The UK-based activewear brand made the job cuts as part of a restructuring at its US offices in Denver, a spokesperson for the company told BoF on Thursday.

”We are taking this move purely for commercial reasons to centralise our operations and continue to safeguard the future of the business,” the spokesperson said in an email statement.

The direct-to-consumer business, which was valued at £1 billion ($1.2 billion) following an investment from growth equity firm General Atlantic in 2020, opened its first flagship store on London’s Regent Street in October.

Gymshark joins a growing number of fashion companies, including Everlane and H&M, who reduced corporate headcount in recent months.

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