Gymshark puts almost 300 jobs at risk amid restructure
Gymshark has placed almost 300 jobs at risk as part of a business-wide restructure.
Gymshark has placed almost 300 jobs at risk as part of a business-wide restructure.
The gymwear specialist has entered a consultation with 296 employees – almost a third of its workforce, Retail Week reported.
It blamed “intense macroeconomic volatility” on the restructure, which it said was essential to “weather the storm” and drive growth.
Gymshark said it will “at the same time” create 168 new roles to “help drive future growth”.
It comes as the brand reported “record” sales of £607.3m for the year to 31 July 2024, with UK revenue up 22% to £136.4m.
However, pre-tax profit fell for the third consecutive year to £11.8m, down from £13m the previous year as the business continues to invest heavily in its omnichannel expansion and digital infrastructure.
Related Story
A Gymshark spokesperson said: “We can confirm we have proposed a business restructure, which will place approximately 296 roles at risk of redundancy.”
“Therefore, our immediate priority is to help and support those at risk through this process, while seeking to offer as many of them as possible these new roles. We find ourselves in a time of intense macro-economic volatility.
“We, like so many others in the retail sector, need to be set up not only to weather these near-term storms, but also to build and grow in the future.
“We have therefore carefully reviewed our operating model and organisational structure to ensure we have the right teams and roles to support these goals.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
