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Gymshark
Industry
Founded2012 (2012)
FoundersBen Francis
Lewis Morgan
HeadquartersSolihull, West Midlands, England[1]
Key people
Ben Francis (Founder and CEO)[2]
Products
Revenue£556 million (2022)[3]
OwnerBen Francis
Number of employees
850 (2021)[4]
Websitegymshark.com

Gymshark is a British fitness apparel, sportswear, and accessories manufacturer and retailer headquartered in Solihull, West Midlands, England.[5] Founded in June 2012, Gymshark creates and distributes its own range of fitness wear.[5]

In 2020, the company was valued at over £1 billion.[6] Ben Francis is the majority owner of the company.[7] In October 2022, it opened its first retail store, on London's Regent Street.[8]

History

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2012–2015: Early history

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Gymshark was founded by school friends Ben Francis and Lewis Morgan in 2012.[9] Both aged 20, they set up the brand while studying at university.[10] Francis studied at Aston University[10] before dropping out, and worked as a delivery driver for Pizza Hut when he first established the company.[11]

Gymshark started drop shipping bodybuilding supplements through its website.[12] In 2013, it began designing and manufacturing its own fitness apparel.[13]

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.[14] During the first year, Gymshark made £500 in sales per day.[14]

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.[15] After the show, Gymshark's Luxe tracksuit went viral on Facebook, generating £30,000 of sales within 30 minutes.[15][13]

When the company's revenue reached £250,000, Francis and Morgan both left university to focus on Gymshark full time.[16]

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.[16]

2016–present: Expansion

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In 2016, Gymshark was named the UK's fastest growing company in The Sunday Times Fast Track 100.[17]

In 2018, Gymshark moved from its office in Redditch to a new 42,000 square foot headquarters on Blythe Valley Business Park.[18] In the same year, Gymshark made sales of £100 million.[19][20]

In 2019, the company opened a new 8,000 square foot office in Hong Kong.[21] In September that year, Gymshark launched the Gymshark Lifting Club, a gym and innovation hub, on the same site as its headquarters in Solihull.[22][23]

In August 2019, Gymshark releases their online fitness app. [24]

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.[6][25][26] The company said it would use the funding to further expand globally.[6]

In November 2021, Gymshark appointed Gary Vaynerchuk as an advisor to the company's board.[27]

In February 2023, Gymshark appointed bodybuilder and influencer David Laid as creative director.[28]

In August 2023, Gymshark releases an athletic hijab for Muslim women.[29]

Current operations

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Gymshark's products are sold directly to consumers in 180 countries via websites in 13 languages.[8] The company employs 499 people globally.[11]

In 2019, Gymshark made sales of £175.2 million with profit of £18.6 million.[30] Around half of its turnover was generated in the USA.[8] The company reported a 68% growth in sales in 2021 to £437.6 million, up from £260.7 million a year earlier.[3]

Locations

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Gymshark headquarters in Blythe Valley Park

Gymshark's headquarters is at Blythe Valley Park in Shirley, West Midlands.[18] Based on the park is also GSIQ, the company's innovation centre and the Gymshark Lifting Club (GSLC)

Gymshark also has offices in London, Hong Kong, Mauritius. In 2019, the company opened its first North American office in downtown Denver.[21][31]

Gymshark opened its first store on Regent Street in London on 29 October 2022.[8]

Products and marketing

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Gymshark sells fitness apparel for men and women[32] including workout vests, hoodies, t-shirts and leggings.[33] While the brand was initially aimed at men, by 2020 approximately two thirds of sales were to women.[34]

Gymshark has over 6.9 million followers on Instagram.[35]

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.[8][36] In 2022, Gymshark opened its first permanent store in Regent Street in London.[8]

In August 2019, Gymshark releases a fitness app allowing users to choose from a free or premium plan.[24] The app contains workouts led by the Gymshark team of personal trainers and athletes. The workouts range from beginners to advanced allowing a spot for all. They also incorporate video demonstrations to help users with form. Features allowing customizable and personalized training plans per users needs. These features range from creating a plan to planning target reps and weight. The app has a variety of gym and home based workouts, which thrived during lockdowns following COVID-19.[37]

The Power of Social Media

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Gymshark was at the forefront of utilizing influencer marketing strategies, by partnering with social media influencers, including YouTube body builders Nikki Blackketter and Lex Griffin.[19] This approach remains a cornerstone of the company's marketing efforts, with Gymshark continuing to collaborate with influencers.[34] As of 2020, the company was paying 125 influencers to market the brand various on social media platforms.[34]

However, Gymshark's strategy extended beyond influencer partnerships. Harnessing the power of social media during a period of exponential growth, Gymshark strategically leveraged these platforms to foster a robust community and amplify brand visibility. Through strategic utilization of social media channels, Gymshark effectively documented its journey, offering glimpses into various facets of the brand, including the headquarters, lifting club, lift events, and behind-the-scenes of photoshoots.[38] By embracing social media to this extent, Gymshark fostered a sense of global connection within its community, providing followers with an immersive, insider's perspective into the brand's ethos and activities.

Commitment to Diversity

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In recent years, Gymshark has shown a strong dedication to fostering diversity and inclusivity within its brand. Notably, their proactive efforts to feature a broader spectrum of body types on their websites demonstrate a conscious shift towards inclusivity, effectively addressing past criticisms. Additionally, the brand has taken concrete steps to empower Muslim women athletes by collaborating with influential figures such as Leana Deeb and Umaymah Makda.[39] Through close collaboration with these influencers, Gymshark has developed clothing lines tailored to modest dressing preferences, including hijab-friendly designs. A significant moment arrived in August 2023 when Gymshark revealed their groundbreaking 3D billboard showcasing Leana wearing a hijab, the fabric depicted in dynamic motion.[29] This unveiling not only celebrated diversity but also underscored Gymshark's commitment to accommodating the religious practices of Muslim women during their workouts, affirming their place within the community. Through ongoing collaborations like the clothing line with Leana[40], Gymshark continues to expand options for modest athletic wear, particularly within the realm of athletic wear.

Community Involvement & Partnerships

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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, score city exclusive apparel, and compete for prizes. These events started back in 2018, and still continue today. The most recent was Lift Miami in February 2024. Partnerships are a huge part of these event, with Lift Miami having partnerships with SourStrips, Hyperice, Plunge, Turfgames, Ghost, Liquid Death, Barry's, and Stanley.[41] Their previous event Lift LA in August 2024 had partnerships with Alani Nu, Coffee Dose, Prime, SourStrips, Pressed, Hyperice, Beignet Box, and Go Greek.[42] These events offer attendees the opportunity to immerse themselves in a vibrant community atmosphere. While certain aspects of the event are available only through add-on tickets, such as exclusive Q&A sessions with athletes and smaller group activities, the general admission ticket, which is free, still enables individuals to participate in the overall event and forge connections within the community. Additionally, Gymshark extends the reach of these events by organizing smaller versions in cities, where attendees can interact with the brand's athletes and experience the same sense of community on a more localized scale. These events are completely free where people are invited to come and workout with the Gymshark athletes. [43]


References

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  1. ^ "How Gymshark grew by 200%+ year on year and hit £41M in sales (Updated 2019)". Beeketing. 18 January 2019.
  2. ^ "Ben Francis". Forbes. Retrieved 14 July 2020.
  3. ^ a b Rydzek, Camilla (2022-05-23). "Gymshark more than doubles revenues in 2021". TheIndustry.fashion. Retrieved 2022-12-13.
  4. ^ "From Delivering Pizzas To Building A Billion Pound Business Empire Minutes With UNILAD". UNILAD. 2021-04-04. Retrieved 2021-04-04.
  5. ^ a b "About Gymshark". Gymshark UK. Retrieved 2020-10-20.
  6. ^ a b c Thomas, Daniel (14 August 2020). "Clothing brand Gymshark becomes UK's newest £1bn start-up". Financial Times. Retrieved 2020-10-20.
  7. ^ "Gymshark founder to become UK's richest self-made person under 30, with firm valued at £1bn". inews.co.uk. 2020-08-14. Retrieved 2020-10-20.
  8. ^ a b c d e f "Gymshark achieve fittest profits in Britain | GBCC". www.greaterbirminghamchambers.com. Retrieved 2020-10-20.
  9. ^ Jones, Tamlyn (2020-08-14). "Gymshark secures new backing to target North American market". Business Live. Retrieved 2020-10-20.
  10. ^ a b Rhys, Steffan (2020-05-19). "The 27-year-old from Bromsgrove who's already worth well over £100 million". BirminghamLive. Retrieved 2020-10-20.
  11. ^ a b "Gymshark: Ex-pizza delivery boy's sportswear firm worth over £1bn". BBC News. 2020-08-14. Retrieved 2020-10-20.
  12. ^ "About Ben Francis". Ben Francis. 2020-05-05. Retrieved 2020-10-20.
  13. ^ a b "How I Started The UK's Fastest Growing Company". Ben Francis. 2020-05-03. Retrieved 2020-10-20.
  14. ^ a b Times, The Sunday. "How Gymshark founder Ben Francis created his sportswear empire". The Times. ISSN 0140-0460. Retrieved 2020-10-20.
  15. ^ a b Armstrong, Ashley. "Ben Francis: fitness fanatic builds Gymshark into a £1bn business". The Times. ISSN 0140-0460. Retrieved 2020-10-20.
  16. ^ a b Russell, Katie (2020-10-07). "'I don't think it's healthy to retire at 28': Meet Gymshark's £100m co-founder, Lewis Morgan". The Telegraph. ISSN 0307-1235. Retrieved 2020-10-20.
  17. ^ Evans, Peter. "Gymshark, launched by Ben Francis, bulks up". The Times. ISSN 0140-0460. Retrieved 2020-10-20.
  18. ^ a b "Gymshark secures future of global HQ in Solihull". Blythe Valley Park. Retrieved 2020-10-20.
  19. ^ a b Bearne, Suzanne (2018-09-30). "The 26-year-old with a £100m sportswear brand". BBC News. Retrieved 2020-12-28.
  20. ^ Leighton, Mara. "Fitness apparel startup Gymshark was started by a 19-year-old and is now one of the fastest growing companies in the world — here's what the clothes are actually like". Business Insider. Retrieved 2020-10-20.
  21. ^ a b "A Look Inside Gymshark's Hong Kong Office". Oktra. 2019-05-29. Retrieved 2020-10-20.
  22. ^ Media, Insider (25 March 2019). "Gymshark to create gym and innovation hub". Insider Media Ltd. Retrieved 2020-10-20.
  23. ^ "Gymshark open £5 million innovation hub containing the best gym in Europe". Building Products. 2019-09-03. Retrieved 2020-10-20.
  24. ^ a b "The Gymshark Conditioning App: A New World Of Training | Gymshark Central | Gymshark Central". central.gymshark.com. Retrieved 2024-04-09.
  25. ^ "Gymshark secures investment from General Atlantic valuing company at over £1 billion". General Atlantic. Retrieved 2020-10-20.
  26. ^ "General Atlantic Invests in $1.3 Billion Gymshark Brand". Bloomberg.com. 2020-08-14. Retrieved 2020-10-20.
  27. ^ Thomas, Daniel (2021-11-08). "Gymshark damps IPO talk after adding to US team". Financial Times. Retrieved 2021-11-09.
  28. ^ WW, FashionNetwork com. "Gymshark names bodybuilder David Laid as Creative Director of Lifting". FashionNetwork.com. Retrieved 2024-04-09.
  29. ^ a b "Ad of the Day: Gymshark mural depicting Leana Deeb is a mix of paint and real fabric". The Drum. Retrieved 2024-04-09.
  30. ^ "Turnover and profit soar at Gymshark". NK Media. 2020-03-26. Retrieved 2020-10-20.
  31. ^ "Gymshark one of the UK's fastest growing companies, opens North American HQ in Denver". cresa.com. Retrieved 2020-10-20.
  32. ^ "Gymshark takes a bite of the sportswear market". Drapers. 2018-05-02. Retrieved 2020-10-20.
  33. ^ TWK. "Fast Track". Fast Track. Retrieved 2020-10-20.
  34. ^ a b c "How social media made Gymshark". The Economist. ISSN 0013-0613. Retrieved 2020-10-20.
  35. ^ "Instagram". www.instagram.com. Retrieved 2024-04-09.
  36. ^ "Gymshark Pop-Up". Covent Garden London. Retrieved 2020-10-20.
  37. ^ Mandrino, Liliia (2019-10-24). "Gymshark App Review". Medium. Retrieved 2024-04-09.
  38. ^ Cook, Jodie. "How Gymshark Became A $1.3 Billion Brand, And What We Can Learn". Forbes. Retrieved 2024-04-09.
  39. ^ Lodi, Hafsa (2023-10-30). "Gymshark's collaboration with hijabi athletes is breaking down fitness barriers". Hyphen. Retrieved 2024-04-09.
  40. ^ "Leana Deep x Gymshark".
  41. ^ "#LiftMiami | Gymshark Miami 2024 | Gymshark Central". central.gymshark.com. Retrieved 2024-04-09.
  42. ^ "#LiftLA | Gymshark LA | Gymshark Central". central.gymshark.com. Retrieved 2024-04-09.
  43. ^ "Gymshark". Eventbrite. Retrieved 2024-04-09.
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