Sportswear retailer Gymshark is to restructure its business in a move which could put more than 120 jobs at risk.
According to the FT, the Midlands based firm is considering making a tenth of its staff redundant as part of plans to drive international growth, particularly in the US. However, the retailer said it will also be creating 100 new jobs and will seek to offer as many as possible to those affected by the restructuring.
Gymshark chief executive Ben Francis said the move will “ensure customer strategies are driven by local lenses, specific knowledge and data, not just those of us who are based here in Solihull.” He also said the changes would make sure the company has the best opportunity for international growth, reduce duplication and make it more efficient.
Founded in 2012 by the then 19 year-old Francis, Gymshark is now valued at in excess of £1 billion and last year appointed US entrepreneur Gary Vaynerchuck as an advisor to its board.
