Gymshark has called in PwC to act as its strategic advisor as it seeks external funding of around £100 million in order to grow its US activity. Gymshark currently sells direct to consumers, leveraging social media and events, in over 180 countries with the US generating around half of its c£200 million annual revenues. It is understood to be free of debt and likely to prove an attractive investment.
Gymshark founder Ben Francis said: “This (the US market) is a huge opportunity for us.”
Indeed, with the use of gyms growing and social media delivering opportunities to engage with and sell to younger people, the growth potential for the business which was founded in 2012 is significant.
Paul Richardson, executive chairman commented: “We are only just getting started. Our ambition is to make Gymshark a household name.”
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