Ben Francis, founder and CEO of Gymshark, is reportedly in negotiations to buy back a portion of the stake he sold to private equity company General Atlantic, sources told the Financial Times.
Those familiar with the matter told the publication that Francis “is discussing both a potential valuation and the size of any repurchase with the U.S. buyout group.” The same sources indicated he has also been speaking to banks about financing for the deal.
While Francis has considered buying out General Atlantic’s entire holding, the sources told the Financial Times that he is more likely to repurchase only part of it, thereby increasing his ownership above his approximately 70 percent stake.
General Atlantic invested £200 million in the U.K.-based activewear brand in 2020 in exchange for a 21 percent stake, valuing Gymshark at £1 billion. The private equity company also has a representative on Gymshark’s board.
The Financial Times report noted that Gymshark’s growth has slowed in recent years amid stronger competition and tighter consumer spending. Last year, Gymshark restructured operations to “weather near-term storms” and improved its ability to serve customers in continental Europe. The changes led to hundreds of job cuts.
Founded online in 2012, Gymshark has recently opened stores to drive growth and is also ramping up expansion into the U.S.
The brand opened its first store in 2022 on Regent Street in London and has since opened locations in Manchester (U.K.), Amsterdam and Dubai. It opened its first permanent U.S. store last November at Roosevelt Field Mall in Garden City, N.Y. In December, the company opened a 13,000-square-foot flagship in New York City’s Soho area. In October 2025, Dick’s Sporting Goods became Gymshark’s first U.S. wholesale partner, with the fitness brand launching exclusively in 12 Dick’s House of Sport stores.
Image courtesy Gymshark
