British sportswear brand Castore, backed by prominent figures such as Sir Andy Murray and the billionaire Issa brothers, has been recognised as the º£½ÇÊÓƵ's fastest-growing retailer.
The Manchester-based firm topped the Retail Index list, which evaluates revenue growth over a two-year span, as reported by .
According to the data used for the ranking, Castore's sales escalated seven-fold from 2021 to £115m in the year ending 31 January 2023. This announcement follows City AM's report in late October that the brand's revenue had risen to £190.3m in the 12 months leading up to 4 February 2024.
However, the same accounts, filed with Companies House, disclosed that Castore had slipped into a pre-tax loss of £28.8m after previously posting a pre-tax profit of £14.6m the previous year. The company's results indicate it incurred exceptional costs exceeding £24.4m in the year, pushing it into the red.
Even before considering these additional costs, the firm's operating profit was drastically cut from £16.5m to £399,148 within the year. Moss Bros also features among the top ten in the Retail Index list of the º£½ÇÊÓƵ's fastest-growing retailers, which includes Castore, Harding+, The Modern Milkman, Assisi Pet Care, Pelham Group, J & A Beare, Edgar Brothers, Passenger, Nobody's Child, and Moss Bros.
Orlando Martins, founder and CEO of Growth Index and ORESA, expressed optimism about the º£½ÇÊÓƵ's retail landscape, saying: "The º£½ÇÊÓƵ is a hotbed of innovation and creativity in retail, flying the flag globally from nimble start-ups through to some of our largest companies."
He added that the sector's potential is often overlooked in strategic economic discussions: "Yet it rarely features in discussions about industrial strategy which, considering the heritage of much of our textile, fashion and luxury subsectors, is a missed opportunity."
Martins called for a shift in recognition: "It's time that changed. The companies on this list prove that savvy retailers can grow at great pace, creating jobs, building export markets and contributing revenues to the Treasury."
Highlighting the role of social mobility in the industry, he concluded: "They also demonstrate the social mobility long inherent to retail: this is a sector not only of great entrepreneurialism, but where some of our all-time great executives have risen from the shop floor to CEO."
