Gymshark and Sigma Sports have both been voted the UK’s fastest growing retail brands as the online sports goods market shows no sign of slowing down.
Sigma Sports was voted the sixth fastest growing UK company in this year’s The Sunday Times HSBC International Track 200, while Gymshark came 18th.
Kingston Upon Thames based Sigma Sports has transitioned from “local bike shop to online retailer” over the past few years and now exports around £7 million per year to markets including America, Japan and Ireland thanks to its shift online.
According to the sporting goods retailer, which predominantly sells bikes, has a two-year average international sales growth of over 190 per cent.
Another online sports goods retailer Gymshark was also listed, seeing a two-year average international sales growth of 115 per cent.
Gymshark, founded in just 2012, now sells its goods to over 178 countries and has annual sales of £176 million, £143 million of which is sold internationally.
This demonstrates the growing power of online focused sports brands as they cash in on the apparently unstoppable wellness craze as well as the shift towards online and direct-to-consumer retail.
Sportswear brands like Lululemon and UnderArmour have seen dramatic rises to prominence over the last five years, with the former seeing shares rise 6.89 per cent over the past month well outpacing the wider sector’s loss of 2.04 per cent.