Ben Francis, the founder and chief executive of the British activewear juggernaut Gymshark, is in discussions to repurchase a portion of the 21 percent stake he sold to private equity firm General Atlantic in 2020. The move signals a desire for greater operational control as the brand navigates an increasingly competitive performance-wear market.
For General Atlantic, a partial exit would represent a profitable return on a four-year investment. The firm has already realized some gains through secondary sales. A buyback by Francis would allow the PE firm to recycle capital while allowing the founder to steer the brand through its next phase without external pressure on quarterly targets.
The negotiations come at a moment of flux in the activewear sector. Competition from incumbents like Lululemon and Nike has intensified, while new entrants from the direct-to-consumer space have eroded Gymshark’s digital-first advantage. Francis’s renewed control could enable faster decision-making on product diversification and retail strategy.
The 2020 deal valued Gymshark at over £1 billion, cementing its status as one of the UK’s most successful direct-to-consumer brands. General Atlantic’s investment fueled international expansion, including the opening of flagship stores in London and New York and a significant push into the North American market.
