“No-chafing” underwear group Step One’s products are being spared from any cutbacks in household budgeting as customers pursue comfort, its chief executive says.
Greg Taylor says a strong turnaround in the December half as the group returned to profitability reinforced that Step One had a marketing edge in its unique product offering even in tough economic tough times when people are becoming more value-conscious.“You have to put on underwear every day,” he said. “People will pay for comfort.”
Mr Taylor said an expansion into women’s underwear last year had paid off, while the company has cut back its advertising spend to become much more targeted. But this had not crimped customer growth, with 136,000 new customers added, taking total customer numbers to 1.24 million. While cost-of-living pressures were front of mind among customers, they also wanted to be comfortable and were not scrimping on underwear purchases.
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