Gildan Activewear Inc. manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Comfort Colors, American Apparel, Alstyle, and GoldToe brands. The company also offers hosiery products comprising athletic; dress; and casual, liner, therapeutic, and workwear socks, as well as sheer pantyhose, tights, and leggings under the Gildan, Under Armour, GoldToe, PowerSox, Signature Gold by Goldtoe, Peds, MediPeds, Therapy Plus, All Pro, Secret, Silks, Secret Silky, and American Apparel brands. In addition, it provides men's and boys' underwear products, and ladies panties under the Gildan and Gildan Platinum brands; and ladies' shapewear, intimates, and accessories under the Secret and Secret Silky brands. The company sells its products to wholesale distributors, screen printers, and embellishers, as well as to retailers and lifestyle brand companies. The company was formerly known as Textiles Gildan Inc. and changed its name to Gildan Activewear Inc. in March 1995. Gildan Activewear Inc. was founded in 1946 and is headquartered in Montreal, Canada.
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Here are 1-3 brief analogies to describe Gildan Activewear:
- Imagine a **Fruit of the Loom** that's also a massive behind-the-scenes supplier of blank t-shirts, socks, and underwear to other brands and decorators.
- The **Foxconn** of basic apparel, manufacturing vast quantities of t-shirts, socks, and underwear for other brands and decorators.
- The **Costco** for blank t-shirts and basic apparel, known for high-volume, low-cost essential clothing supplies.
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- T-shirts and Fleece: Basic t-shirts, sweatshirts, and hoodies primarily sold to screenprinters and for promotional purposes.
- Activewear: Sport shirts, performance wear, and other casual apparel for everyday use.
- Underwear: A range of men's and women's briefs, boxer briefs, and other undergarments.
- Socks: Athletic, casual, and dress socks for men, women, and children.
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Gildan Activewear (GIL) - Major Customers
Gildan Activewear (symbol: GIL) primarily operates on a **Business-to-Business (B2B)** model, selling its apparel and products to other companies rather than directly to individual consumers.
According to Gildan's public filings (e.g., Form 10-K), no single customer accounted for more than 10% of its net sales in recent fiscal years. Therefore, Gildan does not have a single "major customer" in terms of revenue concentration that it is required to disclose.
Despite this, Gildan's products are widely distributed through leading wholesale distributors and sold to major retailers. The following are significant B2B customers within its primary distribution channels, representing key partners in bringing Gildan's products to market:
* **Wholesale Distributors (Printwear Channel):** These companies purchase large volumes of blank apparel from Gildan, which are then resold to screen printers, embroiderers, and promotional product companies. These distributors are crucial to Gildan's business model. Leading examples of such distributors, though private companies, include:
- S&S Activewear (Private company)
- SanMar (Private company)
- alphabroder | Prime Line (Private company)
* **Major Retailers (Retail Channel):** Gildan also supplies its own branded products (e.g., Gildan brand underwear and socks) and private label goods directly to mass-market and specialty retailers for sale to consumers. While specific retailer names are typically not disclosed by Gildan as major customers due to the lack of revenue concentration, these are prominent retail chains that serve as direct B2B customers for Gildan's consumer-focused offerings.
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Glenn J. Chamandy, President & Chief Executive Officer
Glenn J. Chamandy is the co-founder of Gildan Activewear and has dedicated his entire career to building the company into a global leader in the apparel industry. His entrepreneurial journey saw Gildan grow from a small family-owned business in Montreal, initially producing textiles for the family's children's wear company, Harley Inc., to a major player in the activewear market known for its vertically integrated business model. Mr. Chamandy has overseen the company's growth and expansion into Central America and Bangladesh. He has served as CEO for almost 20 years, with a recent re-appointment in May 2024 after a brief absence. He has expressed an aversion to private equity buyouts, emphasizing the importance of remaining a publicly traded company to raise capital for investment in manufacturing.
Luca Barile, EVP, Chief Financial Officer
Luca Barile assumed the role of Executive Vice President, Chief Financial Officer on March 1, 2025, as part of Gildan's succession planning. He joined Gildan's Finance team in 2012 and has progressed through various leadership positions within the company, including roles in Financial Planning and Analysis, Internal Audit, and Enterprise Risk Management. Prior to his promotion, he served as the Chief Financial Officer for Sales, Marketing, and Distribution starting in 2023. Mr. Barile began his career as a Senior Auditor at a large accounting firm in 2008.
Chuck Ward, Executive Vice President, Chief Operating Officer
Chuck Ward was appointed Executive Vice President and Chief Operating Officer, effective March 1, 2025. He joined Gildan in 2011 following the acquisition of GoldToe Moretz, where he had served as Executive Vice President and Chief Financial Officer. At Gildan, Mr. Ward initially led the integration of GoldToe and has held various senior roles, gaining extensive experience in manufacturing, overseeing yarn spinning operations, supply chain planning, and leading sales, marketing, and distribution.
Benito A. Masi, President, Manufacturing
Benito A. Masi is responsible for the strategic and operational performance of Gildan's worldwide manufacturing facilities and supply chain.
Jason DeHaan, Chief Information Officer
Jason DeHaan joined Gildan in July 2017 as Chief Information Officer and brings over 30 years of experience in information technology. Before joining Gildan, Mr. DeHaan served as Chief Information Officer at Abercrombie & Fitch starting in 2014, where he also held key positions on their IT leadership team from 2012 to 2014. Additionally, he served as the Chief Information Officer for the City of Chicago from 2010 to 2012, after being its First Deputy Chief Information Officer from 2007 to 2010. He leads Gildan’s global information technology and information security organization.
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The key risks to Gildan Activewear's business are multifaceted, stemming from its extensive global supply chain, market concentration, and recent strategic acquisitions.
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Supply Chain and Labor Risks: Gildan faces significant and ongoing challenges related to its supply chain, particularly concerning human rights and labor practices. The company has been cited for alleged Uyghur forced labor risks, with limited transparency in addressing these issues across its supply chain tiers. There have also been allegations of unfair labor practices and human rights violations in its supplier facilities in countries like Haiti and Honduras, including the dismissal of union leaders and anti-union campaigns. Concerns extend to risks like excessive working hours, freedom of association, and safety, including gender-based violence for workers in some regions. The decision to shift production to countries with potentially poorer human and labor rights records also raises questions about the company's commitment to ethical sourcing. Failure to adhere to international labor standards or address these concerns could lead to reputational damage, consumer boycotts, and regulatory scrutiny.
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Market Concentration and Volatility: A substantial portion of Gildan's revenue is heavily concentrated in the North American printwear market, which is characterized by cyclicality and volatility. This reliance on a single, albeit dominant, market segment makes the company vulnerable to shifts in consumer discretionary spending, particularly during macroeconomic slowdowns. The apparel industry, especially the activewear and blank apparel segments, is also subject to intense competition based on price, product quality, and distribution capabilities, posing a constant threat to market share. Furthermore, long production lead times in its vertically integrated supply chain create inventory management risks if consumer preferences shift or demand contracts unexpectedly.
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Acquisition and Integration Risks: The recent acquisition of Hanesbrands for approximately $2.3 billion introduces significant execution and integration risks. While the deal aims to double revenue and diversify operations, combining two large entities presents challenges in cultural integration and achieving targeted cost synergies. The acquisition also substantially increases Gildan's debt load, with pro forma leverage rising to 3.2x EBITDA, which requires careful monitoring and successful deleveraging through synergies and potential asset sales. Successful integration is crucial for the anticipated benefits of scale and diversification to materialize.
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The clear emerging threat to Gildan Activewear (GIL) is the accelerated rise and sophistication of on-demand, hyper-customized apparel manufacturing and distribution platforms. These platforms leverage advanced digital printing technologies (e.g., direct-to-garment) and agile supply chains to enable individuals and small businesses to create and sell custom apparel with no inventory requirements and minimal lead times. This model directly challenges Gildan's traditional strengths in high-volume, cost-effective blank apparel manufacturing and wholesale distribution by:
- Bypassing traditional bulk purchases: For many custom apparel needs, businesses and consumers can now source single items or small batches directly from print-on-demand services, reducing reliance on large orders of blank garments from wholesalers like Gildan.
- Decentralizing production: These platforms often aggregate production capabilities globally, offering flexibility and speed that can be difficult for a large, centralized manufacturer to match for highly customized, small-volume orders.
- Empowering smaller creators: They lower the barrier to entry for independent designers and entrepreneurs to launch apparel brands, fragmenting the market and potentially diverting demand that would otherwise go through traditional screen printers and embroiderers who are key Gildan customers.
This shift parallels how Netflix offered a fundamentally different distribution model than Blockbuster, or how Uber disrupted traditional taxi services with a new operating paradigm. For Gildan, it represents a change in how apparel is produced, customized, and distributed, potentially eroding its market share in the blank apparel segment and demanding significant adaptation in its own manufacturing and distribution strategies.
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Gildan Activewear (symbol: GIL) operates in the blank apparel (activewear, casual apparel, corporate and uniform clothing, sports and athletic wear, loungewear, and sleepwear) and hosiery markets.
Blank Apparel / Activewear
- The global blank apparel market was estimated at USD 14.9 billion in 2024 and is projected to reach USD 18.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2030. Another estimate valued the global blank apparel market at USD 15.23 billion in 2024, expecting it to reach USD 24.04 billion by 2033, with a CAGR of 5.3% from 2025. Additionally, the global blank apparel market is expected to reach $19.3 billion by 2030, with a market growth of 4.8% CAGR during the forecast period. A report also states the global blank apparel market is valued at approximately USD 15 billion. Furthermore, the global blank apparel market is currently $7.8 billion and is expected to increase to $17.4 billion by 2035, at a CAGR of 8.4%.
- The North America activewear market was valued at USD 26.28 billion in 2024 and is expected to grow at a CAGR of 6.8% from 2025 to 2030, reaching USD 38.61 billion by 2030. Another source indicates the North America activewear market was valued at USD 127.99 billion in 2024 and is projected to reach USD 267.68 billion by 2033, growing at a CAGR of 8.59% during the forecast period (2025-2033). The North America athletic wear market size was valued at USD 24.59 billion in 2023 and is expected to reach USD 48.28 billion by 2033, growing at a CAGR of 6.98% from 2023 to 2033. The global activewear market was estimated at USD 406.83 billion in 2024 and is projected to reach USD 677.26 billion by 2030, growing at a CAGR of 9.0% from 2025 to 2030. North America accounted for a revenue share of 38.46% in 2024.
Hosiery
- The global hosiery market was valued at USD 45.34 billion in 2024 and is projected to reach USD 69.73 billion by 2033, growing at a CAGR of 4.9% during the forecast period (2025-2033). Other data indicates the global hosiery market was valued at $40.5 billion in 2022 and is projected to reach $62.4 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032. The market is also projected to grow from USD 47.0 billion in 2025 to USD 63.2 billion by 2035, at a CAGR of 3.0%. It is also projected to reach USD 51.14 billion by 2030, expanding at a CAGR of 2.9% between 2025 and 2030. Furthermore, the global hosiery market, valued at USD 67.59 billion in 2025, is projected to reach USD 88.65 billion by 2030, marking a steady growth at a 5.57% CAGR.
- The North America hosiery market is expected to reach a projected revenue of US$ 19,809.609 million (approximately $19.81 billion) by 2030, with a CAGR of 3.2% from 2025 to 2030. North America was also noted as the largest regional market for hosiery, accounting for a sizable portion of total revenue, and continued to dominate the global hosiery market, accounting for 38.1% of revenue in 2024.
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Here are 3-5 expected drivers of future revenue growth for Gildan Activewear (GIL) over the next 2-3 years:
- Innovation and New Product Launches: Gildan anticipates innovation to be a significant contributor to its sales growth, with 75% of sales growth in 2025 projected to come from new programs. The company has already seen success with recent brand introductions such as All Pro and Champion, and there is robust demand for its Comfort Colors brand.
- Strategic Acquisition of HanesBrands: The proposed acquisition of HanesBrands is expected to be a major driver, potentially doubling Gildan's revenue and significantly expanding its market reach and operational capabilities. This acquisition is anticipated to be finalized in late 2025 or early 2026.
- Activewear Sales Growth and Market Share Expansion: Gildan has demonstrated strong performance in its activewear segment, with a 12% year-over-year increase in activewear sales in Q2 2025 and a 5.4% increase in Q3 2025. The company's strategic focus is on continuing to drive market share gains in key product categories.
- International Market Expansion: Gildan aims to unlock further opportunities in targeted international markets. The company projects international sales to represent 10% of its activewear sales in 2025, indicating a focus on growing its presence outside of its established regions.
- Favorable Pricing and Product Mix: Higher net prices and a favorable product mix have contributed to Gildan's activewear sales growth. The company has also implemented price increases to mitigate the impact of tariffs.
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Share Repurchases
- Gildan Activewear's Normal Course Issuer Bid (NCIB) authorized on August 9, 2024, allows for the repurchase and cancellation of up to 16,106,155 common shares, representing approximately 10% of its public float as of July 26, 2024.
- During the fiscal year ended December 29, 2024, Gildan repurchased 17,735,095 common shares under its NCIB programs for a total cost of $761.5 million. The company returned a record $889 million to shareholders in 2024 through dividends and share repurchases.
- From August 9, 2023, to May 29, 2024, Gildan purchased and canceled 8,611,018 common shares for a total cost of US$272.5 million. An amendment to the NCIB in May 2024 increased the maximum repurchase authorization to 17,124,249 common shares (10% of the public float as of July 31, 2023).
Share Issuance
- On November 22, 2024, Gildan issued 4.362% Series 1 senior unsecured notes with a principal amount of $500 million (Canadian dollars, or $357.1 million in U.S. dollars), maturing on November 22, 2029.
- In September 2025, Gildan priced an offering of US$1.2 billion aggregate principal amount of senior unsecured notes in two series (US$600 million at 4.700% due October 7, 2030, and US$600 million at 5.400% due October 7, 2035) to fund the cash portion of the HanesBrands acquisition and refinance HanesBrands' existing indebtedness.
Outbound Investments
- Gildan Activewear has agreed to acquire HanesBrands in a $2.2 billion cash and stock deal, which includes the assumption of debt, valuing HanesBrands at approximately $4.4 billion. This acquisition is expected to be immediately accretive to Gildan's adjusted earnings and generate $200 million in annual cost synergies. The deal is anticipated to close in late 2025 or early 2026.
- In 2022, Gildan acquired Frontier Yarns, which supported the modernization and consolidation of its U.S. yarn-spinning footprint.
Capital Expenditures
- For 2025, capital expenditures (capex) are estimated at around 5% of sales, with some reports indicating a revised guidance of 4% of sales. The company generated approximately $189 million in free cash flow in the first nine months of 2025 after accounting for $82 million in CapEx.
- Capital expenditures in fiscal year 2024 totaled $150 million.
- In 2023, capital expenditures were $208 million, primarily focused on capacity and vertical integration projects, including the construction of a new large-scale manufacturing complex in Bangladesh and the modernization of its U.S. yarn-spinning facilities. The construction of the first textile and sewing complex in Bangladesh was completed and fully ramped-up as of the second quarter of 2025.
