Sheertex, the Montreal-based maker of rip-resistant tights now operating under the name SRTX Inc., has appointed Sophie Boulanger as its new chief executive officer. The announcement comes at a critical moment for the company, which has endured a turbulent year marked by a steep drop in valuation, a major refinancing deal, and the departure of founder Katherine Homuth.
Ms. Boulanger, a veteran of Canada’s fashion and retail sector, assumes the role from interim chief executive Timothy Leyne, who had stepped in after Ms. Homuth left the company in April. The leadership change is intended to stabilize the business as SRTX works toward profitability and expands its presence in global retail.
Ms. Boulanger brings a wide-ranging background in fashion and consumer goods to the role. Her early career included positions with L’Oréal Canada, Christian Dior Couture, and Boutique Jacob, giving her direct experience with both the operational and consumer-facing sides of the industry.
In 2010, she co-founded BonLook, a direct-to-consumer eyewear company that disrupted Canada’s optical retail market with stylish, affordable frames. Under her leadership, BonLook grew to nearly 40 stores and more than 400 employees before it was acquired by FYidoctors in 2021. She later served as CEO of the property technology company 1Valet and currently sits on the boards of outdoor goods manufacturers La Canadienne and Pelican International.
In a joint statement, SRTX’s major investors, including BDC Capital, Export Development Canada, H&M Hennes & Mauritz AB, and Investissement Québec, praised her appointment, citing her “entrepreneurial mindset, operational expertise, and vision for consumer-centric growth.” They expressed confidence that she would “accelerate SRTX’s mission to transform the apparel industry.”
Building on a Founder’s Legacy
In her own statement, Ms. Boulanger emphasized continuity, describing herself as “honoured to join the company at such a pivotal stage.” She credited Ms. Homuth for laying the foundation with “vision and entrepreneurial drive” and said she was eager to “carry that legacy forward.”
Ms. Homuth’s journey at Sheertex was widely recognized as one of Canadian retail’s most ambitious startup stories. She launched the company in 2017 with a product designed to solve a problem nearly every hosiery wearer knows well: runs and tears. By using ultra-high molecular weight polyethylene, a fiber more commonly associated with ballistic materials, Sheertex developed tights marketed as virtually unbreakable.
Her persistence convinced investors that durable hosiery could be a viable consumer product. The company went on to generate more than US$155 million in sales, with its tights eventually appearing on the shelves of H&M, Costco, Walmart, Macy’s, Holt Renfrew, and Kim Kardashian’s SKIMS brand.
A Valuation Reset
Despite its successes, Sheertex faced a severe setback in 2024 when it struggled to raise US$75 million in new funding. Without the infusion, the company was unable to support its wholesale expansion and sustain operations while waiting for large retail orders to be fulfilled and paid.
The financing round that eventually closed earlier this year provided US$40 million from existing investors, but at a steep cost. The company’s valuation, once pegged at US$325 million, was slashed to US$95 million. The capital has given SRTX breathing room, funding production expansion and an ambitious goal to reach profitability by late 2025.
The recapitalization, however, underscored the challenges of scaling a capital-intensive manufacturing business, even one with an innovative product and strong retail partnerships.
Trade Pressures and Layoffs
SRTX’s troubles have not been limited to fundraising. The company has also faced geopolitical and trade-related headwinds, particularly the imposition of U.S. tariffs. The hosiery maker, which relies heavily on American customers, saw costs rise and competitiveness squeezed. In response, the company temporarily laid off about 40 percent of its staff in early 2025, a move that highlighted the fragile position of Canadian manufacturers navigating global trade policy shifts.
The layoffs and financial uncertainty contributed to Ms. Homuth’s decision to step down as CEO, marking the end of her tenure at the company she founded. She has since launched new ventures, continuing her entrepreneurial career.
From Disruptor to Mainstream Player
Sheertex began as Sheerly Genius, a Kickstarter-funded project that caught the attention of investors and consumers alike with its promise of sheer hosiery that would not rip. Its appearance in Y Combinator’s accelerator program and recognition from TIME Magazine as one of the “Best Inventions” helped propel its early growth.
By 2019, the company had relocated manufacturing to Montreal, building a vertically integrated operation to reduce costs and control quality. Over time, Sheertex broadened its scope beyond direct-to-consumer sales, signing distribution agreements with major global retailers.
The brand has also emphasized sustainability, seeking to change consumer perceptions of hosiery as disposable fashion. In 2024, Sheertex achieved B Corp certification, highlighting its environmental and ethical commitments, and announced recycling programs for used products.
