Almost a third of Gymshark employees are facing uncertainty over their futures as part of a business-wide restructure.
This week, the apparel giant entered consultation with 296 staff amid what it describes as “intense macroeconomic volatility.”
Gymshark, co-founded by Britain’s youngest self-made billionaire Ben Francis in 2012, also announced it’s creating 168 new roles as part of the reshuffle – a move it says will help “weather the storm” and drive growth.
The changes come despite the brand reporting record-breaking sales of £607.3m for the year ending July 31, 2024 – up from £556.2m in 2023 and marking Gymshark’s 12th consecutive year of growth.
UK revenue climbed by 22% to £136.4m, while adjusted EBITDA rose by 14% to £51.7m.
Despite the impressive top-line growth, pre-tax profit fell for the third year running, with returns of £11.8m as the company continues to invest heavily in developing its omnichannel presence to become a 100-year brand.
The Gymshark Restructure
A Gymshark spokesperson said: “We can confirm we have proposed a business restructure, which will place approximately 296 roles at risk of redundancy.
“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 macroeconomic 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.
“We have therefore carefully reviewed our operating model and organisational structure to ensure we have the right teams and roles to support these goals.”
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