Gymshark appoints new executive – Gary Vaynerchuk
Gymshark, the fitness community and apparel brand has announced that Gary Vaynerchuk is joining the company as an advisor to the board.
Ben Francis Founder and CEO of Gymshark shared with The Retail Bulletin that Gary “Vee” will join Gymshark to lend his expertise in areas from ecommerce and digital marketing to business strategy and consumer attention. Francis also shared that the company has no immediate plans to IPO.
Gary Vaynerchuk is a serial entrepreneur and marketing specialist with a strong following on social media. Vaynerchuk who serves as the Chairman of VaynerX and the CEO of VaynerMedia is considered one of the leading global minds on what’s next in culture, relevance and the internet. He is also an angel investor with early stakes in companies such as Facebook, Twitter, Coinbase and Uber.
Ben Francis said: “I’m absolutely buzzing to have Gary join us as an advisor to our board. He doesn’t really need an introduction and his presence, counsel and influence will go a long way to helping Gymshark become the global leader we genuinely believe we can be.”
Gary Vaynerchuk said: “I’ve been following the Gymshark story for some time now and have been watching what Ben and the team have achieved in such a short space of time. I’ve no doubt they can replicate the phenomenal success they’ve had in the UK in the US and beyond and I am excited to join their advisory board.”
“There are only a few companies that I’m observing from afar that truly have the potential to be one of the most iconic brands in the world. Ben’s youth and who he is as a human being and his actual ambitions are incredible. Most people never get their because they are too financially driven and not mission, legacy, or reputation driven. I’m excited to be a small part of this journey.”
When asked about the market reports over IPO plans, founder Ben Francis said he was talking to banks and institutions, but that this was more about “learning” than an imminent flotation. He added, “I wanted to know what the opportunities are for Gymshark, what the options are as we continue to grow.”
While juggling university with a £5 an hour job at Pizza Hut, Francis started Gymshark with school friend Lewis Morgan from his parents’ house while he was all of 19. The business is now based in Solihull and employs over 1,000 people operating in more than 180 countries. In its last financial year, it turned over £400 million and, last year, became only the second British company to achieve ‘unicorn’ status (a valuation of over 1 billion).
