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Gymshark secures investment from General Atlantic

20
Aug '20
Pic: Gymshark
Pic: Gymshark
British fitness clothing and accessories brand Gymshark recently announced it will enter a strategic partnership with global growth equity firm General Atlantic in its first-ever fundraise, valuing the business at over £1 billion. The valuation sees Gymshark join an exclusive list of fewer than 25 British companies to have secured ‘Unicorn’ status since 2001, achieving the feat in just eight years.

It is only the second British company to have reached this milestone without previous support from external investors.

In conjunction with General Atlantic’s investment, Gymshark founder Ben Francis is increasing his stake in the company to over 70 per cent, a press release from General Atlantic said.

The investment will see General Atlantic take a 21 per cent stake in the business, and Melis Kahya Akar, head of consumer for Europe, Missle East and Africa (EMEA) at General Atlantic, will take a seat on the board.

This partnership is designed to facilitate further growth and international expansion, specifically into North America, where Gymshark has already established its largest customer base.

Growing interest in health and well-being and participation in fitness is driving greater demand for clothes that both assist performance and are stylish and comfortable. As a result, the global sports apparel market generated around $181 billion in revenue in 2019 and is forecast to reach around $208 billion in 2025.

Fibre2Fashion News Desk (DS)


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