
Gymshark Enters Partnership with General Atlantic; Valuation at USD 1.3 Billion
Gymshark is dedicated to creating functional training apparel, designing innovative performance technologies. The company is led by Steve Hewitt, who joined as CEO, and Paul Richardson, Executive Chairman.
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CIO Applications Europe | Friday, August 28, 2020

Gymshark is dedicated to creating functional training apparel, designing innovative performance technologies. The company is led by Steve Hewitt, who joined as CEO, and Paul Richardson, Executive Chairman
FREMONT, CA: Birmingham-based fitness community and apparel brand, Gymshark, entered into a strategic partnership with global growth equity firm General Atlantic, in its first-ever fundraising round, at a valuation of nearly USD 1.3 billion. The proceeds from the investment round will be used by the company to continue its international expansion, especially in the United States. Additional terms of the deal remain undisclosed.
Ben Francis founded the company in 2012, who, in conjunction with the investment round, is increasing his stake in the company to over 70 percent. Gymshark is dedicated to creating functional training apparel, designing innovative performance technologies. The company is led by Steve Hewitt, who joined as CEO, and Paul Richardson, Executive Chairman. The company’s latest revenue amounted to USD 330.4 million. The investment round will see General Atlantic take a 21 percent stake in Gymshark. MelisKahyaAkar, Head of Consumer for EMEA at General Atlantic, will take a seat on the board.
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Gymshark initially started as a supplements company before moving into the clothing business. The apparel initially consisted of gym vests and t-shirts and was sewn and printed by Francis, his brother, and a group of friends after Francis’ grandmother taught him how to use a sewing machine. Francis stated that at first, they were just making clothes they really wanted to wear themselves. They enjoyed learning how to create and fulfill orders and priced items according to what sounded right.
The company has a motto of ‘stay humble.’ This has been pivotal to their rapid growth. “It takes zero talent to work hard and zero talent to stay humble; if you get those things right you will always do well in your journey,” said Hewitt. “Learn to fail fast” and “Own as much of the supply chain as you can.” The company has a clear target audience of customers aged between 18 – 25, whose lives revolve around fitness, fashion, and music. They do not deviate from the audience, and everything they do is aimed at their needs.
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