Gymshark could lay off as many as 10 percent of its workforce in an overhaul of the online-only retailer according to reports. The Financial Times reported that the sportswear group also plans to create 100 new jobs as it focuses on the lucrative U.S. market.
Ben Francis, founder and chief executive, told the FT the changes would make “certain that the necessary skills are in the right place to give the business the best possible opportunity to grow globally.”
The report said the restructuring is not due to poor financial performance, but the group does expect slower double-digit growth this year.
Gymshark sales increased more than 50 percent to more than £400 million ($521 mm) for the year to July 2021.
Photo courtesy Gymshark
