Just over $500,000 worth of shares were sold off by Step One founder and CEO Greg Taylor this week.
The sale, which amounts to 313,500 shares, was to bring global sailing champion James Spithill onto the share register of Step One as a person of influence in the markets in which Step One operates, Taylor revealed.
The underwear business sells direct-to-consumer across Australia, the United Kingdom, and the United States.
Spithill is an Australian sporting icon, having won the Americas Cup twice in 2010, and in 2013 returned from 8-1 to win 9-8 in what is believed to be one of the biggest comebacks in all sports. He is a World Sailor of the year, multiple World Champion and Sydney to Hobart winner.
Most recently, he is involved with Sail GP, an international sailing competition that features high-performance F50 foiling catamarans, with its 2024 competition taking place in Sydney Harbour this year.
Following the sale of shares, Taylor remains the largest shareholder and now holds 66.88 per cent.
“We pride ourselves on delivering high-performance products with exceptional environmental credentials,” Taylor said. “Individuals such as James Spithill not only endorse our products, but also share our dedication to sustainability, product innovation, and global growth.
“In this day and age, when talk is cheap, we seek out long-term, inspired individuals who not only recognise potential in Step One but are also willing to invest in realising it.”
Taylor added that Spithill is an “exceptional” ambassador to bring onto the Step One register.
“I am excited about Step One’s future growth opportunities and continue to be as committed and driven as ever to achieve our global growth ambitions.”
The first half of FY24, Step One recorded a 25.5 per cent growth in revenue to $45.1 million, with a gross margin of 81.2 per cent.