In a video clip, Gymshark founder and CEO Ben Francis has announced the sportswear brand will launch its first premium range – as it partners with Selfridges for its first wholesale collaboration.
The vlog followed Gymshark posting its 2023 results, showing sales grew by 15% to £556.2mn. During the same period, EBITDA including exceptional items also grew to £40.4mn, compared with the £37.6mn reported in 2022.
Despite growing sales, Gymshark’s profit before tax fell from £27.8mn to £13.1mn. Administrative costs increased from £160.5mn to £192.9mn, but the retailer reported distribution costs fell from £122.7mn to £114.2mn.
“The overall strategy of the group remains to continue increasing revenues in a profitable and sustainable manner and to create and develop desirable products to its growing consumer base,” the statement noted.
Its first premium range, Everywear, will play part of this. “From a product perspective, 2024 also sees us launch our highest-quality athleisure range yet, really focusing on the premium nature of the product,” explained Francis.
“Our community has told us for a long time that they want to see us bring a more premium product to the market, so we listened.”
Gymshark is also set to open its second store in London’s Westfield Stratford City shopping centre this summer.
“This year we plan on doing even better. Regent Street opened just over a year ago and has been incredibly successful since day one, which we are very proud of. We see more of an opportunity in offline and retail,” he added.
Learn how Gymshark has grown from founder Francis parents’ garage into a company with sales of £556.2mn in 2023 in an exclusive case study.
The RetailX Global Sports Sector report also looks at Asics, Garmin, New Balance, Puma and The North Face.
