Ben Francis established the UK-based startup Gymshark in 2012. It is a brand of fitness gear and accessories that has gained popularity in the active wear sector. The business is well-known for its cutting-edge designs, premium goods, and social media promotion. But is Gymshark an ethical business? Let’s look more closely.
First of all, since its inception, Gymshark has been steadily increasing. The business’s revenue increased significantly from £41 million in 2018 to nearly £176 million in 2020. This demonstrates the business’s capacity to respond to market changes and deliver goods that satisfy consumers.
Gymshark also has a solid web presence and a customer following that is loyal. The business uses social media to build a community around its brand and has amassed over 6 million Instagram followers. Due of this, Gymshark has been able to maintain its clients’ interest and relevance.
The active wear market has been continuously expanding in terms of profitability over time. By 2024, Statista projects that the worldwide active wear market will generate $547.7 billion in revenue. This is brought on by the rising acceptance of athleisure and the significance of fitness and a healthy lifestyle. As a result, there is a lot of room for growth for businesses selling athletic gear, and Gymshark is no exception.
Athleisure is purchased for a variety of purposes. Comfort is one of the primary factors. Athleisure is made to be useful and comfy, making it ideal for everyday wear. Athleisure clothing is also adaptable and may be worn for a range of circumstances, like doing errands, going to work, or even going out with friends. People can show their individual style with athletic wear as there are many different patterns and hues to choose from.
Depending on the business, different clothing brands can have good profit margins. However, it’s generally accepted that apparel businesses should aim for profit margins of between 10 and 20%. Gymshark has been able to generate a profit margin of about 20%, which is an indication of a successfully managed business.
Given that more and more individuals are embracing an active and healthy lifestyle, the future of activewear is bright. Active wear businesses like Gymshark have a lot of options to grow and extend their consumer base with the rise of e-commerce and social media. However, it is crucial for businesses to remain inventive and relevant given the escalating market rivalry.
In conclusion, Gymshark is a respectable business that has succeeded in finding a niche in the active wear market. The business is well-positioned for future growth and success thanks to its high-quality products, devoted customer base, and robust internet presence. Gymshark has the potential to become one of the market’s major players as the demand for sportswear keeps rising.