Gymshark’s Chief Financial Officer Mat Dunn has departed after serving for under two years.
- Dunn, formerly of Asos, joined Gymshark in December 2022, bringing significant expertise to the role.
- During his tenure, Dunn played a key role in evolving Gymshark’s financial and commercial operations.
- His exit coincides with Gymshark’s ongoing aggressive store expansion plans set to continue in 2025.
- Despite increased sales, Gymshark reported a decline in pre-tax profits for the fiscal year ending July 2023.
Mat Dunn, who served as Gymshark’s Chief Financial Officer, exited the company after less than two years of service. His appointment in December 2022 was a strategic move from Asos, where he held the dual role of Chief Operating Officer and Chief Financial Officer, adding considerable experience to Gymshark’s leadership team.
A spokesperson for Gymshark expressed gratitude for Dunn’s contributions, highlighting his instrumental role in refining the company’s finance and commercial divisions. This period was marked by significant changes within the company as it navigated both internal growth and external market challenges.
Dunn’s departure aligns with Gymshark’s ambitious plans for retail growth, including the opening of three new permanent stores and a pop-up outlet in 2025. This expansion is part of Gymshark’s broader strategy to enhance its physical retail presence, which began with the launch of its second UK flagship store in Westfield Stratford City during Autumn.
Financial reports for the year concluding on 31 July 2023, indicated Gymshark achieved a 14% increase in sales, raising them to £556.2 million. However, the company experienced a notable decrease in pre-tax profits, which fell to £13 million from £27.8 million the previous year. This contrast between rising sales and falling profits suggests possible challenges in cost management or investment strategies.
Gymshark’s evolution continues with an emphasis on expansion despite recent leadership changes and profit fluctuations.
