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Nike, Adidas, ? – here’s the next big player



Nike and Adidas dominate the gym wear market, but there is a young UK company that is rivalling the global giants with strong sales and leading social media presence

Mat Cole form ACT Capital Partners says Adidas and Nike are the major players but there could be a third.

Say hello to UK gym wear company Gymshark

Who are they? Founded by teenager Ben Francis from his parents’ garage in 2012, Gymshark has grown an engaged fan base of millions followers on Instagram,  thanks to its ability to leverage the power of social media and influencer marketing.

“It’s the three C’s, it’s community content, and then commerce and they nailed it,”

Mat Cole told ticker news

Cole says they built a really engaged community around the gym.

“People wanted, you know, comfortable, good looking now effective apparel, to wear to the gym, it was probably a really small niche when they started in terms of the serviceability of that entire suite of products from a Nike or an Adidas, and they saw that opportunity.”

The founder started in the back of his parents house packing the gear, shoving it in a box, driving it to the post office himself with an old waggon.

“He did a phenomenal job and, and he stayed in touch with his consumer. He stayed in touch with the influences. He stayed in touch with his community. And that’s the way that we’re able to iterate the products out that people wanted. They understood the products and the demand of their consumers. They built this really fast model to deliver products that people wanted really quickly,” Cole says on founder Ben Francis.

How is Gym Shark at an advantage over major players?

Cole says from day one, they don’t have big incumbent systems like a Reebok or like a Nike, so that’s a real advantage for them.

“I think there’s this huge amount of growth in their business,” he said.

“So direct to consumer, great influence and marketing campaigns, or young CEOs or young founders of startup, handing it over to a more mature CEO to really grow the brand. While he did an apprenticeship. He’s now taken back over as the CEO of Gym Shark.”

The company is based in Birmingham in the UK, it’s got over a billion dollar valuation.

“So it’s one of the first to emerge in that really sort of duopoly market, between Nike and Adidas”

Adidas offloading Reebok?

German sportswear giant Adidas has agreed to sell the struggling Reebok brand after buying the company in 2006.

The new owner is US company Authentic Brands Group who bought the Reebok brand for 2.1 billion euros ($US2.5 billion).

In February this year Adidas announced that it would offload the brand after struggling to lift its fortunes.

Adidas CEO said “Reebok has been a valued part of adidas, and we are grateful for the contributions the brand and the team behind it have made to our company,”

Authentic Brands Group owns a number of well known names including Fashion retailers JCPenney, Forever21 and Brooks Brothers, as well as the publication Sports Illustrated.

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Can new tech hires be sustained?



As technology companies continue to lay off staff, Australian research shows the future may be brighter

Australia has a target of delivering 1.2 million critical tech workers by 2030.

However, the sector has been battered by changes and layoffs since the pandemic came to light.

Kate Pounder is the CEO of the Tech Council of Australia, who said the pandemic changed the playbook for many companies across the sector.

“There is some evidence that there was a boom in job creation and company formation during the pandemic.”

The Tech Council of Australia recently revealed an 8 per cent increase in tech jobs last year.

It means Australia’s tech workforce is around 935,000.

“When there’s change in the labour market, you see people using that to start a business,” Ms Pounder said.

Despite the rapid layoffs across many major technology companies, Ms Pounder said for every job lost over the past quarter, 20 have been created.

“We are finding that the ease of people moving into jobs is getting a little better.

“It’s still challenging to find people in Australia, particularly for people in specialised roles,” she said.

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Tech layoffs reach their highest point in over 20 years



There have been over 130,000 layoffs across the technology sector in the last five months

The technology sector was billed as the most exciting industry to work in.

Big offices, big dreams, big money were all part of the parcel for many companies attracting staff.

As many organisations caught onto the momentum of the pandemic, the same energy has not been particularly met on the other side.

Thousands of workers have since been laid off as the good times stopped rolling.

In fact, the technology sector’s layoffs are the highest since the dotcom bubble burst 22 years ago.

The BT Group is one of the latest companies cutting staff.

Fifty-five thousand have lost their jobs as part of a corporate restructure.

CEO Philip Jansen will freeze his £1.1 million salary until he retires, according to reports from Sky News.

The ground is also shifting as artificial intelligence takes hold and the economy worsens.

BT Group said it is laying off 11,000 staff because of the increased capacity for artificial intelligence in the workplace.

At the same time, companies like Apple and Goldman Sachs are among those restricting or banning the use of tools like ChatGPT amid privacy or data concerns.

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Big tech crackdown on employees using ChatGPT



Apple and Samsung are among companies restricting or banning the use of ChatGPT

Some of the world’s largest technology companies, including Apple and Amazon have banned or restricted OpenAI’s ChatGPT.

The tool relies on artificial intelligence to produce responses to prompts entered by users.

However, major brands remain concerned around the privacy risks because of the data ChatGPT uses to improve its accuracy.

Samsung has previously reported employees unintentionally leaking confidential internal source code and meeting recordings through ChatGPT.

Meanwhile, Apple has banned the web-platform over concerns surrounding data leaks.

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