Gymshark founder quashes ‘imminent’ IPO plans despite soaring revenues

Francis said the online sportswear giant had been in talks with banks “to better educate ourselves on our options moving forward” over the coming years. He added that nothing “imminent” was planned at present, with his focus remaining on the brand’s continued international growth.

With operations in 180 countries, Gymshark achieved revenues of over £400m in its last financial year to July 2021, doubling its sales from the year prior. Francis said that half of the brand’s revenues now come from the US.

The online sportswear retailer also revealed the addition of US entrepreneur Gary Vaynerchuk to the advisory board of the brand, where he will focus on areas such as marketing and strategy in the US.

Vaynerchuk currently serves as chairman of VaynerX, as well as the CEO of VaynerMedia. He also acts as an angel investor who invested early in present-day tech giants such as Facebook, Twitter, Tumblr, Snapchat and Uber.

“I think you’ll see us invest a lot more into software.”

Speaking following his addition to the board, Vaynerchuyk said: “I’ve been following the Gymshark story for some time now and have been watching what Ben and the team have achieved in such a short space of time. I’ve no doubt they can replicate the phenomenal success they’ve had in the UK in the US and beyond and I am excited to join their advisory board.”

Francis also acknowledged the brand’s upcoming plans to expand its offerings to consumers, telling the press conference: “We launched a conditioning and training app a couple of years ago and that’s been really successful. That gave us the confidence that people are really interested in Gymshark even beyond the product ranges we do now. 

“I think you’ll see us invest a lot more into software.”