Gymshark founder and CEO Ben Francis has claimed the brands long-term future is on the high street and physical stores.
Speaking to Nick Ferrari on LBC, Francis, who was named one of the Worlds Youngest Billionaires, said: “When we take a step back and look at building a truly long-term brand, I think it’s omnichannel.
“There’s a big opportunity to step into the offline market in physical stores,” he added.
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The comments come as the sportswear brand opened its flagship store in London last year. The tech-heavy 18,000sq ft flagship includes adjustable screens to mobile point of sale systems. The space also features a dedicated Joe & the Juice concession offering hot drinks, sandwiches, protein shakes alongside exclusive products.
Commenting on starting the business, Francis continued: “Starting a business is incredibly difficult; however, I feel fortunate and blessed to have grown up in the UK.
“We’ve got a great economy, you can sell to lots of people in a small condensed area, we can ship the next day into Europe, we can ship quickly into the United States. I think that the UK, despite what a lot of people are saying at the moment, is an absolutely brilliant place to do business.”
However, this comes as the omnichannel retailer posted a 39% drop in profit before tax to £27.8 million despite 21% sales growth to £484 million.
Image credit: Wikimedia