Gymshark founder Ben Francis is reportedly in talks to buy back part of the 21% stake sold to US private equity firm General Atlantic in 2020. The entrepreneur retained a controlling interest in the business he started in his parents’ garage in 2012, but the move suggests he wants a greater say in the company’s next phase of growth.
General Atlantic’s investment valued Gymshark at more than £1bn and helped transform the business into one of Britain’s best-known retail unicorns. But the buyback talks come at a pivotal moment. Growth has slowed, competition in the activewear sector has intensified, and consumers have become more cautious with spending. According to the company’s latest accounts, revenue rose 6.5% to £647m in the year to July 2025, while pre-tax profit fell from £11.8m to £6.9m.
Heavy investment in Gymshark’s evolution from a pure-play ecommerce business into an omnichannel retailer has placed pressure on the company’s profits. In recent years it has opened a number of physical stores, including its flagship on London’s Regent Street. While the omnichannel strategy is intended to broaden the brand’s reach, it also marks a significant shift from the direct-to-consumer model that helped make Gymshark so successful in the first place.
Spotting trends before they happened
Its success was also rooted in Francis’ ability to spot changing consumer behaviour before much of the retail industry. Long before influencer marketing became standard practice, Gymshark was giving products to fitness creators on YouTube and building relationships with online communities. The strategy allowed the brand to grow alongside social media rather than simply advertise on it.
Since then, fitness has evolved from a hobby into a lifestyle. For Gen Z consumers in particular, the gym has become a social space, a source of identity and, increasingly, a form of personal branding. Platforms such as Instagram, TikTok and YouTube have turned workouts into shareable content, creating an environment where looking healthy, fit and disciplined carries huge social cachet.
Gymshark has played a crucial role in this wellness evolution. From the start, it largely eschewed traditional advertising and celebrity endorsements in favour of building communities around fitness influencers. The brand’s founders understood that consumers wanted authenticity and inspiration from people who looked like them, not just elite athletes. As a result, Gymshark became embedded in online fitness culture rather than merely selling products into it.
Owning the customer relationship
The company also understood the value of owning the customer relationship. By selling directly to consumers, Gymshark was able to collect valuable customer data, control the shopping experience and maintain stronger margins than many wholesale-led rivals. Its website was not simply a sales channel; it was the centre of the brand ecosystem.
The fact that Francis is seeking greater ownership suggests confidence in Gymshark’s future, despite the challenges facing the activewear market. It also highlights the value founders can place on retaining strategic control as their businesses mature. Having built Gymshark by identifying cultural shifts before competitors, Francis may believe the brand’s next stage of growth requires the same founder-led vision that fuelled its rise.
What digital retailers can take from Gymshark’s success
There are several lessons to be learned from Gymshark’s meteoric rise. First, sell an identity, not just a product. Gymshark customers are not simply buying clothing; they are buying into a lifestyle and a community. The strongest ecommerce brands create an emotional connection that extends beyond the transaction.
Second, build audiences before chasing sales. Gymshark spent years investing in content, influencers and community engagement. Many retailers still treat social media as a promotional channel, whereas Gymshark treated it as the foundation of the brand.
Third, own the customer relationship. The retailer’s direct-to-consumer model gave it valuable customer insight and the ability to adapt quickly to changing consumer behaviour. As customer acquisition costs continue to rise, that first-party relationship becomes increasingly important.
Finally, pay attention to emerging cultural movements. Gymshark’s founders spotted the rise of fitness creators, wellness culture and digital communities before they became mainstream. The next generation of retail winners will likely identify similarly powerful shifts, whether that is AI-powered shopping, longevity, sustainability or entirely new consumer tribes.
What’s ahead for the company
In many ways, Gymshark’s story is not really about sportswear. It is about understanding where culture is heading and building a retail business around it.
That ability to spot and act on emerging behavioural shifts remains one of the most valuable skills in retail. Whether Ben Francis ultimately succeeds in increasing his stake or not, his reported move serves as a reminder that Gymshark’s greatest competitive advantage has never been leggings or hoodies. It has been a founder with a clear vision of where consumer culture is heading — and the willingness to bet on it before everyone else catches up.
