Unbreakable pantyhose maker Sheertex raises $101-million led by retail giant H&M to expand business

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 64 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 92%

Canada Headlines News

Canada Latest News,Canada Headlines

Export Development Canada also backed the financing, one of 33 investors alongside others from Canada, the U.S., Hong Kong, the Netherlands and New Zealand

A Montreal company trying to upend the global pantyhose business by making an unbreakable product has raised $101-million led by Swedish retail giant H&M Hennes & Mauritz AB.

Sheertex Holdings Corp. said in a filing with Canadian securities regulators that $62.25-million came from a Swedish investor, which is H&M. Nanna Andersen, head of H&M’s Co:Lab investment arm is the sole Swedish director listed on the company’s board of directors. Co:Lab invested in the company’s last venture funding in fall 2020 alongside U.S. venture capital firm G2VP.

“We’re excited to use this funding to increase investments in the development of our proprietary materials while expanding our vertically integrated manufacturing,” Sheertex founder and CEO Katherine Homuth said in a statement to The Globe and Mail. “We’re lucky to have found incredible partners that share our commitment to sustainability and are excited to grow together both in hosiery and through new categories.

She had no textile experience but sensed a big opportunity to upend a category with US$2-bilion-plus in annual sales in the U.S. After trying numerous materials she settled on the same polymer used to make bulletproof vests. After early challenges turning the tough material into pantyhose she managed to produce tights that were unbreakable by human hands, with material proving to be 10 times stronger than steel; to prove the point, company

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Manitoba child advocacy centre receives $2 million from province - Winnipeg | Globalnews.caThe Manitoba government said it's contributing $2 million toward the Toba Centre for Children & Youth's capital campaign, which aims to raise a total of $15 million.
Source: GlobalNational - 🏆 81. / 51 Read more »

$30,000 in payments to Tory MPP raises ‘troubling questions,’ Del Duca saysA Tory MPP accepting $30,000 from a then-lover — when he was pushing for a transit station near his family business — “raises a lot of troubling questions,” says Liberal Leader Steven Del Duca. For the people…in my inner circle VoteFordOut2022 Didn’t Del Duca have a Go Station put in a location in his riding beat for his development friends? The PC party is still relying on its brilliant tried & true triage criteria and selection procedures for PC candidates which served them so well in the past. They are always searching for *champion and star* quality.
Source: TorontoStar - 🏆 60. / 55 Read more »

A new newsletter! And a $15 billion mysteryThe biggest item in Chrystia Freeland's budget raises more questions than it answers. Lose 10%, before costs
Source: natnewswatch - 🏆 58. / 59 Read more »

Johnson & Johnson shares drop as drug maker suspends sales forecast for its COVID-19 vaccineJohnson & Johnson said on Tuesday that it was suspending the sales forecast for its COVID-19 vaccine due to global supply surplus and demand uncertainty
Source: globeandmail - 🏆 5. / 92 Read more »

Komoka-based camp expands operations after receiving Ontario funding - London | Globalnews.caCamp Kee-Mo-Kee received $49,200 as part of Ontario’s Community Building Fund, which is meant to help them bounce back from the COVID-19 pandemic.
Source: GlobalNational - 🏆 81. / 51 Read more »

No ‘bounce back’ in Russian economy, IMF warns of further damage if sanctions expanded‘We’re viewing this as … something that is really hurting the Russian economy going forward and could hurt it even more if the sanctions are escalated’
Source: VancouverSun - 🏆 49. / 61 Read more »