Britain's youngest billionaire-run gym-wear company implements mass layoffs of 300 employees due to worldwide economic instability.
In a shocking turn of events, Gymshark — a fitness apparel brand launched by UK's youngest billionaire, Ben Francis, at the tender age of 19 — has announced it'll be slashing around 300 jobs. This move will leave more than a quarter of its 1,100-strong workforce jobless.
While the company hasn't specified Donald Trump's tariffs as the reason, an insider confessed that these levies wouldn't help their situation.
Despite facing a dip in profits, Gymshark reported record sales of over £607 million last year, compared to £556 million the year before. Yet, profits dipped from £13.1 million to £11.9 million.
The company plans to offset this by creating 168 new jobs. Let's hope these new opportunities provide a fresh start for some members of the hit workforce.
- Despite Gymshark's record sales in the retail industry, the youngest billionaire in finance, Ben Francis, announced nearly 300 redundancies, with the company also facing a dip in investing profits.
- The tariffs implemented by Donald Trump are suspected to have played a role in the financial struggles of Gymshark, although the company has not explicitly stated this as the reason.
- In a bid to balance the workforce after more than 25% of its members were left jobless, Gymshark plans to create 168 new jobs, offering a potential fresh start to some of the affected employees.
- Launched at the age of 19, Gymshark, the fitness apparel brand, has made headlines not only for its impressive growth in the retail industry but also for its recent announcement of significant redundancies, leaving many young employees uncertain about their future.
- The news of Gymshark's job cuts has raised questions about the impact of tariffs on the business sector, particularly in the retail and investing landscapes.
