Key points
- Step One has launched its first women’s product
- 40% of purchases are made by female customers
- Launch driven by strong demand for women’s products
The Step One Clothing Ltd (ASX: STP) share price is on the move on Monday morning.
At the time of writing, the underwear retailer’s shares are up 4% to $1.39.
Why is the Step One share price rising today?
Investors have been bidding the Step One share price higher today following the release of an announcement which reveals the company’s expansion into the women’s underwear market.
According to the release, Step One has expanded its product range following significant demand from its female customers. Management notes that approximately 40% of its existing customers are women and they have been requesting similar products for themselves.
The release notes that the initial product line is a boxer short style, which has been tailored specifically for women after feedback and testing by existing Step One female customers. It features organic bamboo fabric to manage sweat, the signature Step One UltraGlyde panels to combat chafing, and a soft and comfortable waistband for all day use.
The women’s product is priced at the same level as the equivalent men’s product, with volume discounts applicable on larger cart sizes. It has now launched in Australia and the United Kingdom, with a launch in the USA coming later in 2022.
Step One’s Founder and CEO, Greg Taylor, commented: “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. 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 post Why is the Step One (ASX:STP) share price racing higher? appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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