How he became a billionaire before 30
Not a software company
Athleisure - a word we’re all pretty familiar with today that has merged fitness and fashion. Most people find athleisure clothing to be much more comfortable than jeans or obviously a suit or dress, and at the same time, they like the fact that it encourages a healthier lifestyle since it is the attire one would wear to a workout. My black 511 slim-fit Levi jeans haven’t seen the light of day since 2018 (I can’t blame the pandemic for this one). The jogger has mostly been my personal go-to for the everyday fit unless, of course, I have a more formal gathering to attend, which in its place I would wear a fly ass pair of slacks. Ben Francis envisioned most people would jump on that trend and decided at 19 years old to skate where the puck would eventually be and made sure to capitalize on that.
His company, Gymshark, as of 2021 was reported to be worth $1.45B, since being founded in 2012 and has recently even established their new 18,000 sf. flagship store on Regent St. in London set to open to the public this summer. According to their CEO, Ben says that:
The primary purpose of the physical location won’t be intended to sell clothes, but rather to cultivate the Gymshak community, connect with people and inspire as many people as possible to get into fitness.
According to the report by CNBC, Ben Francis and his classmate, Lewis Morgan officially incorporated Gymshark in 2012, first using their website to dropship fitness supplements. They then used the profits from that to purchase a sewing machine (S/O to his mom for recording and sending him video tutorials while he worked his pizza delivery job) and a screen printer to make the first pieces of the brand’s fitness wear. Their growth strategy was very clear from the start — build a strong community. To make that happen, Ben and his colleague also began bringing the apparel to a bodybuilding expo for exposure which resulted in more brand awareness. They also leveraged that critical opportunity to launch a new product and bring along well-known fitness YouTubers. With Gymshark exclusively selling online on only their own website, they actually saw a 58% rise in sales during the midst of the lockdown in ‘20, with revenue topping $500M. Although Ben controls a 70% stake in the company (Lewis, stepped down from operations), he expressed true leadership and became a team player by stepping down from his CEO role in 2015 to spend the next six years working in different roles in the company. In Aug. of 2021, he returned to the chief role with a clearer vision of where he wanted to take Gymshark next, which was global expansion.
We’re representin’ for the lifters all across the world
In the U.S. we have Nike and Under Armour, Canada has Lululemon, and Germany has Adidas and Puma. So it made sense that Ben wanted the U.K. to have a global fitness brand of their own — Gymshark. I always admire entrepreneurs who can not only see a void in the market but fill it, with tactical execution. The global sportswear market was worth an estimated $364 billion in 2021, according to Euromonitor International. Within this, performance apparel represents $96 billion. According to NPD Group senior sports industry advisor Matt Powell, we’re going to continue to see more of a shift from sportswear (tied to a specific sport) to performance activewear (e.g. Gymshark apparel and clothing). More of how Ben views his approach to connecting to his community is as described by him as the following:
“My personal approach in terms of my role was to be as transparent as possible, because I think it's cool and that's what I would want other brands to do. I'm also passionate about helping that next generation of entrepreneurs to achieve great things. I don't believe in hiding everything that you do on the basis that someone might copy. I would love to see what goes on behind-the-scenes of my favourite brands because I think people really connect with brands more than they ever have now.”
Gymshark even produces its own memes.
I work out from time to time, and like a lot of people usually dread going but I never regret it once I’m done. To join a community of gym-goers would certainly help with that mental tug of war, from not only an accountability aspect but also a social one. Most of the enjoyment from group activities like school or work comes from socializing with other people. Otherwise, it can seem more like a chore than an event. So in order for Gymshark to appeal to the global consumer, Ben and his team redesigned the logo from scratch, previously being a muscular shark flexing bulging biceps swapped out for the simple outlined drawing you see today like in the picture of him above.
“I asked my mum if she would wear the old logo and she replied ‘not a chance’.”
In today’s environment, consumers are increasingly demanding inclusion and representation. Businesses, even the incumbents, that fail to recognize and act on that will continue to drop in popularity, leaving more opportunity for brands like Gymshark to indulge on their remains of the market. Ben has come very far with the brand that he created from scratch in his living room ten years ago and I’m sure has many more ideas to build from his grand vision. His highlighted skillset of teamwork and strategy will absolutely ensure his vision comes to fruition.
Minority brand of the week
An up-and-coming athleisure brand that I have heard a lot of positive reviews on is Roam Load. Their self-proclaimed wanderer in chief is Liberian-Nigerian American, Toyin Omisore and according to her, “I wanted to unapologetically create a lifestyle where brown skin is at the forefront and not an afterthought.” You can also follow their Instagram page here.
Until next week on Sunday (Feb 27, 2022).
Keep going,
- Toyo
Really well put together article. Goes to show markets are rarely every truly saturated.
Yea those dudes from Gym Shark are an inspiration. Learned how to sew while doing pizza deliveries. Sheesh. True motivation. I love to hear stories like this. Makes you want to go that much harder