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Gildan

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Gildan Activewear Inc.
Company typePublic company
TSX:GIL
NYSE:GIL
S&P/TSX 60 component
IndustryTextile,clothing
Founded1984
FounderGlenn Chamandy, Greg Chamandy
Headquarters
KPMG Tower,Montreal,Quebec
,
Canada
Key people
Vince Tyra (CEO), Rhodri J. Harries (CFO)
RevenueIncreaseUS$4.234 billion(FY 2022)[1]
IncreaseUS$1.259 billion(FY 2022)[1]
DecreaseUS$705 million(FY 2022)[1]
Total assetsIncreaseUS$4.713 billion(FY 2022)[1]
Total equityIncreaseUS$2.55 billion(FY 2022)[1]
Number of employees
44,000 (2020)[1]
SubsidiariesAmerican Apparel(online retailer)
Websitegildan.com

Gildan Activewear Inc.(/ˈɡɪldən/) is a Canadian manufacturer of branded clothing, including undecorated blankactivewearsuch ast-shirts,sport shirts andfleeces,which are subsequently decorated byscreen printingcompanies with designs andlogos.The company also supplies branded and private label athletic, casual, and dress socks toretailcompanies in theUnited States[2]includingGold Toe Brands,PowerSox, SilverToe, Auro, All Pro, and the Gildan brand.[3]The company also manufactures and distributesUnder ArmourandNew Balancebrand socks.[4]The company has approximately 44,000 employees worldwide,[1]and owns and operates manufacturing facilities in Rio Nance,Honduras[5]and theCaribbean.

Glenn and Greg Chamandy founded Gildan in 1984 with the acquisition of aknittingmill inMontreal, Quebec,Canada,[6]to make fabric to supply Harley Inc., the childrenswear business already owned by the family. It later expanded to sell t-shirts made of 100% cotton towholesalers,which resold them to United States and Canadian screen-printers, to be decorated with designs and logos. By 1994, Harley was closed in order to focus on the expansion of what had become Gildan Activewear.[7]

Gildan has factories in low-wage countries likeHondurasand Haiti, which has allowed Gildan to lower its price per shirt to below that ofChinesemanufacturers as of 2006.[8]

Growth and acquisitions

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Gildan opened its firstoffshoresewingfacility in Honduras, in 1997. The plant was vertically integrated and employed 1,200 workers. A year later, the company achieved aninitial public offeringand was listed publicly on both theToronto Stock Exchangeand theNYSE MKT.[9]

By 2001, Gildan was the leading distributor of 100% cotton T-shirts in the US as determined by theACNielsenS.T.A.R.S. Report.[citation needed]The next year, the company opened a knitting, bleaching, dyeing, finishing, and cutting facility in Rio Nance, Honduras.[9]

In 2010, the company invested $15m in Shahriyar Fabric Industries Limited inBangladeshto support planned growth in Asia and Europe.[10]

Gildan Activewear shirts withWikialogo

In May 2012, Gildan again expanded with its purchase of 130-year old apparel maker Anvil Holdings, Inc., the parent company of Anvil Knitwear and producer of environmentally-friendly lines of sustainable, recycled, and organic apparel.[11]

In 2014, Gildan Activewear acquired Doris Hosiery for CA$110 million.[12]

In February 2015, Gildan announced its intent to purchase the Comfort Colors brand and assets, for a total purchase price of approximately US$100 million. Comfort Colors is the leading supplier of garment-dyed undecorated basic T-shirts and sweatshirts for the North American printwear market.[13]

In 2016, Gildan Activewear announced its $55 million purchase ofPEDS Legwear.[14]

In 2017, Canadian company Gildan Activewear acquired American clothing companyAmerican Apparelfor $88 million.[15]

In 2021, Gildan acquired 100 percent of the equity interests of Phoenix Sanford, LLC.[16]

On 11 December 2023, Glenn J. Chamandy left his position as president and chief executive officer and director of the company.Vince Tyrawas appointed president and CEO effective 12 February 2024, with Craig A. Leavitt assuming the position of president and Chief executive officer during the interim period.[17]

On 19 March 2024, Gildan announced its intention to sell the company after a special committee review and amid a battle between its top stockholders, following the dismissal and proposed reinstatement of co-founder Glenn Chamandy as CEO.[18]

Advertising and sponsorships

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Gildan bought a 30-second spot to air an advertisement during the third quarter of the2013 Super Bowl.The ad was part of an overall $25 million marketing push created by DeVito/Verdi, which included broadcast, print, digital, event marketing, and public relations. Gildan started speaking to the media about its Super Bowl ad in early December 2012.[19]

The company also sponsored the Gildan New Mexico Bowl, which was played 15 December 2012, in Albuquerque.[20]

In a 2017 commercial, Gildan depicted older men in (sometimes ill-fitting) whitebriefsand urged younger men not to wear their fathers' underwear.[21]Blake Sheltonwas a spokesperson for the company.[22]

Allegations of labor rights violations

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Genesis, S.A. is aHaitianfactory manufacturing T-shirts whose main customer is Gildan Activewear. It has been accused as the most serious offender in a campaign of retaliatory dismissals, targeted at the leaders of a new labor rights and union organizing effort in Haiti's capital,Port-au-Prince.[23][24]

References

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  1. ^abcdefg"Gildan 2022 Annual Report to Shareholders".Retrieved4 March2023.
  2. ^"How to coax profit from the market's 'Great Rotation'".Market Watch.Retrieved7 February2013.
  3. ^"Leading Apparel Manufacturer Turns To DeVito/Verdi To Develop Retail Brand And Refresh Iconic Gold Toe Brand".Free Online Library.[permanent dead link]
  4. ^2011 Annual Report
  5. ^"Gildan Will Build New Textile Plant at Rio Nance".
  6. ^"Gildan Activewear Inc".10 August 2023.
  7. ^"HSBC Global Connections – Helping businesses grow internationally".Bwob.ca. Archived fromthe originalon 3 March 2013.Retrieved9 November2013.
  8. ^"Beat China On Cost: Gildan taps other labour pool and trade pacts".9 January 2006. Archived fromthe originalon 12 April 2021.Retrieved9 February2016.
  9. ^ab"Story of Gildan Challenging China".www.mkma.org.Archived fromthe originalon 1 February 2015.Retrieved17 July2015.
  10. ^"CANADA: Gildan invests $15m in Bangladesh factory".just-style.com. 31 March 2010. Archived fromthe originalon 8 December 2015.Retrieved17 July2015.
  11. ^Dunn, Brian (3 May 2012)."Gildan Activewear to Purchase Anvil Holdings for $88 Million".WWD.Retrieved8 February2024.
  12. ^"Gildan buying hosiery company Doris for $110-million".The Globe and Mail.19 June 2014.Retrieved8 February2024.
  13. ^"Gildan Activewear Announces Agreement to Acquire Comfort Colors for $100 Million".Marketwired(Press release). 4 February 2015.
  14. ^Delean, Paul (27 July 2016)."Gildan snaps up Peds Legwear".Montreal Gazette.Retrieved27 July2016.
  15. ^"Gildan wins auction for American Apparel, pays $88M for the brand — but not the stores".CBC News.Retrieved10 January2017.
  16. ^Ryan, Thomas."The 2021 Year In Review: M&A Accelerates Across Active Lifestyle Market".SGB Media.
  17. ^"Gildan Activewear Announces Leadership Changes - Vince Tyra Appointed as President and CEO; Glenn Chamandy Leaving".GlobeNewswire News Room(Press release). 11 December 2023.Retrieved11 December2023.
  18. ^"Canadian apparel maker Gildan Activewear is up for sale".CBC.19 March 2024.Archivedfrom the original on 20 March 2024.Retrieved21 March2024.
  19. ^"Early Kickoff for Marketers at Super Bowl".The New York Times.12 December 2012.
  20. ^http://www.gildannewmexicobowl.com,ESPN[permanent dead link]
  21. ^"OKRP, Gildan Advise Millennials, 'Don't Wear Your Dad's Underwear'".adweek.it.24 April 2017.
  22. ^Reuter, Annie (6 June 2016)."Blake Shelton Is Officially an Underwear Model".Taste of Country.
  23. ^"WRC Factory Investigation Genesis, S.A."Workers Rights Consortium. 2013.Retrieved22 September2024.
  24. ^"Preliminary Report on Unlawful Dismissals at Genesis, S.A. (Haiti)",11 October 2011.
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