A&O Shearman, Slaughters lead on sale of British fashion brand Belstaff

A&O Shearman and Slaughter and May have advised on Castore’s acquisition of Belstaff, in a deal that takes the struggling British heritage brand out of Ineos’s hands.

The transaction sees Castore take full ownership of Belstaff. As part of the deal, billionaire Jim Ratcliffe’s Ineos - the petrochemicals giant which also owns a big stake in Manchester United - has made what it called a "significant strategic investment" into Castore.

Old meets new

Castore was founded in 2015 by brothers Tom and Phil Beahon who worked at Lloyds and Deloitte, respectively, before committing themselves to their sportswear brand. It has since built a name for itself through top-tier sponsorships with England Rugby and England Cricket as well as Andy Murray, among others.

Belstaff, which turned 100 last year, is best known for its leather outerwear but has struggled financially in recent years - reporting an £18 million loss in its most recent publicly-available accounts.

The deal marks a push beyond performance gear and athleisure for Castore, which says it will use its direct-to-consumer platform, supply chain and global retail partnerships to breathe new life into the brand.

Advising

A&O Shearman advised Castore. The team included corporate partner Matt Hamilton-Foyn and tech/IP partner Alex Shandro. Castore has been a client since 2023.

The firm worked on the brand's £145 million fundraise in a round led by The Raine Group two years ago.

Slaughter and May acted for long-time client Ineos, led by partner Sally Wokes. Partners David Ives (IP), Gareth Miles (tax), Caroline Phillips (finance), Phil Linnard (pensions and employment) and John Nevin (real estate) also assisted.

Slaughters advised chairman Ratcliffe on his acquisition of 25% of Manchester United at the end of 2023.