Clothing & Shoes

Gymshark founder climbs Sunday Times Rich List as profits hit £45m

The retailer’s founder has now risen in the Sunday Times Rich List year-on-year from 226 to 191 as his net worth has increased by £200m

Gymshark has reported pre-tax profits of £45.4m in the financial year ended 31 July 2022, with profits in the year increasing year-on-year from £30.4m.

The retailer also achieved a 54% surge in sales to £401.9m, compared to £260.7m in 2020.

Headed by 29-year old Ben Francis, the e-commerce fashion retailer also saw after-tax profits of £36.5m.

Additionally, Francis has risen in the Sunday Times Rich List, boosting his rank to 191, compared to his debut position at 226 last year.

The Sunday Times upgraded Gymshark’s value to £1.25bn, after the firm now boasts a 900-strong workforce across offices in Denver, Hong Kong, Mauritius and the UK.

Subsequently, Francis’ wealth was given a £875m price tag, with another £25m added for previous share sales and other assets, including a farm in the Cotswolds, hailing £900m in total, which is an increase of £200m year-on-year.

Francis founded Gymshark in 2012 as a teenager, and he owns a 70% stake in the firm.

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