Québec is making a multimillion-dollar bet on indestructible pantyhose.
What happened: SRTX — the Montréal-based maker of Sheertex tights — raised ~$70.3 million in funding, half of which was provided by the Québec government’s investment arm. The money will be used to expand manufacturing in the province as it pursues profitability.
Catch-up: In case you don’t have a Zillennial woman in your life and haven't heard, Sheertex tights have received raves in recent years (allegedly from Taylor Swift, no less) thanks to their “rip-resist” material made of the same polyethylene found in bulletproof vests.
- The downside is that this makes them expensive to produce. They cost US$10 a pop to make, better than the ludicrous $75 they cost in 2019, but still relatively pricey.
- SRTX is working to lower costs further as it shifts to its new Pointe-Claire factory. But even with a steep price tag to offset costs, it’s still expecting to triple sales next year.
Why it matters: Québec has a rich fashion history as Montréal’s garment sector was once one of the world’s top textile hubs. It’s been on the decline since the 1990s when companies began outsourcing production to China, but Sheertex could help revive its past glories.—QH