British sportswear brand Castore is ramping up its expansion into the Asian market following a £3.2m investment round in June.
The expansion will kick-start with a launch in Harvey Nichols Hong Kong this November. Following this, the brand will launch new websites for Hong Kong, South Korea, Singapore and Japan in November 2019.
David Wakely, former buying manager at Lane Crawford, has been appointed to the role of head of Asia.
In June of this year, Castore raised £3.2m from private investors including Arnaud Massenet, Robert Senior and New Look founder Tom Singh.
Sales for Asia have grown 400% per year for the brand and are expected to account for 40% of total international sales in the next 12 months. Currently, around half of the business is made up of UK sales with the rest coming from overseas. Group sales are on track to reach £2.7m this year.
Co-founder Tom Beahon, a 28-year-old former professional football player who launched the company with his brother in 2016, said, “Our customers in Asia tend to be professionals, either locals or ex-pats, who take their fitness very seriously, so the demographic fit is perfect for us. We see huge potential among the residents and the millions of tourists who visit Hong Kong and are actively looking at locations to open a standalone Castore outlet.”