Fashion / news
Belstaff lifts 2025 turnover 3.8% to £56.7m as gross margin improves
Belstaff's turnover rose 3.8% to £56.7 million in the full year 2025 and its gross margin climbed to 29.4%, even as the outerwear brand swung to an operating loss of £3.7 million.
Gross profit for the year reached £16.66 million, up from £15.35 million a year earlier. The company said the improvement reflected a continued emphasis on product margins and inventory management across the business.
The bottom line moved in the opposite direction. Belstaff recorded an operating loss of £3.7 million, compared with an operating profit of £593,000 in the prior year, a swing the company attributed primarily to significant foreign exchange revaluation gains on inter-company loans that flattered 2024.
Loss before tax narrowed sharply to £3.6 million from £15.9 million in 2024, helped by a substantial reduction in finance costs during 2025. The year also included a balance sheet clean-up exercise covering the review and clearance of historic balances.
Setting aside the prior-year currency gains, Belstaff said it delivered an improved underlying operating performance, supported by higher gross margins and ongoing cost management initiatives.
Ownership of the brand changed in August 2025, when Ineos sold it on a debt-free, cash-free basis for an undisclosed sum to the sports brand Castore. Ineos has since become a shareholder in Castore's parent company.
The new owner has said its objective mirrors that of Ineos, namely to grow both revenue and profitability, starting with a renewed focus on brand image and heritage. That effort has been supported by a refreshed visual identity, new product categories and new technical fabrics.