Castore eyes $200m fundraising boost as it sets to take on rivals Nike and Adidas
British clothing brand Castore is reportedly in talks with investors about a $200m (£165m) fundraising deal as it looks to compete with rival brands Adidas and Nike.
According to a report by Sky News, the business, which has received backing from tennis star Andy Murray, is liaising with bankers to secure a “significant capital injection”.
The business, which was founded by brothers Phil and Tom Beahon, has appointed Rothschild to advise on the process, Sky News reported.
Sources close to the deal told Sky News that the brand held initial talks with “prospective investors” ahead of a formal process that will take place later this year.
One source speculated to the outlet that it was likely to seek a “£1bn-plus valuation if it sold shares as part of the new capital raise”.
CityAM has approached Castore for a comment on the report.
The brand, which has struck supply deals with Premier league football teams such as Newcastle United, was previously valued at £750m.
Castore currently boasts a range of well regarded investors, including the billionaire Issa Brothers, the founders of Pure Gym and retailer New Look.