Sportswear brand Gym+Coffee has launched a new flagship store at Dundrum Town Centre, four years after opening its initial pop-up store at the south Dublin shopping centre for two weeks in 2018.
The athleisure company, founded by Niall Horgan, Diarmuid McSweeney and Karl Swaine in 2016, operates a further nine stores in Ireland and three in the UK.
Gym+Coffee said the store on the second floor of Dundrum would allow customers to hang out in a relaxed setting and browse the available collection, and the outlet represents the company’s biggest investment in physical retail to date.
Investors in the firm include singer Niall Horan and former rugby star Brian O’Driscoll, and the company has plans to open another four stores in 2023.
Accounts for Gym Plus Coffee Ltd show the company made a loss of €183,000 last year following a profit of €929,000 in 2020.
The company’s assets include €5.4m in stock and €9.4m in cash and equivalents and are offset by €13.8m owed to creditors for net assets of close to €2m. Director remuneration rose from €140,000 to €275,000 last year.
Gym+Coffee employs 170 people, and the Dundrum opening will push its headcount towards 200. Speaking last month, Horgan said revenues would be significantly up on the €20m recorded last year.
The Cork-based firm raised €17m in funding round led by Castlegate Investments, alongside West Ventures in July. The company subsequently raised prices in August, citing improved quality, supply chain issues, the cost of carbon neutrality and inflation.