Ladies fear not, you will soon have your own dedicated line of anti-chafing underwear with clothing company Step One (ASX: STP) to release a women’s line of innerwear originally designed for men to combat chafing.
Having invested significantly on Australian television over the past 12 months, Step One underwear features organic bamboo fabric and the ability to manage sweat in boxer short style underwear. Their Step One UltraGlyde™ panels have appealed to men having been specifically advertised to combat chafing with a soft and comfortable waistband.
Despite being a product originally just for men, 40% of Step One’s customers are women who have been purchasing the underwear for family members, and been screaming out for their own line of the product. In response to this demand, Step One has confirmed the launch of a Women’s innerwear line in Australia and the United Kingdom with the benefit of no visible panty line.
“I am very excited that Step One has launched its Women’s line, a key deliverable in our growth strategy to develop complementary product adjacencies,” said Step One Founder and CEO, Greg Taylor.
“I would like to take the opportunity to express gratitude to our many loyal female customers who not only insisted on a Women’s line but also participated in its design and testing. I am thrilled that we are continuing to disrupt the innerwear industry by offering women an innovative innerwear solution to help them feel their best every day.”
The women’s products will be priced in line with the men’s line and are produced using the same high-quality, organically grown, ethically produced fabric.
Step One made a huge splash on the ASX when listing in November 2021 after raising $81.3 million via their IPO at an Offer Price of $1.53.
Upon commencement of trading, STP shares soared to a high of $3.13 on 19 November 2021 but have since cooled significantly to have last closed at $1.33.
In FY21, prior to their ASX listing, Step One generated $61.7 million in revenue for a net profit of $7.7 million. According to their IPO Prospectus, the Company forecasts those figures to increase to $73.9m and $10.5m respectively in FY22.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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