Speedo International Limited

Speedo Knitting Mills

Company founder Alexander MacRae emigrated from Loch Kishorn in the western Highlands of Scotland to Sydney, Australia in 1910. Originally working as a milkman, he founded MacRae and Company Hosiery four years later, manufacturing underwear under the brand name Fortitude (taken from his family crest). The Australian Army's need for socks during World War I provided MacRae with enough business to expand and in 1927 his first line of swimwear, called a "racer-back costume" was introduced. The following year, a naming contest held among the MacRae staff yielded the slogan "Speed on in your Speedos." The brand name was born. The contest winner, Captain Parsonson, was awarded £5 for his slogan and the company was renamed Speedo Knitting Mills.

The controversial yet revolutionary racerback style's open shoulder and exposed back allowed greater range of motion in water and was quickly adopted by competitive swimmers, despite being banned by some beaches. In 1932, Speedo made its Olympic debut when 16-year old Australian Clare Dennis won the Women's 200 metre Breaststroke at the Los Angeles Olympic Games. After nearly being disqualified for "showing too much shoulder" in her regulation silk Speedo brand swimsuit, Dennis went on to set a world record time of 3:06.3. The 1936 Berlin Summer Games also saw some controversy as the men's Australian swim team featured shirtless swim trunks for the first time. Also in 1936, Alexander MacRae became involved in the Surf Life Saving Association. To this day, Speedo continues to support the Australian volunteer organisation.

Post-War expansion

After devoting most of its resources to the War effort during World War II, Speedo enjoyed a great post-war demand for swimsuits, specifically the recently invented bikini style. The company quickly reestablished itself as a leader in swimwear manufacturing and once again drew controversy when its two-piece was banned by Australian beach inspectors. In 1951, Speedo Knitting Mills (Holdings) Ltd. incorporated and went public, selling its stock on the Sydney Stock Exchange. In 1955, nylon was used for the first time in the company's swimsuits and the next year, the increasingly popular swimsuit brand returned to the Olympics when its home country hosted the Melbourne Summer Games. The Speedo sponsored Australian men's swim team took home eight gold medals and brought a new worldwide level of notoriety to the company which debuted the swim briefs that would become synonymous with the brand name. By 1957, Speedo had the exclusive licence to manufacture and distribute Jockey brand men's underwear in Australia. The company finished off the 1950s by exporting to the United States and exploring potential opportunities in South America, Europe, New Zealand and Japan.

The end of the 1950s also saw the beginning of a long-lasting business partnership which continues to this day. In 1958, Speedo began the manufacture of American Warnaco's White Stag ski-wear line. In exchange, in 1961, White Stag became the exclusive US distributor of Speedo swimwear. Through White Stag, Speedo's product line expanded to include men's and women's sportswear. By the middle of the 1960s, Speedo had acquired 30% of Nottingham, England textile manufacturer Robert Shaw & Company and had established a European subsidiary. Licences were also granted to Japanese and South American corporations. The 1968 Mexico City Summer Olympics saw 27 of the 29 gold medalists—22 of which set world records—wearing Speedo brand swimsuits.