Gymshark's Ben Francis: 2024 is going to be our "biggest ever year"

Gymshark founder and CEO Ben Francis has said that 2024 will be the fast-growing gym wear brand's "biggest ever year", with further retail expansion, a pop-up store in New York and the introduction of a new premium product range that will first launch exclusively with Selfridges. 

Francis's comments come after the brand revealed that sales had jumped 15% to £556 million in FY23 and EBITDA was also up in line with sales growth (to £40.4m). Meanwhile it has improved its balance sheet by reducing stock balance by £25 million and improving its cash balance by £50 million.

Gymshark also enjoyed its biggest ever Black Friday period, where it offered up to 70% of across its range, and experienced the biggest single day of trading in its history.

While the brand was conceived as digital first, Francis said the success of its first flagship store, opened just over a year ago on Regent Street, has convinced him that there is "more of an opportunity in off-line and in retail" in 2024 and beyond.

A second retail store is due to open this summer in what is Europe's busiest shopping centre, Westfield Stratford, which attracts 44 million visitors a year. "We think it is the perfect place for the next step in our retail journey," said Francis.

Ben Francis outside the new Gymshark store in Westfield Stratford

On the product side the brand is planning to launch a premium athleisure line called "Everywear", which will first launch exclusively with Selfridges.

"Our community has told us for a long time that they want to see us bring a more premium product to the market, so we listened and I have personally been very involved in the development of this range," said Francis.

The move marks the brand's first ever foray into wholesale. "I cannot wait to hear what the Selfridges customer thinks of this more premium Gymshark product."

Francis also revealed that further international expansion was on the cards with the opening of a 12-month pop-up store in New York. The brand had previously held a pop-up event in New York's Soho district in 2017 and had seen strong sales from the market. The new store will be in a central Manhattan location.

"It's not just the US that we're interested in," said Francis. "Earlier this year, we paid a visit to Dubai and we were blown away by the fitness scene. So Gymshark will be available online in the region from this spring and we've also set the wheels in motion for an incredible brand experience by the end of the year."

Community has always been at the heart of the Gymshark brand and Francis said the business would continue to stage its "Lift" events throughout the year with the biggest event set to be staged in Miami in the coming days.

"As you can probably tell," concluded Francis who established Gymshark in his parents' garage in 2012, "last year was a big year for Gymshark but this year is going to be even bigger".