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Step One Clothing Ltd ASX:STP

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Mar 2024 to today

Commentary Showing 2 of 5

DateManagerActionSummary

30 Sep 2025Blue Boat CapitalHeldBlue Boat Capital continues to hold Step One Clothing because, despite the share price falling materially alongside Lululemon and Novo Nordisk following disappointing quarterly results, the fund believes the underlying business quality remains intact. Blue Boat notes both Step One and Lululemon maintain debt-free, cash-heavy balance sheets and produce high-quality products favoured by loyal customers, attributing recent underperformance to operational and strategic missteps rather than structural decline. The fund expresses confidence that both companies can correct their mistakes and return to growth, while continuing to return capital to shareholders via buybacks or dividends in the meantime.

Quarterly Report, price recorded $0.54

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31 Mar 2025Blue Boat CapitalHeldBlue Boat Capital continues to hold Step One Clothing because it views the company's decision to pull back in the US market, alongside fellow holding Lovisa, as a disciplined and rational response to underperforming returns. The fund notes Step One reduced US advertising spending after failing to generate sufficient return on investment, choosing to refine its strategy before re-engaging the market rather than continue spending for growth optics. Blue Boat describes this restraint as unusual in a sector often rewarded for unsustainable expansion, framing it as consistent with the company's commitment to profitable growth.

Quarterly Report, price recorded $0.87

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First mention by manager

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Price at first mentionThe share price recorded when each of 1 managers first commented on STP.

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Articles

30 Sep 2025Step One Clothing Fell on Missteps, Not Balance Sheet Weakness

About Step One Clothing Ltd

Consumer Discretionary, Specialty Retail

Step One Clothing (ASX:STP), the online underwear retailer, has been followed closely by Blue Boat Capital. In September 2025, Blue Boat reported Step One fell materially after disappointing results. In March 2025, Blue Boat said Step One made a disciplined, long-term decision to pull back from the US market, and in March 2024 highlighted its high-margin, vertically integrated model with a strong balance sheet. Step One Clothing operates in the Consumer Discretionary sector within the Specialty Retail industry, and Thesis Tracker has captured 5 comments from 1 fund manager, Blue Boat Capital. Founded in 2017 by Greg Taylor and headquartered in Sydney, Step One sells anti-chafe underwear made from sustainable bamboo fabric directly to consumers online in Australia, the UK and the US, with a high-margin, digital marketing-driven business model.

Market cap: $25m
Price to earnings: Loss-making
Return on equity: -13.8%
Dividend yield: 0.0%
Price to book: 0.65x
Net margin: -10.0%
52-week range: $0.12 to $0.56

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Step One Clothing Ltd (ASX:STP)?

Fund managers including Blue Boat Capital have invested in Step One Clothing Ltd (ASX:STP).

What opportunities or catalysts do fund managers highlight for Step One Clothing Ltd?

Blue Boat highlights Step One's high-margin, vertically integrated model and strong balance sheet, along with disciplined decisions to focus on core markets.

What are the key risks to the Step One Clothing Ltd investment thesis, according to fund managers?

Blue Boat notes disappointing results that caused a material share price fall, and a pullback from the US market limits growth.

What does Step One Clothing Ltd (ASX:STP) do?

Step One Clothing Limited (STP) is a direct-to-consumer online underwear retailer. The company offers underwear made from organic materials, produced under certified sustainability practices and ethical manufacturing standards, with designs accommodating various body shapes. Step One operates online retail businesses in Australia, the United Kingdom, and the United States.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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