Gildan Activewear news and archive

Gildan lowers 2024 revenue target but ups adjusted earnings outlook

Gildan Activewear reported net sales of 891 million dollars, up 2.4 percent over the prior year, at the high end of previously provided guidance of flat to low single-digit growth. The company’s activewear sales of 788 million dollars, were up 6 percent reflecting positive POS in the category across channels in North America. The company has...

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Former Gildan CEO reinstated as entire board exits

Following a campaign by activist investors to regain control of the company, all board members of Gildan Activewear have now stepped down and are to be replaced by an eight-member slate of directors proposed by shareholder Browning West. It puts into place a proposal introduced by the investment firm, which owns around 5.7 percent of the company...

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Gildan posts marginal drop in Q1 net sales

Gildan Activewear reported first quarter net sales of 696 million dollars, down 1 percent over the prior year driven by lower net selling prices and unfavourable mix. Meanwhile Browning West, which is campaigning to bring back former Gildan CEO Glenn Chamandy, urged its fellow shareholders to vote for all its eight director candidates at the...

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Gildan reshuffles board, ropes in ex-Goldman Sachs executive as chairman

Gildan Activewear has announced a refreshed board of directors with five new appointments. Timothy (Tim) Hodgson, former special advisor to governor Carney at the Bank of Canada and former CEO of Goldman Sachs Canada, Lewis L. (Lee) Bird III, former chairman and chief executive officer of At Home Group, Jane Craighead, former senior vice...

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Gildan outlines strategic priorities, confirms 2024 outlook

Gildan Activewear’s president and CEO, Vince Tyra has unveiled his key strategic priorities for the company. Concurrently, Gildan also reconfirmed its 2024 full year guidance and said that the preliminary first quarter revenue is expected to come in at approximately 695 million dollars or down about 1 percent year over year. Reflecting on his...

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Gildan negotiates with takeover candidates, activist investor contends

The Canadian textile group Gildan Activewear Inc. confirmed on Tuesday evening that it has received a takeover bid. The parent company of the American Apparel brand, which recently caused a stir due to a controversial change in management, was responding to corresponding media reports, which had alleged the prospective buyer is the financial...

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Gildan Activewear faces lawsuit from shareholder over claims of ‘oppressive actions’

A shareholder of Gildan Activewear has filed a lawsuit against the company claiming that it had pursued a “strategy of entrenchment, obfuscation and disparagement of dissenting shareholders” while making “value-destructive decisions”. Browning West, which owns around 5 percent of Gildan’s outstanding shares, said it was filing the lawsuit with...

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Gildan posts increase in Q4 sales and earnings

Gildan Activewear generated sales of 783 million dollars, up 9 percent for the fourth quarter and operating margins of 22.8 percent. GAAP and adjusted diluted EPS for the quarter of 89 cents and 75 cents, increased by 89 percent and 15 percent, respectively, marking the resumption of quarterly EPS growth. The company also announced a dividend...

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Gildan Activewear names Vince Tyra CEO

Gildan Activewear Inc. (GIL), an apparel manufacturer, Friday announced the appointment of Vince Tyra as its chief executive officer and president, effective February 12. Tyra will take over from the previous CEO and co-founder of the company, Glenn Chamandy, who was ousted from the firm after 20 years at the helm. Previously, Vince Tyra grew...

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Gildan rejects shareholder call to reinstate Chamandy as CEO

Canadian apparel retailer Gildan Activewear board on Wednesday issued a letter to the shareholders stating reasons behind its decision to remove Glenn Chamandy from the CEO role. The company’s letter follows after eight investors, including Browning West, Oakcliff Capital and Turtle Creek Asset Management sent letters to the company's board...

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Coliseum plan further investment in Gildan, firm's managing partner joins board

Gildan Activewear has announced a support agreement with Coliseum Capital Management, pursuant to which Coliseum will support the company’s full slate of board nominees at each of the 2024 and 2025 annual meetings of shareholders. In connection with the agreement, Coliseum announced that it intends to make an additional investment in Gildan...

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Two shareholders urge Gildan to reinstate Chamandy as CEO

Canadian investment management firm Turtle Creek Asset Management and Browning West, both longtime shareholders in Gildan have issued a letter to the company’s board urging it to reverse its termination of Glenn Chamandy and reappoint him as CEO of the company. “Over the past 40 years, Gildan has grown from a small family-owned business into a...