View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Dashboards
  2. Jobs
April 7, 2022

Gymshark mulls job cuts and new roles for global expansion

The founder of the UK's fitness apparel brand Gymshark has announced his company's ambitious global expansion plans could put 121 jobs at risk while creating 100 new ones.

By Laura Husband

Gymshark’s founder and CEO Ben Francis said in an official statement that if the proposed global expansion plans were implemented, it could lead to the loss of 121 jobs across the business before the end of its financial year (31 July 2022), however he was quick to point out there would be 100 new positions as part of the wider growth strategy.

Free Report
img

What is driving growth in the Global Luxury Apparel Market?

The global luxury apparel market has seen exceptional recovery since 2021, after the inevitable sales decline in 2020 due to the pandemic. This growth has largely been due to strong demand in the key market of APAC, with the lifting of restrictions leading consumers to spend more on luxury goods for events such as holidays and social occasions. This growth is only expected to continue, and GlobalData’s free report Global Luxury Apparel Market Trends, Size and Forecasts out to 2025, can assist companies in understanding the drivers behind this growth, as well as potential inhibitors and key trends affecting the market. Understanding these crucial elements will be essential for luxury brands and retailers to stay ahead of their competitors. This report provides comprehensive analysis of:
  • Luxury apparel market size at total, regional, and category level – with forecasts out to 2025
  • Market drivers and inhibitors
  • Retailer and brand market shares, 2019-2021
  • Hot issues and profiles of leading brands
  • Key trends affecting the global luxury apparel market
Read this report now if you want to maximize growth using in-depth market predictions.
by GlobalData
Enter your details here to receive your free Report.

He added that Gymshark would seek to offer as many of its “people as possible the new roles as possible where it is appropriate to do so”.

Francis said: “This was an incredibly difficult decision to come to and we know that this will be upsetting for our people. These proposals are subject to consultation and no decision has been made about how we will ultimately proceed. Our immediate priority is to help and support those at risk through this process and do what we can to best set them up for the future.”

He also wanted to stress it is absolutely no reflection on the quality of work, character or professionalism of those people affected and the company will be doing all it can to help them demonstrate their skills and expertise.

Francis explained the potential move will be driven by the company’s international expansion and ambitious growth plans as well as the need to create commercial accountability within the regions and ensure customer strategies are driven by what he described as “local lenses, specific knowledge and data,” not just by those working in the company’s headquarters in Solihull, UK.

His company announced only last month that it was adding to its established operations in Mississauga, Canada with its first US-based centre in Rialto, California and East Coast centres expected to follow later this year.

Sports and casualwear brands such as Gymshark have proven to be the success story of the pandemic with the sportswear market expected to grow 25% between 2021-2025 as consumers continue to adapt to a lifestyle change linked to Covid.

Francis said he believes Gymshark’s new global expansion proposal is designed to bring improved cross functional working; guarantee localised accountability, remove duplication and ensure efficiency in teams, process and systems.

He added that it ensures “the necessary skills are in the right place to give the business the best possible opportunity to grow globally and be the 100-year brand we truly believe we can be.”

Related Companies

Free Report
img

What is driving growth in the Global Luxury Apparel Market?

The global luxury apparel market has seen exceptional recovery since 2021, after the inevitable sales decline in 2020 due to the pandemic. This growth has largely been due to strong demand in the key market of APAC, with the lifting of restrictions leading consumers to spend more on luxury goods for events such as holidays and social occasions. This growth is only expected to continue, and GlobalData’s free report Global Luxury Apparel Market Trends, Size and Forecasts out to 2025, can assist companies in understanding the drivers behind this growth, as well as potential inhibitors and key trends affecting the market. Understanding these crucial elements will be essential for luxury brands and retailers to stay ahead of their competitors. This report provides comprehensive analysis of:
  • Luxury apparel market size at total, regional, and category level – with forecasts out to 2025
  • Market drivers and inhibitors
  • Retailer and brand market shares, 2019-2021
  • Hot issues and profiles of leading brands
  • Key trends affecting the global luxury apparel market
Read this report now if you want to maximize growth using in-depth market predictions.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Style