Castore expects to double revenue in 2023

British sportswear brand Castore expects to report a 100 percent increase in revenue in 2023 as it continues its rapid growth.

The Manchester-based company, which is backed by Wimbledon winner Andy Murray, said the forecasted growth will be driven by a number of factors, including new localised e-commerce platforms and the expansion of its physical store estate.

Castore said it plans to open a minimum of three new locations in 2023 across key European cities including Amsterdam.

Other factors driving its growth include new kit deals with sports teams across Europe, and partnerships with stars including British boxer Joe Joyce and Malaysian professional golfer Gavin Green.

Castore ups FY revenue outlook

Additionally, the company said it expects continued organic growth of its mainline brand, having secured a wider net of wholesale partners, with the brand now available in key British retailers such as Fanatics, Very, Fraser Group, JD, Harrods, John Lewis, and Fenwicks.

The updated revenue annual forecast of 250 million pounds is 30 percent higher than its previous estimate.

Castore co-founder Tom Beahon said the company’s goal is to become “the number one premium sportswear brand in the world”.

He continued: “Right now, we’re focussing 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.

“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.”