A Common Yet Painful Problem

How much would you pay to eliminate boxer “chaffage” and sweaty genitals? For the customers of premium ethical underwear brand Step One, the answer is clear: enough to generate £43.4m in sales in 2024 (+30% YoY)! This impressive growth is coupled with nearly £10m in cash generation, all under the leadership of founder Greg Taylor, who bootstrapped the business for five years before taking it public in 2021. Taylor remains the majority shareholder to this day.

In 2016, Sydney-based Greg Taylor faced an uncomfortable problem while hiking in New Zealand with his wife. Experiencing severe discomfort “down under,” Taylor endured hours of misery before deciding to search for a solution to the dreaded boxer “ride up.” Finding no satisfactory fix, he decided to create one himself. With determination, Taylor flew to China and visited 25 manufacturers before discovering the right partner to bring his vision to life—one that could ensure zero chafing.

The product design came together quickly. Bicycle shorts made from Lycra reduce friction but trap heat, so Taylor stitched a strip of low-friction material into the undercarriage of conventional boxers. This innovation became the foundation of UltraGlyde. Within five months, the first 5,000 pairs of boxers were ordered—half in Taylor’s own XL size in case the venture failed, leaving him with a lifetime supply of underwear!

Step One founder Greg Taylor

Taylor invested a few thousand dollars in Facebook ads, generating the momentum Step One needed to sell £760k worth of boxers in its first year and £1.27m in its second. Scaling up manufacturing commitments based on customer demand required confidence, but even so, Step One struggled to keep up with demand. For the first two-and-a-half years, the company was often out of stock.

Despite Step One’s rapid success, this wasn’t Taylor’s first venture. A serial entrepreneur, he had launched seven prior businesses, including a car sales app where buyers listed what they were looking for and sellers pitched their offers, a QR code coffee loyalty scheme, a coffee cup advertising company, and a bar tab app called Clip. While these ventures achieved varying levels of success, they gave Taylor valuable experience, helping him turn Step One into the market leader it is today.

Taylor’s entrepreneurial journey also intertwines with his partner, Sophie Doyle, who founded The Fable in 2015. Doyle’s brand focuses on silk shirts and originated after a yoga retreat in India, where she noticed her friends wanted the silk shirts she brought back from her travels. While The Fable is more about fulfilling customer “wants,” Step One addresses a functional “need,” solving a problem rather than incrementally improving an existing product. This distinction may help explain Step One’s explosive growth in an industry that had seen little innovation in 50 years.

Another key to Step One’s success lies in its ethical approach. Taylor bootstrapped the business with just £7,600, which meant it needed to be profitable from the start. Without external shareholders, Step One was free to prioritize creating an ethical brand, even if it increased costs. For instance, Taylor insisted on working only with factories accredited by the Business Social Compliance Initiative (BSCI), a Brussels-based group that promotes improved working standards in global supply chains. Factories were required to undergo annual accreditation and allow surprise inspections. Over time, this focus on ethics expanded to include the sourcing of raw materials, the dyes used, and the entire supply chain.

Step One relies on 100% compostable packaging

By treating others as he would like to be treated, solving a functional problem, and delivering excellent customer service (Step One currently holds a 4.4 rating on Trustpilot), Taylor has built a brand poised for continued growth. With significant progress in the UK and plans to penetrate the US market, Step One’s future looks promising.

One question the Step One team constantly asks themselves: What are the reasons a prospective customer wouldn’t buy their product? It’s this focus on improvement that keeps Step One pushing forward.