American private equity firm General Atlantic is to acquire a 21 per cent stage in Gymshark valuing the business at over £1bn. Founded in 2011 by Ben Francis who will retain around 70 per cent of the business, Gymshark has put many established apparel businesses to shame as it continues to expand apace despite Covid-19. It generated £250 million sales in its most recent financial year and is targeting significant further growth.
Francis commented: “It has been an incredible ride over the last eight years to get to this point, but today signals the next chapter in the Gymshark story.
“We are nothing without our community, so we will use this new investment partnership to get even closer to them on a truly global scale.
“I firmly believe Gymshark has the potential to be to the UK what Nike is to the US and Adidas is to Germany, and today is a significant step in realising that.”