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Speedo is the leading manufacturer of swimwear and accessories, most famous for the minimalist classic 'Speedo briefs'. Founded in 1914 by Alexander MacRae, who left Scotland for Australia in 1910, MacRae Knitting Mills slowly moved into swimwear. The Speedo brand appeared in 1928 for the first Racerback design of swimwear, the name provided by Captain Jim Parsons winning a company competition with the slogan "Speed on in your Speedos". Publicly traded in 1951, Speedo first used nylon in 1955 in its fabric for competitive swimwear, debuted at the Melbourne Olympics in 1956. The new style of mens briefs now associated with the brand gave Speedo international acclaim, with Australian Peter Travis is credited for the invention of the skimpy Speedo briefs while working at Speedo in 1961. Today the brand is owned by UK company Pentland Group, which manages and markets the swimwear brand and manufactures products for both recreational and competitive swimming.