Confession time: when Greg asked me if I was wearing StepOne's in the interview, i suggested I was.. He took me off guard and I was trying to be nice.

Truth is, i'd never worn a pair.

So, following the interview, I bought some online.

The experience in terms of ordering, messaging and delivery was all fantastic.

And the undies? yeah, I get it now. I dont think i'll be going back to the kmart 8-pack anytime soon.

I don't hold shares (although that might change), and certainly not trying to suggest others should, but just offering some customer feedback.

I do wonder how easily others copy what they've done -- it's hard to spot a moat here. But as @mushroompanda said "sometimes it only takes being 1% better here, and another 1% better there, and it adds up to become and multi-year growth story. How did Under Armour, Hoka shoes, or Lululemon become success stories in highly saturated markets? Did they have a clearer moat when they were fledgling companies?"