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A pizza delivery driver turned a $1,000 investment into a $1.45 billion clothing empire.
The best part?
He did it without ever owning a retail store.
Time for a thread
The best part?
He did it without ever owning a retail store.
Time for a thread
1) Ben Francis, raised in Worcestershire, England, developed an affinity for entrepreneurship from a young age.
As a teenager, Francis spent his downtime creating mobile apps and e-commerce websites.
But as Francis got older, and grew a love for fitness, his vision shiftedâŠ
As a teenager, Francis spent his downtime creating mobile apps and e-commerce websites.
But as Francis got older, and grew a love for fitness, his vision shiftedâŠ
2) In 2012, now a 19-year old student working nights at Pizza Hut, Ben Francis teamed up with Lewis Morgan to launch "Gymshark."
Without capital to buy inventory, Gymshark started as a drop-shipping supplement company.
Their first sale?
It took 2 months and netted a $3 profit.
Without capital to buy inventory, Gymshark started as a drop-shipping supplement company.
Their first sale?
It took 2 months and netted a $3 profit.
3) Within a year of launching Gymshark, Ben Francis and Lewis Morgan saw an opportunity to pivot their business.
"We wanted better fitting gym clothes that we enjoyed"
The result?
Francis learned how to sew, spent $1,000 on machinery, and started making apparel in his garage.
"We wanted better fitting gym clothes that we enjoyed"
The result?
Francis learned how to sew, spent $1,000 on machinery, and started making apparel in his garage.
4) After pivoting from supplements to apparel, Gymshark's sales started to pick up.
Their secret?
They sent apparel to fitness models, who posted videos wearing the gear to thousands of followers.
âNow its called âinfluencer marketing. At the time it just felt natural to us.â
Their secret?
They sent apparel to fitness models, who posted videos wearing the gear to thousands of followers.
âNow its called âinfluencer marketing. At the time it just felt natural to us.â
5) While sales started to pick up, Ben Francis kept up his exhausting schedule.
"I'd wake up and go to University, then work at Pizza Hut from 5pm till 10pm."
With only a few hours to spare, he could only make ~10 Gymshark items each day.
But in 2013, everything changedâŠ
"I'd wake up and go to University, then work at Pizza Hut from 5pm till 10pm."
With only a few hours to spare, he could only make ~10 Gymshark items each day.
But in 2013, everything changedâŠ
6) Ben Francis & Lewis Morgan decided to take a gamble in 2013 â spending their entire $3,000 savings on a booth at BodyPower, a fitness trade show.
The gamble paid off though.
After selling out at their booth, Gymshark's website saw ~$40,000 of orders in 30 minutes & crashed.
The gamble paid off though.
After selling out at their booth, Gymshark's website saw ~$40,000 of orders in 30 minutes & crashed.
7) With Gymshark reaching $250,000 in sales within 2 years, Ben Francis & Lewis Morgan decided to double down â both quitting school to focus on the brand full time.
For @BenFrancis1992, that meant Pizza Hut also.
But what came next, neither of them could have ever predicted.
For @BenFrancis1992, that meant Pizza Hut also.
But what came next, neither of them could have ever predicted.
8) Over the next few years, Gymshark continued to use a strategic combination of influencer marketing and live events to market their products.
The best part?
It worked, with sales going from $250k to $16M.
But in 2016, Lewis Morgan left Gymshark to pursue other interest.
The best part?
It worked, with sales going from $250k to $16M.
But in 2016, Lewis Morgan left Gymshark to pursue other interest.
9) In the 4yrs since Lewis Morgan left Gymshark, sales have exploded â going from $16M to $250M.
How did Ben Francis do it?
Humility â stepping down as CEO and hiring 2 industry veterans to help.
"I realized I was really good at certain things, and really bad at other things.â
How did Ben Francis do it?
Humility â stepping down as CEO and hiring 2 industry veterans to help.
"I realized I was really good at certain things, and really bad at other things.â
10) As a DTC brand with no retail locations, which uses 150+ social media influencers for marketing, Gymshark's economics are amazing.
Gross Profit Margin
Gymshark: 70%
Lululemon: 52%
Adidas: 52%
Nike: 45%
With $250M in annual revenue, and 70% margins, PE firms came callingâŠ
Gross Profit Margin
Gymshark: 70%
Lululemon: 52%
Adidas: 52%
Nike: 45%
With $250M in annual revenue, and 70% margins, PE firms came callingâŠ
11) This past August, General Atlantic agreed to acquire 21% of Gymshark at a $1.45 billion valuation.
The best part?
Rather than cashing out, @BenFrancis1992 bet on himself again â increasing his equity stake from 67% to 70%.
The deal officially made Francis a billionaire.
The best part?
Rather than cashing out, @BenFrancis1992 bet on himself again â increasing his equity stake from 67% to 70%.
The deal officially made Francis a billionaire.
12) Through a unique combination of hard work, persistence, humility, and vision, Ben Francis turned his passion for fitness into a $1.45 billion brand.
Oh yeah, inventing influencer marketing certainly didn't hurt.
Not bad for the delivery guy from Pizza Hut.
Oh yeah, inventing influencer marketing certainly didn't hurt.
Not bad for the delivery guy from Pizza Hut.
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Use code "JOE25" for 25% off at http://www.athleticbrewing.com
