Online underwear group Step One may discard its status as a pure-play e-commerce operator by having some items stocked by retailers in bricks and mortar stores as it looks to restore some value for beaten-down investors.

Step One has fallen from favour after starting off in a blaze of glory on the ASX last November in a float where the issue price was $1.53. The stock reached $3 on November 19 but in calendar 2022 has been on a steady downward slide, and has sunk to just 26¢ as expansion in the United States proved harder than anticipated and supply chain disruptions added to costs.