Mat Dunn has left his position as the CFO of Gymshark, concluding a tenure of under two years.
- Dunn, previously with Asos, joined Gymshark in December 2022 as Chief Financial Officer.
- His departure aligns with Gymshark’s ongoing expansion of its physical store footprint.
- Gymshark achieved a 14% increase in sales, yet saw a decline in pre-tax profits.
- The impact of Dunn’s departure on Gymshark’s financial strategy remains to be observed.
The recent departure of Mat Dunn as Gymshark’s Chief Financial Officer marks the end of a period just shy of two years with the company. Dunn, who transitioned to Gymshark from a prominent role at Asos in December 2022, played a substantial role in shaping the company’s financial and commercial landscape. A source from Gymshark remarked on Dunn’s contributions, noting his instrumental efforts in evolving the finance and commercial functions.
Under Dunn’s financial guidance, Gymshark has been actively pursuing its store expansion plans. This includes the opening of three new permanent stores and a retail outlet pop-up scheduled for 2025. The ambitious expansion strategy coincided with the opening of Gymshark’s second UK flagship store in London’s Westfield Stratford City earlier this autumn.
Despite an uptick in sales, Gymshark reported a significant drop in pre-tax profits, from £27.8 million in the previous period to £13 million for the year ending 31 July 2023. This represents a challenging financial climate even amidst growing revenue figures—a scenario that leaders at Gymshark, in the wake of Dunn’s exit, will likely need to navigate carefully. Sales have increased by 14%, bringing the total to £556.2 million, indicating robust market engagement.
The implications of Dunn’s exit on the company’s ongoing and future financial strategies are yet to be fully understood. His departure occurs at a critical juncture as Gymshark seeks to balance its ambitious growth plans with the evolving economic and retail landscape.
Mat Dunn’s exit is a pivotal moment for Gymshark, as the company continues its expansion amid financial changes.
