Australian underwear brand Step One has just released its first-ever socks range, with two of the styles reportedly selling out within 24 hours of launch.
The new range is available in crew, ankle and no show styles, in black and white. According to Step One, both the crew and ankle styles have sold out, with restocks arriving this week.
The latest move into socks follows recent pushes into other categories by Step One, including in the menstruation space.
New categories and products have been a key strategy for the brand over the last year. Step One chair David Gallop told shareholders at the brand’s AGM this month that one of its key moves was broadening its women’s offering, which he said achieved revenue growth of 7.9 per cent in FY25.
Women’s products now account for 15 per cent of total sales.
“The introduction of bralettes and expansion into adjacent categories reflects our ambition to become a more significant part of our customers' everyday wardrobe choices, not just their underwear drawer,” Gallop said.
Speaking on the socks in particular, Step One founder and CEO Greg Taylor called it a natural adjacency that helps increase average order value (AOV).
“These new product releases reflect our commitment to solving real problems and delivering best in class, innovative products,” Taylor told shareholders. “The range is sustainable, cost-of-living friendly, and aligns with consumer expectations around both performance and environmental responsibility.”
Taylor added that new product launches, along with its focus on the United Kingdom market, is expected to drive “moderate” revenue growth over the next year.
“As we move into the Black Friday and Christmas trading period following Singles Day, we are deploying a more strategic approach to discounting,” Taylor said. “Rather than applying across-the-board discounts, we are targeting deeper discounts specifically on slower-moving stock lines.
“This approach protects margin on our core, high-velocity products whilst ensuring we clear inventory efficiently.”
Taylor also confirmed that its marketing investment will increase above FY25 levels to support brand building and customer acquisition. He also pointed out that staffing costs will be higher year-on-year reflecting hires already made, with further recruitment limited in the current environment.
“Other operating costs are expected to rise in line with inflation or to support key strategic priorities. Gross margins are expected to moderate toward second half FY25 levels as we clear slower-moving inventory at promotional prices.”