Gildan Announces Closing of Acquisition of Gold Toe Moretz

MONTRÉAL, QUÉBEC--(Marketwire - April 15, 2011) - Gildan Activewear Inc. (TSX:GIL)(NYSE:GIL) today announced that, pursuant to the definitive agreement which it had entered into on April 11, 2011, it has completed the acquisition of 100% of the capital stock of Gold Toe Moretz Holdings Corp. for approximately U.S. $350 million. The effective date of the transaction is April 15, 2011.

Profile

Gildan is a vertically-integrated marketer and manufacturer of quality branded basic apparel. Gildan is the leading brand in the screenprint market in the U.S. and Canada and is also establishing a growing presence in Europe, Mexico and the Asia-Pacific region. The Company sells T-shirts, sport shirts and fleece as undecorated "blanks", which are subsequently decorated by screenprinters with designs and logos. Gildan is also a leading supplier of socks sold to mass-market and other retailers in North America, and is increasingly becoming a significant supplier of underwear and undecorated activewear products to this market as well. With over 28,000 employees worldwide, Gildan owns and operates highly efficient, large-scale, environmentally and socially responsible facilities in Central America and the Caribbean Basin and has begun development of a manufacturing hub in Bangladesh to support its planned growth in Asia and Europe. More information on the Company can be found on Gildan's website at www.gildan.com.