Solihull-headquartered gym and athleisure brand Gymshark is undertaking a restructure, which could result in the loss of more than 100 jobs, it is being reported.
The restructuring is required to achieve its international expansion plans and “the need to create commercial accountability within the appropriate geography and ensure customer strategies are being driven by local experts, knowledge and data,” Gymshark is reported to have explained.
Founder Ben Francis has grown Solihull-based Gymshark from a start-up in his parents’ garage to a global brand with millions of customers in more than 170 countries.
Founded in 2012 by Ben, Gymshark turned over £170 million-a-year just seven years later.
With more than two million customers and 500 employees at its Solihull headquarters, the firm has leveraged the power of social media and influencers to innovate, improve and scale-up.Gymshark’s restructuring plans are global, so the redundancies are unlikely to be all at its Solihull site, but will take place before the end of Gymshark’s financial year on 31 July 2022.
On the flip side, new roles will be created and the company hopes to offer many of these roles to current staff. Two weeks ago, BBC Apprentice star Baroness Karen Brady, one of Lord Sugar’s trusty advisers on the BBC TV show, has became an adviser to the brand.
The firm is expected to hit £500 million turnover this year, up from £400 million last year.