Ben Francis@benfrancis/InstagramBen Francis has spent more than a decade building Gymshark into one of Britain's biggest sportswear success stories. Now he's trying to buy some of it back.The billionaire founder is reportedly negotiating to repurchase a portion of the stake he sold to private equity giant General Atlantic.The Financial Times reported that Francis is in talks with General Atlantic over the size and valuation of a potential share buyback, citing people familiar with the matter. Those sources said the 34-year-old founder had considered buying all of General Atlantic’s stake, but it’s more likely he’ll settle for a smaller amount. He is also said to be meeting with banks to discuss financing for the transaction.Francis sold a 21% stake for nearly $300 million to the New York-based firm in 2020. The investment turned Gymshark into a “unicorn” with a valuation of more than £1 billion ($1.45 billion). Francis retained a stake of more than 70%, which Forbes valued at more than $900 million at the time. Strong earnings growth over the next few years lifted his fortune to its current level of $1.2 billion, making him the youngest billionaire from the U.K. on Forbes’ Real Time Billionaires list. General Atlantic, which has more than $126 billion in assets under management, is known for making early bets on fast-growing tech companies. The firm’s notable investments include Airbnb, Alibaba, Mercado Libre, Facebook, Slack and Uber.MORE FOR YOUGeneral Atlantic was founded in 1980 by the late billionaire philanthropist Chuck Feeney, who cofounded Duty Free Shoppers with Robert Miller. Feeney became renowned for quietly donating his entire $8 billion fortune to charities, universities, and healthcare causes before he passed away in 2023.General Atlantic did not wish to comment on the reported talks, and Gymshark did not respond to emails seeking comment.Gymshark’s growth has slowed as competition has intensified and consumers have become more cautious about spending. Last year, Gymshark went through a restructuring that involved cutting hundreds of jobs as it sought to “weather near-term storms” and better serve customers in continental Europe.The retailer’s revenue for the year to July 2025 came to £647 million, a 6.6% jump from a year earlier. Its pre-tax profits didn’t fare as well, falling from £11.8 million to £6.9 million, according to its most recent accounts filed at UK Companies House.Francis resumed his role as CEO of Gymshark in 2021, after stepping aside in 2017 in favor of Steve Hewitt, a longtime veteran of the sportswear industry. Francis’s role during the interim was Chief Brand Officer, focusing on innovation, brand identity and creative content.The origins of Gymshark can be traced back to 2012, when Francis was still a teenager, studying by day at Birmingham’s Aston University, delivering pizzas for Pizza Hut at night and spending his free time at the gym.He teamed up with university friend Lewis Morgan to sell supplements online through a website they named Gymshark. Thin margins, soon prompted the pair to pivot into sportswear.Francis was having trouble finding outfits he could wear because gym clothes at the time were cut for “300lb architectures of muscle” that weren’t the right fit for what he wanted.So he and Morgan poured their savings into a screen printer and a sewing machine and began stitching their own fitness clothing from Francis' parents' garage. Morgan later sold his stake in Gymshark as part of the General Atlantic deal.“Because if we knew what we wanted, we knew what our community wanted,” Francis wrote in his personal website.Gymshark's use of social media influencers has been central to its growth. Francis has said the company sent products to its "bodybuilding heroes" in the hope they would wear them. Indeed, many embraced the brand and shared it with their followers, helping Gymshark build a devoted online communityThe company has been able to maintain its profit margins by selling directly to consumers rather than retailers. In recent years, it has complemented its online business with a handful of high street stores, including its flagship outlet on Regent Street in London.