In its accounts filed for FY23, activewear brand Gymshark Group Limited reported 15 percent increase in revenue to 556.2 million pounds.

However, the group’s gross margin contracted to 60 percent compared to 65 percent in the previous year. Pre-tax profit also declined to 13.1 million pounds.

The company’s EBITDA including exceptional items rose to 40.4 million pounds and excluding exceptional items it increased to 45.3 million pounds.

Following the results announcement, in a video note on the company’s official LinkedIn page, CEO and founder Ben Francis outlined key highlights of Gymshark’s 2023 financial results and ambitious plans for 2024.

Gymshark announces expansion plans

During the year under review, Gymshark opened doors to its first permanent retail store on London’s Regent Street and plans a second retail location in London’s Westfield Stratford City.

The group also entered into lease agreement for one of its distribution centres in Pennsylvania, US.

Francis announced that making its foray into wholesale retailing in 2024, Gymshark would launch a premium range of activewear called ‘Everywear’ with the department store, Selfridges.

The company will also open a pop-up in the heart of Manhattan, New York with a 12-month run and expand its online presence in Dubai and the Middle East.

Gymshark appoints key executives, undertakes restructuring

The company said that the number of orders increased by 13.1 percent in 2023 after a 13.9 percent increase reported in the previous year and the number of units sold rose by 8.7 percent compared to a 27.5 percent increase in the prior year, while international sales were up by 12.5 percent.

During 2023, the company also announced a number of key leadership appointments including Mat Dune as chief financial officer and Laurent Madelaine as chief supply chain and product officer.

In January 2023, the company restructured its regional operations in North America by reducing the headcount to 40 from 125 and closed its regional sourcing offices in Hong Kong and Mauritius.