Sports apparel brand Gymshark has recently acquired a $1.3 billion valuation after securing investment from General Atlantic. The company, co-founded by U.K.-native Ben Francis in 2012, has entered into a strategic partnership with the goal to further expand in the international market. Reports show General Atlantic will take a 21% stake in the business proceeding the deal. However, the brand didn’t originate as a household name.
Gymshark, initially consisting of gym tank tops and t-shirts, was hand-sewn and screen-printed by Francis, his brother and a small group of friends after Francis’ grandmother taught him how to use a sewing machine. Francis said, at first, they were just making clothes they would want to wear themselves.
The Focus
Gymshark has established a clear target audience of 18–25-year-olds whose lives revolve around the fitness culture. Recognizing this at an early stage, they have yet to deviate from their audience and everything they do is geared towards their needs. In the fall of 2015, Gymshark’s website crashed on Black Friday, resulting in customers not being able to place their desired orders. While this might have shattered many companies, Gymshark’s founder personally hand-wrote 2,500 apology letters to customers, including discount codes, who were unable to purchase during the outage.
This turned out to be a blessing in disguise, turning what some would consider a failure into a lesson learned; Proudly exclude everyone except your target audience so you can focus solely on them. Make the customer experience at the forefront of your focus. Test your site repeatedly until it’s perfected. Utilize the best technology to create exceptional user interfaces. If mistakes do occur, own it and respond accordingly.
Building Brand Loyalty
Founded in 2012, Gymshark was one of the first adopters of the modern influencer marketing strategy, partnering with high-profile YouTubers including Lex Griffin and Nikki Blackketter. Today, the brand markets its collection through its highly engaged community of Instagram influencers and YouTubers and sponsors a wide-range of top international athletes.
Francis was quoted saying, “From the point of view of the athletes we work with, we want to create a real, strong team that speaks to our values. And we work with them for a long, sustained period of time.”
While many companies target quick spikes by single paid-promotions, Gymshark took an alternative approach by building long term relationships with their influencers and sponsored athletes benefiting both parties while strengthening the brand loyalty.
The Right People For The Right Positions
Gymshark’s Solihull HQ employees over 500 team members where building company culture is one of their top priorities. Home to the Gymshark Lifting Club, a state-of-the-art strength training center reserved privately for team members and invitation-only athletes.
Although Francis is the original founder and owner, he has chosen to opt out of the CEO role, explaining the decision in a YouTube video titled “I’m not Gymshark’s CEO anymore” while acknowleding, “The most difficult thing for me was learning to trust others to do the things in the business that I used to do.” He also stated, “You need to constantly be around people who give you a reality check, people who are better than you.” A mature mindset to have at a relatively young age which has proven to be one of the key factors in the company’s overall success.
As Gymshark continues to break molds and expand to astronomical heights, their journey has inspired many loyal followers of the brand to dream big while staying humble.
View the full Gymshark Collection: www.Gymshark.com
Connect with Ben Francis on Instagram: @BenFrancis
By: VolumeUP | Modern Influential Business
