Dec 27, 2021, 1:00 AM ETInterview

Gymshark CEO: How I Built A $1.5 Billion Business At 19! Ben Francis

Ben Francis founded Gymshark in 2012 while in his early 20s; the brand is now valued in the billions with 900 employees and a net worth exceeding $1 billion.
Francis identifies a critical influence as work experience at age 14 with his grandfather, a furnace builder, which exposed him to high-stakes business risk and the value of hard work.
He credits a practical BTEC IT course in sixth form for teaching him essential digital skills (Photoshop, Dreamweaver, Illustrator) directly applicable to building the business.
Francis describes himself as an "insatiable learner," attributing his growth to observing experts and playing World of Warcraft to understand the necessity of diverse team roles (e.g., tank, healer, damage dealer).

In 2015, Francis transitioned from CEO to focus on strengths (creative, product, brand) after a 360-degree feedback process revealed significant weaknesses in public speaking and people management.
He hired Steve (formerly of Reebok) as CEO to manage operations, finance, and logistics, a decision Francis describes as "heartbreaking" but necessary for scaling.
The business shifted from a bootstrapped "friends" model to a specialized leadership structure, recognizing that the skills required for a startup differ from those needed for a global enterprise.
Francis stepped down as CEO around 2015 but returned to the role in 2024 (four months prior to the interview) after a two-year "warm-up" period of preparation and self-development.
Former co-founder Lewis left in 2014/2015 due to differing visions for the company's future; he retained 20% of shares before selling his stake in a deal finalized the previous year.

A pivotal moment of self-awareness occurred when Francis's wife validated 360-degree feedback describing him as "erratic, hot-headed, arrogant, and a poor manager," shattering his previous self-denial.
He overcame public speaking anxiety through brutal practice and professional lessons, using the strategy of preparing "impromptu remarks" (pre-written phrases) to overcome initial nervousness.
Francis adopted a "glass box" leadership style via YouTube vlogging to demystify his persona, contrasting with the "black box" approach of traditional CEOs like Zuckerberg.
He actively avoids identifying as "introverted" or "shy," viewing such labels as problems to be solved rather than fixed traits, famously changing his wardrobe to a single uniform for efficiency.

During the 2020 pandemic, Gymshark did not furlough any staff, relying on existing remote infrastructure and a digital-first business model to maintain operations.
Francis experienced severe anxiety after a 2023 social media controversy involving a "Blue Lives Matter" comment made by an employee, which resulted in death threats and public backlash.
He retained the employee who made the comment, rejecting "cancel culture" in favor of education and growth, noting that the individual learned and continues to perform well.
Francis acknowledges the generational cycle of emotional suppression in men, stemming from his father's inability to express feelings, and is actively working to communicate better with his partner, Robin.

The company's primary goal is to become a globally iconic British fitness brand, competing with established entities like Nike, Lululemon, and Puma.
Gymshark remains a direct-to-consumer (DTC) business, avoiding wholesale distributors to maintain control over brand culture and customer experience.
The company is preparing to open its first permanent flagship store in London, intended as a "community hub" rather than a traditional utility store.
Francis anticipates that the business faces constant change, utilizing a "brand book" and strategic initiatives to guide the 900-employee team through unforeseen challenges.
He plans to maintain the company's niche identity by focusing exclusively on gym-specific apparel rather than expanding into general sports like football or basketball.

Francis advises aspiring founders to start by identifying a genuine passion rather than chasing trends, citing his own history of failing four previous fitness ventures before Gymshark.
He recommends keeping a day job to fund a startup, providing financial stability and allowing profits to be reinvested without draining personal capital.
Francis emphasizes that while "working smart" is vital, no one has achieved genuine success without significant hard work and resilience against failure.
He warns that 30 attempts to build a business are statistically more likely to end in failure than success, urging entrepreneurs to "keep trying and keep trying."
The "greatest gift" Francis receives from others is time, highlighting that mentorship, family support, and team collaboration are his most valuable assets.

Workforce: Grew from 20-30 employees in 2015 to 900 employees globally.
Revenue Scale: Moved from thousands in early revenue to hundreds of millions (implied by "billions" valuation and scale).
Locations: Expanded from a single office in the Midlands to multiple international offices, including Hong Kong, the US, and the UK.
Growth Rate: Recognized as one of the fastest-growing companies in the UK for several consecutive years.
Funding: Operated without high leverage or external borrowing in the early years, relying on bootstrapping and problem-solving.