Gary Vaynerchuk joins Gymshark, IPO prospects recede
Fast-growing gym-to-street brand Gymshark has taken on serial entrepreneur Gary Vaynerchuk as an advisor to its board. He’ll add expertise in e-tail, digital marketing, overall business strategy and more with a specific focus on the Americas.
The company has been highly focused on the US market and opened a local HQ in Denver last year while ramping up its American team.
Vaynerchuk, who’s also Chairman of VaynerX and CEO of VaynerMedia, is seen as a standout figure in knowing what the Next Big Thing will be when it comes to the internet and wider culture. He also invests in future-focused business such as Facebook, Twitter, Coinbase and Uber.
Gymshark co-founder Ben Francis said he’s “absolutely buzzing to have Gary join us as an advisor to our board. He doesn’t really need an introduction and his presence, counsel and influence will go a long way to helping Gymshark become the global leader we genuinely believe we can be”.
And Vaynerchuk added that he’s been “following the Gymshark story for some time now” and watching the brand’s achievements. He sees it as having huge potential globally.
His arrival comes as the prospects of a Gymshark IPO seem to have receded. Francis said that while the company has spoken to banks and investors about its future plans, it’s not planning a public listing imminently.
Francis also said growth continues to be impressive with sales almost doubling to £400 million in the year to July.
The company, which now has offices in the UK, US and Hong Kong, employs around 1,000 people and around half of that £400 million comes from America.
Gymshark has been valued at around £1 billion since it raised around £220 million from US fund manager General Atlantic last year.
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