Castore continues retail estate growth and expands its Manchester HQ
Castore, the fast-growing sportswear brand, is opening more stores and expanding its Manchester headquarters.
The retailer, which recently released impressive annual financial results, said it will expand its stores’ portfolio in the UK, Ireland, and the Middle East.
The brand, which was founded in 2015 by Wirral-based brothers Phil and Tom Beahon, has thrived since its inception and has seen phenomenal growth in just eight short years.
Due to the brand’s expansion, Castore has recently announced plans to open new stores in Grafton Street, Ireland and Bluewater, the UK’s second largest shopping centre. Both stores will see a creation of jobs in the area, with Grafton Street creating 15 career opportunities.
Castore’s concept stores will be showcasing the brand’s latest men’s and women’s collections – Zone, Flow and Apex, alongside teamwear for Mclaren and Redbull, and FAI and Leinster merchandise.
The brand recently launched a new store at the Dubai Mall.
Castore has also set its sights on internal developments at its HQ in central Manchester. Its offices will be expanding across five floors, with an introduction of an in-house store concept offering a dual use for retail visual merchandising.
In the past 12 months alone, the brand has opened more than 25 retail sites and e-commerce websites. This expansion has also seen the addition of more than 250 staff.
Co-founder, Tom Beahon, said: “We are constantly thinking about our growth plans and the brand expansion, to ensure we’re edging closer to our mighty ambition for Castore to be the world’s number one premium sports brand.
“We are incredibly proud to announce these new store openings, alongside the introduction of our store within Dubai Mall, allowing us to make our mark in the Middle East and be surrounded in good company of many prestigious brands.”
He added: “We’re thrilled to also be investing into our HQ in Manchester and expanding our team. We have exciting plans for 2024 and can’t wait to take our employees and customers on this journey with us as we continue to grow.”
In accounts filed at Companies House for the year to January 31, 2023, the brand revealed it hit £115m in turnover, up from £48.833m the previous year. Pre-tax profits of £14.674m compared with £8.059m in 2022.
The UK was the biggest market for the business, with £79.846m-worth of sales, followed by Europe (£25.364m), rest of the world (£6.680m) and North America (£3.126m).
Tom and Phil Beahon, enjoyed a bumper pay rise with their combined pay jumping from £274,167 in 2022 to £599,994 in the reporting period.
