Due in large part to people’s growing awareness of fitness and health over the past few years, the sportswear business has experienced significant growth. The industry is divided up into other categories, such as sportswear, footwear, and accessories. The global sportswear market was valued at $167.7 billion in 2018 and is anticipated to rise at a CAGR of 5.1% from 2019 to 2026 to reach $248.1 billion.
Gymshark is one of the most prosperous businesses in the sportswear sector. Ben Francis established this UK-based business in 2012, and fitness aficionados have taken to it immediately. Revenue for the business increased quickly, going from $5.6 million in 2016 to $128 million in 2020. The key to Gymshark’s success is its emphasis on social media marketing and partnerships with well-known fitness celebrities.
Lululemon is a well-known brand of athletic clothing. This Canadian business is well-known for its high-end yoga gear and athletic apparel. With locations across the globe, including North America, Europe, Asia, and Australia, Lululemon is widely known. Despite being a Canadian business, Lululemon’s products are produced in a number of nations, including China, Vietnam, and Bangladesh.
Last but not least, the term “gym rat” is used to describe someone who frequently works out in the gym. It is typically used in a positive sense to describe someone who is committed to and spends a lot of time working toward their fitness objectives.
In conclusion, the sportswear sector is enormously profitable and is anticipated to expand over the next several years. Gymshark has demonstrated that there is a lot of room for growth in this market, particularly for businesses who prioritize social media marketing and partnerships with influencers. Despite the fact that Lululemon’s products are manufactured abroad, the company is nonetheless committed to upholding high standards. Of course, one example of the distinctive language that has emerged around the fitness culture is the term “gym rat.”