Gymshark is a famous British fitness accessory and fitness apparel company founded by Lewis Morgan and Ben Francis. The company has an approximated net worth of $1 billion. The company is well-known to the young generation for fitness apparel.
Gymshark at a glance
|Legal Trade Name||Gymshark|
|Founders||Lewis Morgan and Ben Francis|
|Place of the First Store||Covent Garden, West End London, UK|
|Date of Founding||2012|
|Initial Products||Apparel accessories and sports equipment|
|Type of Company||For-profit|
|Number of Employees||850|
|Net Worth||$1 billion|
History of Gymshark
In 2012, at the age of 19, Lewis Morgan and Ben Francis founded the Gymshark Company. At the beginning of the journey, the company sold body-building equipment but did not stock the goods. However, in 2013, the company made its first apparel.
Basically, Ben Francis made the garments in his house’s garage. At first, they gained $669 (£500) sales each day. Later on, in 2013, Ben Francis and Lewis Morgan exhibited their company’s products at an event. There, they sold all the goods within a day.
Then the company went viral on the internet and gained more than $40,152 (£30,000) in just 30 minutes. When the company’s revenue went skyrocketing to $334,000, Francis and Morgan left the University to concentrate on their business.
In 2016, Gymshark became the fastest-rising company in the United Kingdom. In 2018, the company headquarters shifted to a new place with 42000 square feet area in Blythe Valley. That year, the company made around £100 million ($133 million) in sales.
In 2018, Gymshark made a foot office with 8000 square feet area in Hong Kong. They were offshoring the company worldwide. In 2021, Gymshark appointed an advisor for the company named Gary Vaynerchuk.
Gymshark net worth
As of this writing, Gymshark has an estimated net worth of $1 billion. According to Forbes, in 2020, Gymshark became a brand of 1.3 billion dollars. Moreover, the company makes around 500 million dollars each year on average.
How does Gymshark earn money?
A company can earn from different criteria. But a famous company like Gymshark can make more than $200 million within a month. Besides, they have millions of fans and followers on the internet and social media platforms.
A company like Supreme makes most of its money through sales. Because a company’s profit practically depends on their sales. A fitness equipment company can earn from different sectors. They are-
- Move the Fitness Company Online
- Collaborating with Others
By Moving the Fitness Company Online
Gymshark can earn money by moving the company online. They have an official website, www.gymshark.com. From here, the company can make a big profit. Besides, the website has many accessories for men and women. From here, the company makes more than $100 million instantly.
The company sets the price range to a minimum to buy the products at an affordable price. Some information about the equipment prices have been given below to understand better at a glance:
|Apparel (For Women)||$35 to $40|
|Apparel (For Men)||$25 to $80|
|Water Bottle||$12 & $15|
However, the company was aimed at men’s apparel. But the company would sell more than half products to females in 2020. So, they are making more products for females.
Collaborating with Others
Gymshark is one of the first brands that use market influencers like YouTubers and social media stars. The company uses YouTubers, including Lex Griffin and Nikki Blackketter as market influencers to grow the company’s gross profit. In 2020, the company was rewarding 125 YouTubers and social media influencers.
Gymshark has over 5.6 million followers on Instagram. However, this is good enough to get attention from the new people. Besides, the company is paying some celebrity trainers.
Additionally, Gymshark is currently collaborating with another company named Gold’s Gym. They are making more products to influence and control the marketplace. Besides Gold’s Gym, Gymshark collaborated with other companies as well. The collaborating companies are Nikki Blackketter, Natacha Oceane, Whitney Simmons, etc.
What is Gymshark doing now?
Gymshark is currently running the company in 180 countries. Besides, the company is running via the website in 13 languages. As of 2021, 850 people are working in the Gymshark Company.
However, in 2019, the company made more than 235 million dollars in sales with more than 24 million dollars in profit. Half of the company’s turnover is generated in the USA. In 2020, Gymshark made a profit of 358.99 million dollars.