Meet the best friends behind fast-growing Castore rival Montirex

Friday 02 Might 2025 6:00 am
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Thursday 01 Might 2025 1:30 pm

Montirex, a sportswear model based by two finest mates, has predicted one other big soar in its gross sales and revenue this yr because it seeks to tackle rival Castore.

The Liverpool-headquartered enterprise has revealed it’s eyeing a turnover of round £130m for 2025, up from the £76.7m it achieved final yr and £33.4m in 2023.

The corporate has additionally predicted its pre-tax revenue will attain nearly £34m this yr, up from £20.8m in 2024 and £3.5m in 2023.

Montirex was arrange by finest mates Daniel Yuen and Kieran Riddell-Austin six years in the past and is making ready to develop into Europe within the subsequent three years.

The enterprise added it is usually seeking to break into North America by 2030.

Can model tackle Castore?

Montirex is hoping to share within the success of fellow attire model Castore, which additionally began out on Merseyside.

The sportswear model was based in 2016 by two Merseyside brothers and was headquartered in Liverpool till relocating to Manchester a couple of years in the past.

The enterprise is now price within the area of £1bn and has partnerships with the likes of Premier League golf equipment and F1 groups.

In October 2024, Metropolis AM reported that Castore’s turnover surged from £115m to £190.3m within the yr to 4 February, 2024, whereas it went from a pre-tax revenue of £14.6m to a pre-tax lack of £28.8m.

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Montirex nearly doubles headcount in a single yr

Montirex co-founder Kieran Riddell-Austin stated: “We initially launched in response to greater manufacturers downgrading high quality whereas rising the costs of their sportswear. We had been assured we might present an inexpensive and classy various.   

“We’re massively grateful to our loyal prospects who’ve backed our imaginative and prescient and supported us on this unbelievable journey up to now.

“Montirex merely wouldn’t have grown so rapidly with out their assist – in return, we’ve dedicated to fastidiously managing every stage of development to verify our success is sustainable and with out compromising on high quality. 

“It makes us actually proud that every step alongside the best way has created new jobs – going from two workers to 100+, we’ve nearly doubled headcount within the final 12 months alone.

“As we’ve constructed our crew, we’ve developed an amazing office tradition whereas hanging a high-quality stability between the efficiency and worth of our merchandise, which has confirmed its price up to now.”

Co-founders solely shareholders in model

Montirex co-founder Daniel Yuen added: “We’ve achieved this with no buyers.

“By retaining 100 per cent of the enterprise, we’ve realized a lot alongside the best way and proceed to make enhancements – from rising our high quality assurance crew to making sure that we’re working with sustainable yarns and moral manufacturing requirements. 

“We’re rising to the problem of not compromising on high quality whereas assembly the expectations of our prospects and navigating rising manufacturing prices whereas looking for to minimise our affect on the setting.

“That’s not at all times straightforward however the learnings we’ve already gained have solely strengthened our resolve and dedication to the model – we’re actually trying ahead to rising Montirex even additional within the subsequent 5 years and past.”

In contrast, Castore’s shareholders embody Sir Andy Murray in addition to the likes of billionaire brothers Mohsin and Zuber Issa, New Look founder Tom Singh and PureGym co-founders Peter Roberts and Brian Scurrah.

Different notable shareholders additionally embody The Health club Group founder John Treharne, Eric Fellner, the co-chairman of Working Title Movies and Arnaud Massenet, the co-founder of Internet-a-Porter.