Gymshark’s Chief Financial Officer, Mat Dunn, has left the company. He joined UK-based athletic apparel retailer in 2022.
Founded in 2012 by Ben Francis and Lewis Morgan, Dunn had previously worked for Asos, where he held dual roles as chief operating officer and chief financial officer. Before that, he was CFO at Britvic and South African Breweries. He also worked at Diageo, SABmiller and EMI Music.
Fom December 2022 to November 2024, Dunn held the role as Gymshark’s CFO. The company said he was instrumental in evolving our finance and commercial functions, and we thank him for all he contributed.”
The announcement of Dunn’s departure follows Gymshark reporting a £13m pre-tax profit for the year ending July 31, 2023, a decrease from £27.8m in the previous 12 months. However, the company’s EBITDA, excluding exceptional costs, rose from £39.9m to £45.3m, with Gymshark focusing on this measure as a proxy for underlying trading performance. Revenue increased from £484.4m to £556.2m over the same period.
Gymshark stated, “The board continued to monitor these costs closely as well as changes to the macro environment, from a vernal perspective and with regard to conditions in key geographies.
The company is required to file its latest accounting report with the Companies House at the end of April 2025.
In 2020, Gymshark was valued at over £1 billion when U.S. private equity firm General Atlantic acquired a 21 percent stake in the business. The company was initially focused on manufacturing and distributing a. line of fitness wear but has since expanded into brick-and-mortar with a flagship store on London’s Regent Street and Westfield Stratford City to boost its consumer-facing profile. In July 2024, Gymshark announced plans to grow its UK and international reach with more store openings.
Gymshark did not provide a reason for Dunn’s departure nor his plans for the future.
