Fitness

Gymshark Commits $7M Funding In the direction of Model Innovation and Worker Wellness

BIRMINGHAM, United Kingdom — Midlands-based health attire model Gymshark this week opened the doorways to its new 55,000 sq ft gymnasium and innovation hub, as additional proof of the corporate’s forward-thinking dedication to worker wellness. 

In a video on his private YouTube channel, founder Ben Francis confirmed off the ability’s two health studios, an enormous state-of-the-art weights room and CrossFit rig, indoor operating monitor and outside strongman yard, all made out there for Gymshark’s 300-strong workers plus two visitors every at their Birmingham HQ. 

“I genuinely assume this can be a gamechanger for the enterprise,” mentioned Francis, when unveiling facility dubbed The Gymshark Lifting Membership (GSLC). “We have been paying out rather a lot for our staff members and workers to have gymnasium memberships in all places else. It was solely after we sat down and realised simply how a lot we have been paying out that we realised it might go half technique to constructing our personal gymnasium.” 

Earlier this yr Sean Espinasse, lead designer at design and construct firm Oktra who additionally constructed their neighbouring HQ, revealed the house would come with a studio for the brand new Gymshark health app, a 100-person auditorium, an R&D manufacturing unit, a number of excessive tech photographic studios and a 20,000 sq ft gymnasium. 

The power additionally consists of an innovation centre and manufacturing facility, permitting the corporate to create new merchandise on-site to hurry up sampling time. 

“We’ve such an modern, forward-thinking mindset at Gymshark,” Francis mentioned. “It’s nice to have [this innovation centre]right here. It offers us an enormous alternative to innovate in seamless [clothing]which is an space we actually assume is the way forward for health put on. 

“Gymshark has made its identify in seamless. It’s an space of product growth that we’re actually keen about. Having that innovation proper right here subsequent door to our headquarters is important and so thrilling.” 

Welcome to GSLC! Watch this teaser for a sneak peek inside @Gymshark‘s thrilling new house… 🎥👀#gymshark #OktraMoments pic.twitter.com/xJ0MWaPnJ6

— Oktra (@Oktra__) August 13, 2019

EMPLOYEE BENEFITS
As one of many UK’s fastest-growing trend firms, which hit a £500 million valuation in April, Gymshark has needed to scale up its enterprise quickly since launching in 2012. 

But all through, the corporate has taken steps to assist the wellness of its shortly increasing workforce. In October 2016 the model partnered with Perkbox, Europe’s fastest-growing worker expertise platform, and not too long ago reported that 91% of its 300 UK-based workers use its providers. 

See Extra: New Approaches To Office Wellness with Planet Natural, PUSH, and Perkbox

The platform hosts a variety of retail advantages, together with discounted cinema tickets, free espresso, financial savings on tech merchandise, free cell phone insurance coverage, discounted airport parking, journey financial savings and discounted expertise days. 

Gymshark provides workers different in-house initiatives reminiscent of monetary schooling in partnership with HSBC. This consists of workshops, specializing in areas like budgeting, and providing one-to-one appointments to debate monetary queries. 

The organisation works with Unmind, a platform to assist assist psychological well being and deal with wellness points, creating tailor-made campaigns to assist workers with points reminiscent of tiredness. 

In 2018 and once more this yr Gymshark additionally partnered with Innovation Birmingham to arrange the #LiftYourBusiness incubator, offering enterprise assist for digital tech SMEs innovating within the West Midlands. 

Gymshark’s dedication to its workers’ bodily, emotional and monetary wellness is in stark distinction to the working situations allegedly uncovered at main firms reminiscent of Amazon and Sports activities Direct lately and displays an growing dedication to improved office wellness practices globally. 

Final yr’s report by the International Wellness Institute urged an unwell, unproductive and disengaged workforce is costing 10-15% of worldwide financial output. Nevertheless, it additionally estimated the worth of office wellness as a sector to have grown by 4.8% to a $48 billion-sized chunk of the $4.2 trillion world wellness trade. 

Learn extra: Office Wellness and Psychological Well being: The New Frontier

Amanda Webb, head of individuals initiatives at Gymshark, says: “Worker advantages and wellbeing is key to us at Gymshark, notably as we’re rising quickly! Having the fitting companions and platforms helps us ship our bodily, psychological and monetary wellbeing agenda. 

“Nevertheless, at Gymshark, we don’t cease at supply, we frequently assessment our knowledge and communications to make sure our advantages are related and utilised.” 

In April, Gymshark got here second within the Sunday Instances BDO Revenue Monitor which ranks the UK’s prime 100 personal firms with the fastest-growing earnings over the past three years, with annual revenue development of 152%. 

Shifting up 44 locations from 2018, runner-up Gymshark made £18.1m in revenue final yr on gross sales of £103.2m throughout 178 nations. 

AGGRESSIVE GROWTH
In 2016 the corporate revised its construction with co-founder Ben Francis changing into the bulk shareholder of a brand new holding firm Clade Group Ltd, with the remaining shares break up between Steve Hewitt, Paul Richardson and co-founder Lewis Morgan, who stepped down as Gymshark firm director, changing into the second-largest shareholder with 20%. 

In Might, a press release from the Solihull-headquartered Clade Group about annual earnings and plans for the brand new gymnasium and innovation hub, learn: “The corporate continued to aggressively develop its gross sales and revenue all year long throughout all its key territories worldwide.

“The main target for the enterprise was to develop into key new markets by rolling out further e-commerce web sites, all targeted round having a neighborhood execution plan and thus capitalising on the present established D2C mannequin.

“The corporate recognises that attracting, creating and retaining expertise, whereas rising the corporate’s distinctive tradition, has been pivotal to the success of the model and can proceed to be paramount within the years to come back.

“Funding will proceed to extend useful resource, in addition to develop and retain expertise with a spotlight upon well being and wellbeing.

“Tangible developments are supposed to supply world-class amenities to the corporate to allow analysis and growth, elevated innovation and extra cutting-edge artistic output.

“Abroad developments within the forthcoming yr embody increasing to new markets by the roll-out of worldwide e-commerce shops.”

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