Ben Francis, founder and chief executive of Gymshark, is reportedly in discussions to repurchase part of the stake held by private equity firm General Atlantic, as he aims to strengthen his control over the sportswear company. The talks, according to sources familiar with the matter, involve negotiations on the potential valuation and the size of the transaction. Francis is also engaging with banks to arrange financing for the deal.

General Atlantic acquired a 21 percent stake in Gymshark in 2020 through a £200 million investment, valuing the company at £1 billion and granting it “unicorn” status. This investment marked a significant milestone for Francis, who established Gymshark at age 19 in his parents’ garage and remains the majority shareholder. General Atlantic holds a seat on Gymshark’s board.

Gymshark has built its brand by partnering with athletes and social media influencers to attract a young, fitness-oriented audience. Its direct-to-consumer sales model has helped maintain profit margins by avoiding third-party retailers. However, the company’s rapid growth has decelerated amid increased competition and cautious consumer spending.

In response to these challenges, Gymshark restructured its operations last year with the goal of sustaining its business through short-term difficulties and improving service delivery across continental Europe. This restructuring involved reducing its workforce by several hundred positions.

According to accounts filed with UK Companies House, Gymshark’s revenue increased 6.5 percent to £647 million for the fiscal year ending July 2025. During the same period, pre-tax profit declined to £6.9 million from £11.8 million the previous year. The company has also sought to enhance brand visibility and growth by opening physical stores, including a flagship location on London’s Regent Street, although these initiatives have increased costs.

While Francis has explored the possibility of buying the entire stake held by General Atlantic, sources suggest he is more likely to acquire only a portion, which would raise his ownership beyond his current approximate 70 percent.

Neither Gymshark nor General Atlantic commented on the ongoing discussions.