Stitching Together a Stronger Future
“How hard can it be to make good underwear?” This was the question nagging at Fran Dunaway and Naomi Gonzalez when they launched their company, tomboyx, in 2013. They set out to serve an LGBTQ+ community whose needs weren’t being met by conventional styles. The idea was straightforward: create sustainable underwear designed around quality, fit, and function that was inclusive of all sizes and gender expressions. When their original boxer-brief presale sold out in two weeks, they knew they had filled a gap.
With the support of their community, the business grew. Underwear, bras, swimwear, and gender-affirming products offered people more ways to feel comfortable being themselves. Listening to those who wore the brand became central to the company’s identity.
But its mission-driven purpose didn’t insulate the business from difficult economics. Sales began declining in 2023, with revenue falling from 2024 to 2025. Consumers were pulling back on spending just as higher tariffs made tomboyx’s imported products more expensive. Less revenue was coming in, and more of each sale was going toward costs. The company initially held back on reducing operating expenses, hoping conditions would improve. Instead, the losses deepened.
Then, in early 2026, the warehouse handling its inventory announced it was closing. Leadership had to scramble to transfer its inventory across the border to the United States. Along with moving expenses and legal costs, the relocation meant paying tariffs on inventory before it was sold, which stretched working capital even thinner.
Around this same time, Seujan Bertram was stepping into her new role as CEO. With experience helping businesses navigate turnarounds, she brought a needed perspective to the challenges tomboyx faced.
When the company’s CFO stepped down that spring, Bertram saw an opportunity to bring a more strategic focus to financial planning while reducing costs. Turning Point Strategic Advisors came recommended, and she soon began working with Julie Stead. Together, they turned Bertram’s priorities into action, identifying operating expenses the business could cut quickly. The broader team was also reconsidering how tomboyx reached customers and whether its product offering still reflected what they wanted.
Customer feedback helped inform that work. The number of choices on the website felt overwhelming to shoppers, prompting James Ford, the company’s new Chief Creative Officer, to simplify the assortment and put greater emphasis on quality. For a brand built around fit and self-expression, investing in the products themselves was an important part of rebuilding the business.
“We’ve had to make some difficult decisions, but we have a clear sense of what we’re working toward,” says Bertram. “We want customers to keep discovering tomboyx and longtime supporters to feel proud of the brand they helped build. There’s still much to do, but it’s exciting to see the team’s efforts, with Turning Point and Julie’s strategic guidance, begin to pay off.”
The second quarter brought a larger investment in marketing, including creator partnerships, new creative content, and live streams. The timing coincided with a traditionally important period for tomboyx, with its Memorial Day sale followed by Pride Month in June. The response was encouraging, with both events delivering sales that exceeded expectations. By the end of the quarter, operating expenses had fallen 20% from Q1, even with the additional marketing investment. The business was spending less overall while putting more resources toward reaching customers.
“The momentum’s in our direction right now,” says Stead. “It’s been an honor working alongside Seujan, James, and the tomboyx team, seeing how passionate they are about this business, their community, and challenging norms. They understand what this brand means to their customers, and they’re making thoughtful changes to help it endure. That gives me a lot of optimism about what comes next.”
As a Certified B Corporation and a registered benefit corporation, tomboyx balances purpose and profit, including monthly donations to nonprofits supporting LGBTQ+ communities. Building a more sustainable business will help it carry those commitments forward. The turnaround is still taking shape, but the team has reason to look ahead with confidence - and an opportunity to write a new chapter for the business they believe in.
