Gymshark restructuring cuts jobs, but creates them too
Gymshark is restructuring its business with 121 jobs at risk in its global operation. That adds up to more than 10% of its staff, but the firm is also planning to create more than 100 new roles, although it didn’t say which parts of its operation the new jobs will fit into.
With the firm continuing to grow fast and expecting double-digit growth this year, it appears the restructuring is more about having the right team in place to drive the enlarged business forward than a sign of weakness.
Founder and CEO Ben Francis said the changes would “ensure customer strategies are driven by local lenses, specific knowledge and data, not just by those of us here in Solihull”. The company is based in the Midlands area of the UK.
He said the aim is for the firm to have to right skills in the right place to help it to grow around the world, improving efficiency and cutting down on duplication of roles.
The business which is 10 years old in 2022, currently employs more than 900 people across its UK HQ, its Hong Kong set-up and Denver in the US.
It has grown from a concept that started in Ben Francis’s garage while he was still a student to a massive brand that’s adept at using social media and influencers to reach its target Gen Z and Millennial consumer base.
It’s heavily focused on US expansion with the country already being its single biggest market and recently appointed American entrepreneur Gary Vaynerchuk as an adviser to help with this.
In the year to July 2021, sales rose from £260 million to over £400 million and, as mentioned, double-digit growth is expected this year too.
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