Greg Taylor reveals how a hike lead to Step One, a multimillion-dollar undies empire

An Aussie man had no idea that solving a personal problem would lead to a mind-blowing $330 million undies empire.

Greg Taylor was on a hike when he experienced something so unbearable he had to create something to fix it. That something turned out to be a $330 million business venture that would change his life forever.

Back in 2017, the 42-year-old avid traveller from Sydney was in one of his favourite countries — New Zealand — taking in the picturesque landscape while on a multi-day hike.

He was wearing synthetic bike shorts, which on warmer days coupled with hiking, can leave some men feeling quite uncomfortable downstairs.

For Greg, he experienced unbearable chafing and as he directly (and visually) put it — sweaty balls.

Greg Taylor was on a hike in NZ when he had a light bulb moment.

“From a men’s anatomy point of view, it did nothing for support or separation — when your leg touches your egg,” he joked.

So, upon his return, he made it his mission to look for a solution to solve chafing, sweat and the constant riding up of (his) underwear.

This was when Step One was born — a business that is now valued at $330 million and has made $10 million in profit in just under five years.

And with that, he revolutionised the men’s underwear game for good.

It began with Greg’s innovation of UltraGlyde panels which is a strip of ultra-low friction fabric that sits between your legs to reduce friction.

The Aussie experienced unbearable chafing from the bike shorts he was wearing which promoted his now multi-million dollar undies empire.

“When you first pull them on, as a guy it lifted things in places that aren’t normally,” he laughed.

It comes with anti-chafe technology, so they prevent leg ride up and as Greg puts it — stops those awkward moments of readjusting in public.

Of course, it changed hiking forever for him too. But his success didn’t happen overnight.

With no experience in creating apparel, he took himself to import and export fair The Canton, in China, to get educated and present some of his ideas.

“I had all these waste bands and fabrics. I went to various manufactures and told them ‘I want this and this’,” he said.

Eventually, he got one company to produce 5,000 pairs after a few adjustments to his product.

“I thought about the epoch — how do I separate the male anatomy from the leg,” he told news.com.au.

He created Step One, a $330 million underwear company.

“Women have ABCD cup bras and men are all different sizes too.”

So he thought to do the same for men’s sizing, but he just got laughed at.

“They said, ‘Greg, do you really think men will buy an A cup?’. I figured it was a good point to make — and so I hid a piece of elastic in the pouch so it stretches.

“It creates a layer of fabric between the leg and pouch, lifting and separating the leg from the anatomy.”

One sells one every eight seconds in Australia, the UK and the US.

He also launched a women’s range.

He was confident in his product, but not 500,000 products-worth confident, which is what most factories wanted him to produce, before one agreed to make 5,000.

“Normally you would make undies in medium and large — I made half in XL because I figured if they don’t sell, I can just wear them and at least I’ll have undies for the rest of my life.”

But that wasn’t the case and Greg should have just gone for the 500,000 pairs because within days of putting out a video on Facebook showing off the product, it went viral and he sold-out.

He knew it was going to be a success, but he didn’t realise how big and also how fast it would happen.

He tried to get investors, but no one was interested. So, he grew his multimillion-dollar empire solo.

He floated Step One on the ASX in November 2021 for just under $300 million, selling 30 per cent of the business for just under $85 million. He is one of only a handful of businesses to do this as a single shareholder without any external funding.

Greg sold 30 per cent of the business for just under $85 million.

Following the success of the men’s undies briefs and trunks, he went on to create a women’s range last August and sold 30,000 pairs of their new SmoothFit line in a week.

Today, a pair of Step Ones now sell every 8 seconds in Australia, the UK and the US.

They’re made from organically grown bamboo, which Greg says is a natural game-changer and ideal for moisture-wicking in those hot and sweaty areas.

The 42-year-old also takes pride in being the first clothing and garment company in Australia to achieve end-to-end FSC certification.

This means a commitment to zero forestation, fair wage and work environments, plant and animal species protection and supporting local communities in all production of their Bamboo Viscose underwear.

Following the success of the men’s range, he created a women’s line last August.

He sold 30,000 pairs of their new SmoothFit line in just one week.

“Every single supplier in out supply chain, from the bamboo to packaging and manufacturing have all been independently audited for sustainability, no forced labour, no deforestation and fair work conditions,” he said.

“To be only company that has [this certificate] in Australia, is something I am so incredibly proud of. I can sleep at night knowing my supply chain is ethically certified and always trying to do the safe and right thing.”

The entrepreneur, who had seven start-ups prior, decided to spin the wheel one more time — and luckily for him, it was a risk worth taking.

“I don’t see this as work,” he said. “I don’t think about it as a chore. If you love what you do, you’re the richest person in the world.

“If you start a business trying to make money, you won’t. If you make it wanting to be successful, the money will come.”

The father-of-two said the best thing about his life now is the security he’s created for his family.