Gymshark, which generated £607m in revenues for the year to July 2024, has revealed that it is in consultation with 296 employees out of its total headcount of 1100, as it seeks to make redundancies. The business made a slim £11.9m profit for FY24 despite an increase in sales, whereas it had earned £13.1m on £556m sales in FY23.
The business said that it was creating 168 new jobs which points to a reorganisation, like as not in the wake of the uncertainty over US tariffs. Gymshark manufactures in Vietnam, Bangladesh, Turkey, also using suppliers in China and Europe. The USA is a particularly significant market for Gymshark products.
A Gymshark spokesperson said: “We can confirm we have proposed a business restructure which will place approximately 296 roles at risk of redundancy. However, at the same time, we will be creating 168 roles to help drive our future growth. Therefore our immediate priority is to help and support those at risk through this process, while seeking to offer as many of them as possible these new roles.
“We find ourselves in a time of intense macro-economic volatility. We, like so many others in the retail sector, need to be set up not only to weather these near-term storms, but also to build and grow in the future.”
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