A gym-wear brand founded by Britain’s youngest billionaire is slashing nearly 300 jobs as it becomes the latest retailer hit by turbulence in the global economy.
Gymshark, headed by Ben Francis, 32, who co-founded the leggings and sports bra seller in his parent’s garage when he was 19, said it had earmarked 296 roles for redundancy.
It amounts to more than a quarter of the company’s workforce of 1,100. Gymshark said it would also be creating 168 jobs.
While the company did not say the redundancies were as a result of Donald Trump’s tariffs, unleashed earlier this month, a source close to the company said the levies ‘wouldn’t help’.
Gymshark reported record sales of over £607million for the year to July 2024, up from £556million the previous year. Profits, however, slipped to £11.9million from £13.1million.
Cuts: Gymshark, headed by Ben Francis (pictured), who co-founded the company in his parent’s garage said it had earmarked 296 roles for redundancy
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