Belstaff manages to reduce net loss despite turnover drop in 2024

Luxury outerwear brand Belstaff International Limited reported its financial results for the year ended December 31, 2024, showing a decline in turnover but a substantial improvement in its balance sheet. Turnover for the year decreased by 5.2 percent to 54.6 million pounds. However, the company successfully reduced its net loss to 15.9 million pounds, an improvement from a 18.3 million pounds loss in the prior year. Crucially, the gross margin percentage rose to 28.1 percent from 25.9 percent.

Belstaff's financial position saw a dramatic turnaround, shifting from net liabilities of 270.3 million pounds at the end of 2023 to net assets of 36.3 million pounds at the end of 2024. Cash at bank and in hand also improved to 8.8 million pounds. Operating profit for 2024 was 593,246 pounds, a 72.1 percent decrease from the prior year, primarily because the 2023 figures benefited from a significant one-off provision release related to a store lease and foreign currency revaluation gains.

A major post-balance sheet event occurred on August 28, 2025, when Belstaff and its subsidiaries were acquired by J. Carter Sporting Club Limited (Castore). The directors expect the company to benefit from this integration into the wider Castore group through realising synergies and expanding global operations.

Belstaff's future strategy is centred on growing both revenue and profitability through a renewed focus on its brand image and 100-year heritage. This includes a refreshed visual identity, new product categories, and the refurbishment of its existing store portfolio. The brand is also actively managing its trademark portfolio and investing in research and development for new fabrics and styles to meet market trends.