
Castore also boasts high profile brand collaborations including recently announced boxer Joe Joyce, Malaysian professional golfer Gavin Green and extended partnerships with three-times grand slam winner Sir Andy Murray.
Tom Beahon, Castore co-founder, said: “Castore’s vision is to become the number one premium sportswear brand in the world.
“Right now, we’re focusing our efforts on boosting consumer awareness – developing close partnerships with sports teams and performance athletes and, driving organic growth of our mainline brands both digitally and within engaging new in-store environments.”
He added: “This is a really exciting time for us We’ve the backing, liquidity, confidence and, more importantly, the best performance sportswear kit that makes the most of advanced engineering and unique technical fabrics, to realise our strategic goals.”
