Bond-eye CEO: “Copy-cats are unable to do this which sets us apart”

In 2011, Australian swimwear label Bond-eye re-entered the market, after taking a hiatus for several years to recalibrate.

Since then, the brand’s attention to detail and focus on people have gotten it to runways at New York Fashion Week and Miami Swim Week – and its latest capsule collaboration with former Victoria’s Secret Angel and Sydney local, Georgia Fowler.

Several pivotal moments led the brand to develop its strong market position as made-to-be-seen swimwear in bold, ultra-flattering silhouettes, with hints of nostalgia in each new collection and innovative design principles.

Brand identity for strong, scalable growth

Today Bond-eye is known for its balance between function and aesthetic, impeccable quality and aspirational marketing campaigns. 

The Bond-Eye Australia Group consists of four brands: Bond-eye, Sea Level, Artesands and Niptuck. They all cater to different market segments in the swimwear industry. 

All four brands are globally distributed with strong retail sales and partnerships throughout Australia, New Zealand and North America, and a growing presence in Europe. 

Bond-eye currently has a presence in 31 countries through its direct-to-consumer (DTC) e-commerce business and global retail partnerships. Stockists include Nordstrom, Neiman Marcus, Saks, Zappos, The Iconic, Revolve, Boardriders and Anthropologie, as well as more boutique retail partners, such as Museum in Bondi Beach, which “moves a lot of stock, for such a small display,” Steve Philpott, CEO of Bond-eye told Inside Retail.

The group is based in Sydney and has offices in Los Angeles and a showroom in New York. 

“We make Bond-eye locally in Australia with Australia being a very aspirational brand in itself and a huge selling point,” Philpott said.

He credits this alongside “persistence or perhaps stubbornness” for establishing the brand in a saturated market. “We believe in the brand, we know its value and we’ve banged down doors until they opened and proved its value to retailers globally,” Philpott said.

“A major factor is that Bond-eye sells. It is known, and desired, and retailers make money and margin,” he added.

Originally founded in 2005, Bond-eye faced an early hurdle in its first several years when it faced several big IP disputes, though Philpott noted that the brand ultimately prevailed.

Backed by the A team

Having a supportive and inclusive work culture has always been a focus for Bond-eye and helped the business to grow and ride the waves of business challenges.

During Covid-19, shutdowns the business saw $10 million worth of orders cancelled within a week. 

“After the initial shock, most of my management team and all staff members rallied and dug in. We had no idea what would happen, management took large salary cuts and everybody was on Jobkeeper which was a blessing,” Philpott said.

“We kept our supply chain relationships intact with honour and decided not to take the VA route, and write off our debts, as so many brands did. We were determined to trade out and trade out we did, and grew 300 per cent in the following three-year period,” he added.

“Culture is everything,” and “HR will make or break a business,” Philpott emphasised.

Philpott strongly believes in the value of having experienced employees. “I have some of the most talented and incredible people working for me and many of them have been in the industry for several decades,” he said.

“We love what we do and there is a passion, a magic and a culture that money can’t buy. We are a people company — creating and selling swimwear.

He also credits the success of Bond-eye to the business’s investment in building mutually beneficial and genuine relationships with retailers, sales teams and suppliers. “We build legitimate win-win relationships, everybody is invested,” he said.

Bond-eye’s competitive advantage stems from its innovation in fabric and design. “The copy-cats are unable to do this which sets us apart, we’re always moving forward,” Philpott said.

A key moment came in 2016 when Philpott was sent a metre of striking cobalt blue ‘crinkle’ fabric to experiment with by its supplier, who just so happened to be the inventor of the original crinkle fabric in London.  “We made a high-cut, cut-away one-piece that was very Elle McPherson, Cindy Crawford 90s’ style,” Philpott explained. 

“We had the sample made in a day and when we received it, it had a hole about the size of a 20-cent piece in the belly. It was so amazing, that we sent it anyway.

The reaction was incredible, he said, was incredible: “Women who wore the fabric and style in the 90s remembered it, including many of our independent retail partners and young women just loved it. It was even featured in the 2016 Sports Illustrated Swim Edition.

Building grit

For Philpott, the true test of a product’s appeal to customers can be seen in the numbers.

“Competing against global brands with large marketing budgets means the product and fit has to be nothing less than exceptional. The swimwear sits next to the world’s best brands and sells. Sell-through at retail is everything,” Philpott said.

“Cash flow in a self-funded fashion business is always a challenge,” he added.

Looking ahead, Bond-eye will maintain its current strategy as it scales globally, with a conservative approach in the current cost-of-living crisis.

“Global economic conditions are very challenging currently, and we are evolving to meet the market needs and remain financially viable,” Philpott said.

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