SRTX, the maker of Sheertex pantyhose, has appointed Sophie Boulanger as CEO.HO/The Canadian Press
Sheertex tights maker SRTX Inc. has hired retail and fashion industry veteran Sophie Boulanger as chief executive officer, as the Montreal manufacturer attempts to get back on its feet after a difficult refinancing and the exit of founder Katherine Homuth.
Ms. Boulanger takes over for interim CEO Timothy Leyne, the company’s chief financial officer, who replaced Ms. Homuth after she left in April as SRTX raised US$40-million from existing investors. Ms. Homuth has since launched a couple of new ventures.
Ms. Boulanger started her career in the 2000s as an analyst and buyer in fashion and cosmetics, working for L’Oréal Canada, Christian Dior Couture and Boutique Jacob. She also worked for upscale boutique hotel chain Germain Hotels as retail sales manager before founding BonLook, a direct-to-consumer eyewear brand, in 2010.
Under her leadership, BonLook opened about 40 stores and employed more than 400 people before it was purchased by private equity-backed Calgary company FYIdoctors in 2021. She briefly served as CEO of property technology company 1Valet for nine months in 2024 and has served on the boards of outdoor goods manufacturers La Canadienne and Pelican International.
In a joint statement, the lead investors behind SRTX’s recent financing – BDC Capital, Export Development Canada, H&M Group and Investissement Quebec – said: “With her entrepreneurial mindset, operational expertise, and vision for consumer-centric growth, she is very well positioned to lead SRTX into its next chapter. Sophie Boulanger brings an excellent track record in scaling brands, creating shareholder value, and building strong teams. We are confident she will accelerate SRTX’s mission to transform the apparel industry.”
Ms. Boulanger was not available for an interview but said in a statement she was “honoured to join the company at such a pivotal stage” and complimented Ms. Homuth’s vision and entrepreneurial drive for building the company’s foundation. “I am excited to carry that legacy forward.”
The recent financing gave SRTX enough cash to fund its planned production expansion and drive to reach operating profitability by the end of 2025, though the deal slashed the value of SRTX from US$325-million to US$95-million before the receipt of funds.
Ms. Homuth embarked on an unlikely mission in 2017 to replace run-prone nylon tights with a rip-resistant alternative made from the same polymer used in bulletproof vests. She convinced skeptical industry observers and investors that she could build a viable product and business, selling more than US$155-million of goods as of earlier this year. SRTX products are stocked by H&M, Costco Wholesale Corp., Walmart Inc., Holt Renfrew & Co. Ltd., Macy’s Inc. and Kim Kardashian’s SKIMS banner.
But after building a vertically integrated operation in Montreal as part of an effort to drive down costs, Ms. Homuth fell short of her goal in 2024 to raise US$75-million in fresh funding that she said was needed to carry SRTX until millions of wholesale units were shipped to retailers and paid for this year. That prompted her to write a series of candid social-media posts about SRTX’s fundraising challenges and related frustrations, which she later acknowledged was not well received by investors. SRTX has also faced the uncertainty of U.S. tariffs, adding duties on shipments, and temporarily laying off 40 per cent of its staff early this year.
Editor’s note: A previous version of this article incorrectly listed H&M Hennes & Mauritz AB as one of the lead investors behind SRTX's recent financing. H&M Group is one of the lead investors.