Gymshark Founder and CEO Ben Francis on His Goal to Build a Brand "That Lasts 100 Years" In 2023, Ben Francis made his debut on Forbes' Young Billionaires list, becoming the only British entrepreneur to ever make the list.

What sets successful business founders apart from the rest? It is hard to think of a more important question in a sector ruled by damning statistics — 90% of all startups fail. Yet, Ben Francis, the founder of gymwear brand Gymshark, gives the most humble and convincing answer you'd expect from the UK's youngest billionaire. "It's definitely about not being afraid of failure and having the confidence and the ability to learn," says Francis.

We are at the opening of the brand's store in the Dubai Mall, its first permanent store outside the UK, for which it partnered with Al Tayer Insignia, the luxury retail company of the UAE business conglomerate Al Tayer Group.

The store features a wide range of the brand's most popular workout gear, and it is hard to imagine that there was a time when Francis was sewing its first orders himself. "In the early days, I would wake up and look at all the orders that had come in, and generally, there weren't too many," he says. "It might have been five or 10. Then I would basically print the product for the order and package it. I'd literally take it to the post office myself and send each one. I'd literally handwrite each label. You'd have to do everything. Literally check the orders, make the product, package it, post it, everything."

Francis launched Gymshark in 2012 out of Solihull, a town near his parents' home outside of Birmingham, while studying at Aston University and delivering pizza across the city as a side hustle. He was also passionate about working out in the gym and building online businesses. It is the combination of these two complementary skills that would become the catalyst that propelled him towards his goals. "I started lots of other businesses … I think seven other businesses that failed," he says. "There were websites selling license plates, iPhone, apps, lots of different things. Then Gymshark was the result of what I learned from all of them, but Gymshark wasn't necessarily a pure business venture. It was just something I really wanted to do. I loved the gym and I really wanted to sell products online. That's how Gymshark came about, basically."

Initially, the brand's product development and go to market approach stemmed from Francis' deep understanding of the needs of Millennials and Gen Z who are, like himself, digital natives and fitness fans. For the first two years, he was focused solely on growing Gymshark via social media by relying on weightlifting influencers to spread the word about the fledgling brand. "We were the only people that were really focused on bodybuilding in the gym- I think to this day we still really are, especially at our scale," Francis says. "Back then, YouTubers and online influencers were in far less demand than they are today. There weren't that many people who were working with them, so we were early pioneers of influencer marketing in 2012."

The turning point was Gymshark's first in-person event at the 2013 BodyPower Expo in Birmingham. "That was a big moment because it was the first time people were seeing the brand in person, and that was a huge event," Francis says. "That was where we really got the traction."

Today, Gymshark has three offices- Birmingham, London, and New York. Geographically, its biggest markets are the US, the UK, Australia, Canada, Netherlands, and Germany. Francis explains that constantly reinventing the brand has been key to ensuring its sustainable growth. "At the start it was purely online," he says. "Then it was online with a few events, and then the events became pop-up stores, and then it was about the regional growth. Similarly, in the early days, we only did menswear, and then we started to do womenswear as well, and so on."

Gymshark has two permanent stores in London, on Regent Steet and Westfield Stratford, and now one in Dubai. Future plans include opening stores in New York, Manchester, Amsterdam, and White City Westfield in London. "We're now looking at stores which we've never done before the last couple of years, so again, it's about constantly reinventing the business but protecting the core," Francis says. "If you look at any of our advertisements, you'll see only three words: 'We Do Gym.' We're trying to be really consistent and strong with the communication on what we do. Again, we have the best gym wear in the world, but we want to grow in terms of our regional approach and our channel approach. For me, it's about constantly reinventing the business, but also staying really true to who you are as a business, rather than over-stretching, over-reaching, and then becoming not as meaningful to everyone."

Needless to say that Gymshark is hitting its targets on all levels. Its 2023 financial results showed revenues of £556 million (almost US$692.5 million), a 15% increase from 2022. In an email to Entrepreneur Middle East, the company stated: "Crucially, our EBITDA, now a primary indicator, rose in line with sales growth. We also reduced our stock balance by £25 million and improved our cash position by £50 million. This also came off the back of our biggest ever Black Friday, which included the biggest ever day in Gymshark's history,"

Gymshark opened a store in the Dubai Mall, in partnership with Al Tayer Insignia, the luxury retail company of the UAE business conglomerate Al Tayer Group. Source: BNC Publishing

In 2018, Francis was included on the Forbes 30 Under 30 list. Two years later, he was awarded the EY UK Entrepreneur of the Year Award. The same year he sold a 21% stake to private equity firm General Atlantic, remaining the majority owner with about 70%. Then, in 2023, he made his debut on Forbes' Young Billionaires list, becoming the only British entrepreneur to ever make the list. Also, he was made a Member of the Order of the British Empire for his services to the business sector by Prince William.

All of this is an impressive achievement for Francis who will be 33 only later this year, but throughout his entrepreneurial journey, he has consistently displayed maturity beyond his years. One example is Francis stepping down from the position of CEO of Gymshark for a few years which was supposed "to give him time to work on his weaknesses and become a more founded business person." Looking back at that decision, Francis says, "I realized then that for me to run the business when it got as big as it did, I had to really understand each area. I took a step down and went to work in finance, in operations, in supply chain, in product, in tech, and I really got to understand each area of the business. I now feel far more capable because I've worked in each department."

Gymshark employs nearly 1,000 people, and its main strength seems to be its online community of over 20 million people from over 200 countries. When asked about the loyalty that his brand inspires both inside and outside the company, Francis credits it to the impact that it has on people's lives. "It really resonates with people personally because it's a brand that's all about improving yourself every day," he says. " I think first and foremost, a lot of people resonate with the brand. Then secondly, a lot of people just really like the business story. We want to be a brand that stands the test of time. Our ambition is to build a brand that lasts 100 years. I think that's a really cool thing to be a part of. Rather than saying, 'join this brand; we're going to sell out in two years.'"

While Gymshark will certainly go through many different phases throughout the century it is envisioned to stay in business, Francis will certainly prefer to keep its fundamentals intact. "We've got the 'We Do Gym' tagline because we want to be the best producer of gym wear in the world," he concludes. "We are, I believe, the most authentic producer of gym wear in the world. There are a lot of other people that do a bit of everything, whether it's sportswear or athleisure or fashion, whereas Gymshark is solely focused on gym wear."

'TREP TALK: Ben Francis, founder and CEO, Gymshark, Advises Entrepreneurs

Do what you love
"You have to be building a business in something that you love. I built Gymshark because I absolutely love the gym, and I think consistently throughout the years, that's something that entrepreneurs should be thinking about."

Don't feel urged to jump on the AI bandwagon
"Everyone is talking about AI at the moment, and whilst there are huge opportunities there, just because AI is hot at the moment doesn't mean you need to be starting a business in AI. Again, focus on what you really love."

Focus on your brand and product
"You have to have a unique brand and a unique product that you're really proud of, and you have to build something really unique and special and high quality. As always, you have to focus on those things above all else."