Speedo swims better in its 80th anniversary

Michael Phelps is about to swim the 100-meter butterfly at an Olympic tune-up meet this month. He bends into his starting position, flaps his arms across his back and launches at the sound of the horn. He touches the wall in 51.04 seconds, the fastest in the world this year in the event. Backstage, reporters swarm Phelps but instead of asking about his amazing performance, they pepper America's swim king with questions about the high-tech Speedo swimsuit he is wearing: “I don't usually get questions about my suit”, he said. “It's kind of funny”.

Phelps's quest to top Mark Spitz's seven gold medals is only the second biggest swim story in the run-up to the Olympics. Speedo's LZR Racer swimsuit is causing the biggest splash in and out of the pool. The rubbery full-body corset would look more at home in a Batman movie than on the pool deck. But since it was introduced in February, swimmers wearing it have set a stunning 38 world records.

Despite its dominance in the pool, Speedo is not that big fish. It does just $250 million in annual U.S.A. sales and about $555 million worldwide. With those relatively modest revenues, Speedo certainly can not afford to advertise on TV for the Olympics but Speedo's athletic performance has made it the No. 1 swim brand in the world.

In the United States, where it faces fierce competition from Nike and TYR, Speedo commands 61 percent of the competitive-swimwear market, according to sports-marketing researcher SportsOneSource. “Speedo is the Kleenex of swimwear”, says analyst Marshal Cohen of the NPD Group.

Speedo is also celebrating the 80th anniversary of the the classic, figure-hugging “Racerback” costume, which permitted greater freedom of movement, allowing wearers to swim faster. This inspired staff member Captain Parsons to coin the slogan 'Speed on in your Speedos'. The SPEEDO® name was born in 1928 too.