From juggling university, working on his dream and delivering pizza, to his company being worth over £1bn: the story of Ben Francis is the stuff of dreams.
It’s no secret that what you wear to the gym is as important as what you do in there – people care about their gym clothes and in 2012, 19-year-old Ben Francis noticed that. He started Gymshark in his parent’s garage whilst university.
In his own words, the recent deal makes him worth a “frightening” amount – those are words most people would like to utter one day. Here’s how the boy from Birmingham achieved his dream.
A sewing machine and a screen printer
That’s what Ben Francis bought after struggling to find sportswear that appealed to him. With his brother and a group of friends, they started the company in Birmingham – their headquarters remain nearby in Solihull.
For most entrepreneurs, the dream is to build up their company and then set up a shiny new headquarters in one of the world’s major cities. So far, Ben Francis and Gymshark haven’t done that, and we think that makes them all the more likeable.
At Gymshark, social media is the king of marketing
The traditional marketing strategy of startups firms is this: advertising and use high street firms for promotion. In 2012, when Gymshark was started, social media sites like Instagram and Twitter were becoming increasingly prominent and popular; and even better for Gymshark and its founder, was that most of their target audience – younger people – were using these apps in their millions.
In the age of Instagram influencers, Gymshark realised the potential to reach millions of fitness fans and fanatics by letting those they look up to sell them the company’s products. Perhaps Ben Francis’ relatively young and the company’s young staff had something to do with their ability to spot this marketing opportunity much quicker than other companies. Whatever the reason, it worked like magic. In his own words, “We were one of the first businesses in the world to sponsor influencers”. Not only does the company boast an impressive 8,319,000 followers on Instagram but it also had a 6.6:1 ad spend. The story of how Gymshark grew has a lot to do with their social media strategy.
If you’re a new entrepreneur looking for marketing inspiration in the age of social media, look no further than Gymshark.
A CEO with a Youtube channel
Not only has his company mastered the art of social media marketing, but Ben has too. On YouTube, he boasts an impressive 162k subscribers, and he uses his channel to update fans and customers on how Gymshark grew, what the company is up to and the process of becoming a successful entrepreneur.
There’s something refreshing about a young, ambitious entrepreneur using Youtube as a means of communicating with his fans and customers. With an increase in views and subscribers, Ben’s proving that in the age of social media, this is the way to communicate with customers and increase your reach.
Gymshark meets private equity
In a nutshell, private equity firms invest in a business, help it to grow and then sell their stake in that company for a profit. To invest or buy a stake in a business, private equity firms look for businesses with growth and learning potential.
And with that many followers on social media and consistent sales, even in a global pandemic, Gymshark caught the eye of US private equity firm General Atlantic, who bought a 21% stake in the company – valuing the brand at £1bn and Ben at more than £700m.
The company employs 500 staff and raked in £250m in the last fiscal year –by all estimations, this is a company destined for more growth and success.
The next stop? Global domination
The deal with General Atlantic gives Gymshark the chance to expand its reach internationally, especially in the US, where the company has a lot of customers. It already has offices in Hong Kong, the UK, and Denver, Colorado. Gymshark’s growing global fanbase and Ben’s appeal as a young and buzzing entrepreneur has done well to bring positive attention and sales to the fitness wear giant.
For Ben, going global was always the goal. He said: “This is my one true passion and the thing that I’ve truly dedicated my life to… so all of my mindset right now is about continuing to develop this brand into a truly, truly global phenomenon.” With the way things are going, he’s definitely on track to reach his goal.
Like with all things, it’s easy to think Gymshark rose to prominence as a result of the right timing, a bit of luck and growth in the fitness industry; but a closer look at Ben Francis and you’ll change your mind. He proves that to be a good entrepreneur you need three things: hard work, belief in your dreams, and a very very likeable personality. The story of how Gymshark grew is worth attention from any aspiring entrepreneur.
And after consistent hard work over 8 years, and a £1bn brand to his name, you might think Ben plans to celebrate by drinking the finest champagne on earth.
Not quite: “I will have a lie-in, for one, and I will walk my dog and just chill out.” he said.
Looking for some more inspiration? Read up on the most powerful Black women and how they got there here