Gymshark founder Ben Francis is negotiating to buy back part of the 21 percent stake sold to US private equity firm General Atlantic in 2020, according to the Financial Times, as revenue growth slows and profit narrows
Gymshark founder and Chief Executive Ben Francis is in talks to buy back part of the 21 percent stake he sold to US private equity firm General Atlantic in 2020, according to the Financial Times, as he seeks to tighten control of the fitness apparel business he built from his parents’ garage in 2012. Francis has reportedly considered repurchasing the full holding but is more likely to acquire only part of it, lifting his ownership above its current level of about 70 percent. He is also said to be speaking with banks about financing, while General Atlantic retains a seat on Gymshark’s board.
The buyback talks come months after Francis met Chancellor Rachel Reeves alongside other chief executives to discuss London listings, and follow years of speculation about a possible Gymshark IPO. Instead of going public, Francis appears to be consolidating control. General Atlantic’s 2020 investment valued Gymshark at more than £1 billion (about €1.16 billion), with several reports citing a valuation of about £1.25 billion (about €1.45 billion).
Growth slows, profit narrows
According to the company’s latest Companies House filing, revenue rose 6.4 percent to £646 million (about €749 million) in the year to July 2025, up from £607.3 million (about €704 million) the prior year, while pre-tax profit fell to £6.9 million (about €8 million) from £11.8 million (about €13.7 million). Francis has described the profit decline as deliberate, saying it reflects him “laying down the foundations for future growth.” The company cut about 296 roles last year, citing macroeconomic volatility and a push to improve service in continental Europe.
Betting on stores and stockists
The margin pressure tracks Gymshark’s shift away from its pure DTC roots. Since opening its Regent Street flagship in 2022, the brand has added stores in Manchester, Amsterdam and Dubai, alongside a Long Island location and a Soho flagship in New York opened in December 2025. In April, it unveiled its first public gym concept, the Gymshark Lifting Club, in Miami. In October 2025, Dick’s Sporting Goods became Gymshark’s first US wholesale partner, launching inside 12 Dick’s House of Sport stores. In February, Gymshark promoted Carly Natalizia to Chief Commercial Officer, expanding her remit beyond digital to oversee commercial strategy across all channels.
Whether or not Francis increases his stake, the talks reinforce that Gymshark’s next chapter is being built around founder control and physical retail, moving away from the ecommerce-only model that built the £726 million (about €842 million) fortune the Sunday Times Rich List now attributes to him.
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