The Chief Financial Officer of Gymshark has left the company after two years, sparking interest in the finance world.
- Mat Dunn, who joined Gymshark in 2022, was quietly removed as a director without a formal announcement from the company.
- During his tenure, Dunn played a pivotal role in transforming Gymshark’s finance operations, despite challenging market conditions.
- The company’s latest financial reports showed a significant profit decrease, which was attributed to rising costs.
- Dunn’s departure raises questions about Gymshark’s future financial strategy and leadership.
Mat Dunn, the former Chief Financial Officer of fitness retail giant Gymshark, has recently vacated his position after a two-year tenure, a move that was reflected in a Companies House update rather than a company announcement. His departure comes as a surprise to many, as there was no prior indication from Gymshark regarding this leadership change.
Dunn, who had previously held significant roles at ASOS including CFO, COO, and interim CEO, joined Gymshark in December 2022, stepping in for the former CFO, Philip Daw. During his time with Gymshark, Dunn was highly regarded for his efforts in advancing the company’s financial and commercial capabilities. The company acknowledged his contribution publicly, appreciating the developments under his tenure.
The financial landscape during Dunn’s time at Gymshark was not without its challenges. The most recent accounts he oversaw showed a pre-tax profit of £13.1 million for the year ending in July 2023, marking a steep 53% decrease from the previous year. This drop was largely attributed to a sudden increase in costs, although the company noted that these expenses have started to stabilize. However, there was a positive development as Gymshark’s revenue saw a rise from £484.4 million to £556.2 million, indicative of strong business operations despite the profit pressure.
Founded in 2012 in Solihull, Gymshark has rapidly ascended to become one of the leading online retailers in the UK. The company’s valuation soared to £1 billion in 2020 following a substantial £200 million investment from General Atlantic. This growth has positioned its founder, Ben Francis, among the wealthiest young entrepreneurs in the country, amassing an estimated fortune exceeding £1 billion.
Following Dunn’s exit, Gymshark has yet to announce a successor for the CFO position. The company remains a subject of interest and speculation regarding its future financial direction and leadership decisions.
Dunn’s unexpected departure from Gymshark sets the stage for potential changes in the company’s financial leadership and strategy.
