Gymshark

Last updated

Gymshark Ltd
Industry
Founded5 July 2012;12 years ago (2012-07-05) [1]
Founders Ben Francis
Lewis Morgan
Headquarters Solihull, West Midlands, England [2]
Key people
Ben Francis (Founder and CEO) [3]
Products
Revenue£556.2 million (2023) [4]
OwnerBen Francis
Number of employees
850 (2021) [5]
Website gymshark.com

Gymshark Ltd [1] is a British-based multinational athletic apparel retailer headquartered in Solihull, West Midlands, England. [6] Founded in June 2012 by Ben Francis and Lewis Morgan, the company was initially focused on crafting and distributing its own line of fitness wear.

Contents

Gymshark reached a valuation of over £1 billion in 2020. [7] Ben Francis is the majority owner of the company. [8] In October 2022, it opened its first retail store, on London's Regent Street. [9]

History

2012–2015: Early history

Gymshark was founded by school friends Ben Francis and Lewis Morgan in 2012. [10] Both aged 20, they set up the brand while studying at university. [11] Francis studied at Aston University [11] before dropping out, and worked as a delivery driver for Pizza Hut when he first established the company. [12]

Gymshark started drop shipping bodybuilding supplements through its website. [13] In 2013, it began designing and manufacturing its own fitness apparel. [14]

Initially, Francis manufactured the garments in his parents' garage on a made-to-sell basis using a sewing machine and screen printer he purchased with £1,000 of savings. [15] During the first year, Gymshark made £500 in sales per day. [15]

In 2013, the company exhibited at the BodyPower fitness trade show at the NEC arena in Birmingham where it sold out of all its stock in the first day. [16] After the show, Gymshark's Luxe tracksuit went viral on Facebook, generating £30,000 of sales within 30 minutes. [16] [14]

When the company's revenue reached £250,000, Francis and Morgan both left university to focus on Gymshark full time. [17]

2016–present: Expansion

In 2016, Morgan partially exited the business retaining 20% of the company, to focus on his other ventures, property development company Ernest Cole and fashion label Maniere De Voir. [17]

In 2016, Gymshark was named the UK's fastest growing company in The Sunday Times Fast Track 100. [18]

In 2018, Gymshark moved from its office in Redditch to a new 42,000 square foot headquarters on Blythe Valley Business Park. [19] In the same year, Gymshark made sales of £100 million. [20] [21]

In 2019, the company opened a new 8,000 square foot office in Hong Kong. [22] In September that year, Gymshark launched the Gymshark Lifting Club, a gym and innovation hub, on the same site as its headquarters in Solihull. [23] [24]

In August 2019, Gymshark releases their online fitness app. [25]

In August 2020, US private equity firm General Atlantic purchased a 21% stake in the company which valued the company in excess of £1 billion. [7] [26] [27] The company said it would use the funding to further expand globally. [7]

In November 2021, Gymshark appointed Gary Vaynerchuk as an advisor to the company's board. [28]

In February 2023, Gymshark appointed bodybuilder and influencer David Laid as creative director. [29]

In August 2023, Gymshark released an athletic hijab for Muslim women. [30]

Current operations

Gymshark's products are sold directly to consumers in 180 countries via websites in 13 languages. [9] The company employs 900 people globally. [12] [31]

In 2019, Gymshark made sales of £175.2 million with profit of £18.6 million. [32] Around half of its turnover was generated in the USA. [9] The company reported a 68% growth in sales in 2021 to £437.6 million, up from £260.7 million a year earlier. [33]

In year ending July 2023, Gymshark reported a 15% increase in revenue sales to £556.2 million. With a 12% increase in international sales. [34] Despite revenue sales increasing, they saw a decrease in profit before tax which was £13.1 million, down from £27.8 million the previous year. [35]

Locations

Gymshark headquarters in Blythe Valley Park Gymshark Office Blythe Valley.jpg
Gymshark headquarters in Blythe Valley Park

Gymshark's headquarters is at Blythe Valley Park in Shirley, West Midlands. [19] Based on the park is also GSIQ, the company's innovation centre and the Gymshark Lifting Club.

Gymshark also has offices in London, Hong Kong, and Mauritius. In 2019, the company opened its first North American office in downtown Denver. [22] [36]

Gymshark opened its first store on Regent Street in London on 29 October 2022. [9]

Gymshark closed their Hong Kong and Mauritius offices in 2024. [37]

Products and marketing

Gymshark sells fitness apparel for men and women [38] including workout vests, hoodies, t-shirts and leggings. [39] While the brand was initially aimed at men, by 2020 approximately two thirds of sales were to women. [40]

The company does not rely substantially on brick-and-mortar stores but did open its first pop-up shop in London's Covent Garden in February 2020. [9] [41] In 2022, Gymshark opened its first permanent store in Regent Street in London. [9]

In August 2019, Gymshark released a fitness app offering both free and premium plans. [25] The app provides a range of workouts, video demonstrations and customizable training plans. The home-based workouts gained popularity during the COVID-19 lockdowns. [42]

Social media

Francis Ngannou - Gymshark Athlete & Professional Fighter Francis Ngannou 2023 (cropped).png
Francis Ngannou - Gymshark Athlete & Professional Fighter

Gymshark was one of the first brands to utilize influencer marketing strategies, by partnering with social media influencers, including YouTube body builders Nikki Blackketter and Lex Griffin. [20] This approach remains a cornerstone of the company's marketing efforts, with Gymshark continuing to collaborate with influencers. [40] As of 2020, the company was paying 125 influencers to market the brand various on social media platforms. [40]

Saffron Barker - Gymshark Athlete Saffron Barker in Oct 2021.png
Saffron Barker - Gymshark Athlete

The company regularly partners with athletes and influencers. More recent Gymshark athletes include Francis Ngannou, Saffron Barker, GK Barry, Leana Deeb, Analis Cruz, Jessica Bickling, Gina Amin, Whitney Simmons, Joy Sistina, and many more.

Diversity

January 2022 Gymshark released a video "United We Sweat", focusing on how the pandemic has forced people to have different versions of the gym. The video focuses on how the gym isn't a place where everyone will "train the same, look the same or love the same." [43]

In April 2022, the brand received backlash as a behind the scenes shoot showed no models over a UK 8, raising concerns about Gymshark's commitments to body inclusivity. [44]

Gymshark garnered attention for its proactive approach to addressing body shaming comments on social media. [45] Hitting back at commenters that they can hit the unfollow button if they don't want to see this type of content, at one comment they responded "Whilst we do want to motivate people to reach their full potential, we also want them to know that if they're happy with where they are on their fitness journey, that's okay. People don't need to strive for an ideal body type or certain look." [46]

In June 2022 Gymshark did a series of videos called "Pride in Progress" highlighting fitness diversity through a Pride campaign. Featuring Angel Flores a well-known transgender powerlifter and other's stories about finding their place in fitness spaces. [47]

Gymshark has made efforts to promote inclusivity and diversity within its community. According to UK-based editorial Hyphen, Gymshark's collaboration with hijabi athletes has been praised for breaking down fitness barriers and advancing inclusivity. [48] The brand has worked with figures such as Leana Deeb and Umaymah Makda to empower Muslim women athletes. [48] Through these partnerships, Gymshark has developed clothing lines tailored to modest dressing preferences, including hijab-friendly designs. In August 2023, Gymshark unveiled a 3D billboard featuring Leana wearing a hijab, highlighting the brand's commitment to accommodating the religious practices of Muslim women during workouts and affirming their place within the community. [30] Gymshark continues to collaborate with influencers like Leana to expand its range of inclusive options for customers. [49]

Community involvement and partnerships

Before Gymshark held any retail stores, they hosted lifting parties around cities to connect with their community. During these events people interested can meet and interact with Gymshark athletes, get city exclusive apparel, and compete for prizes. [50] These events started back in 2018, and still continue today. Early April 2023 was the first lifting event post-pandemic, with over 10,000 ticket sales. [50]

The most recent was Lift Miami in February 2024. [51] Partnerships play a significant role in Gymshark's events, with Lift Miami having partnerships with SourStrips, Hyperice, Plunge, Turfgames, Ghost, Liquid Death, Barry's, and Stanley. [52] Their previous event Lift LA in August 2024 had partnerships with Alani Nu, Coffee Dose, Prime, SourStrips, Pressed, Hyperice, Beignet Box, and Go Greek. [53]

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References

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