SYDNEY: Speedo has responded to market pressures by making a bid to capitalise on the lucrative but cluttered underwear market.
The iconic name in Australian swimwear, which is run out of the True Alliance stable, has confirmed it will launch an underwear range for both men and women next month.
The new range, called UnderBody, will target three top performing segments of the market - sportswear, fashionwear and performancewear.
Speedo business manager Marc Miller said the new range would slot into the middle of the market, with garments retailing for between $20 and $60.
Sizing will range from small to 2XL for men and eight to 18 in knickers for women while bras will be sized from 10A to 16DD.
Miller said he could not reveal how many garments would form the launch range.
"We see ourselves sandwiched between the top designer brands and the cheaper end of the market. We believe we've found a niche in the market," he said.
Miller said imported fabrics, seam-free laser cuts and moisture management technology, dubbed SpeeDry that repels heat and moisture away from the body, would be used across the entire range and would help set the range apart from its competitors.
Speedo marketing manager Tiffany Scott-Maher described the move into underwear as a natural progression for the brand. A marketing campaign will be launched as the product hits the market, fronted by brand ambassadors Lara Bingle and Olympic swimming champion Andrew Lauterstein.
Scott-Maher said she wasn't fazed by the fact she had been charged with the task of launching the range during the difficult trading conditions faced by many apparel companies.
"Australians have been bought up with the Speedo brand and they trust it. Yes times are tough, but we believe the strength of the brand will carry us through." The UnderBody range will be sold at major department stores and Speedo flagship stores nationally.
The range will be unveiled in August - at the same time the company launches its swimwear range for summer 2009. Speedo has a strong heritage in Australia, first launching on Bondi Beach in 1928.
The launch follows the February announcement by underwear giant Pacific Brands that its half year 08/09 earnings fell 5.2 per cent to $1,041.6 million. The company's flagship underwear brand Bonds grew sales six per cent year-on-year, but overall sales within the company's underwear and hosiery category fell 1.1 per cent to $43.9 million year-on-year.