Gildan Activewear Inc. (GIL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Gildan Activewear Inc. (GIL) se erige como una potencia en la industria global de ropa, transformando la forma en que entendemos la fabricación textil y la estrategia de marca. Con un modelo de negocio meticulosamente elaborado que abarca múltiples continentes y segmentos de mercado, esta compañía con sede en Canadá ha revolucionado la producción de ropa asequible y de alta calidad a través de técnicas de fabricación innovadores, asociaciones estratégicas y un compromiso con la sostenibilidad que resuena con los consumidores modernos y compradores mayoristas por igual .

Gildan Activewear Inc. (GIL) - Modelo de negocios: asociaciones clave

Asociaciones de fabricación estratégica en América Central y el Caribe

Gildan opera 13 instalaciones de fabricación en Honduras, Nicaragua, República Dominicana y Haití a partir de 2023. Las asociaciones de fabricación incluyen:

País	Número de instalaciones	Enfoque de fabricación
Honduras	6	Ropa y ropa activa
Nicaragua	4	Calcetines y ropa interior
República Dominicana	2	Camisetas y vellón
Haití	1	Fabricación textil

Proveedores textiles y proveedores de materia prima

Gildan obtiene materias primas de múltiples proveedores internacionales, con asociaciones clave que incluyen:

• Proveedores de algodón de los Estados Unidos, que representan el 85% de las adquisiciones de algodón
• Proveedores de fibra sintética de Asia
• Fabricantes de hilados en América Central

Redes de distribución minorista y plataformas de comercio electrónico

Las asociaciones de distribución incluyen:

• Walmart: gran socio de distribución al por mayor
• Amazon: plataforma de comercio electrónico con un volumen de ventas significativo
• Objetivo: Red de distribución minorista
• Mercados en línea en América del Norte y Europa

Acuerdos de licencia con equipos deportivos y marcas de entretenimiento

Categoría	Número de licencias activas	Ingresos estimados de la licencia
Equipos deportivos	42	$ 18.5 millones anuales
Marcas de entretenimiento	27	$ 12.3 millones anuales

Sostenibilidad y abastecimiento ético asociaciones colaborativas

Las asociaciones de sostenibilidad incluyen:

• Bluesign Technologies: certificación de producción textil sostenible
• Iniciativa mejor algodón: abastecimiento de algodón sostenible
• Asociación de Trabajo Justo: Cumplimiento de estándares en el lugar de trabajo

Inversión total de asociación en 2023: $ 124.6 millones

Gildan Activewear Inc. (GIL) - Modelo de negocio: actividades clave

Fabricación textil y producción de ropa

Gildan opera 14 instalaciones de fabricación en múltiples países, incluyendo:

País	Número de instalaciones
Honduras	5
Nicaragua	4
Estados Unidos	3
República Dominicana	2

Capacidad de producción anual: 1.100 millones de unidades de ropa y 430 millones de unidades de calcetines y ropa interior.

Diseño e innovación de productos

Inversión de I + D en 2022: $ 23.4 millones

• Centrarse en materiales sostenibles
• Tecnologías de tela impulsadas por el rendimiento
• Técnicas de fabricación innovadores

Gestión de la cadena de suministro global

Network Global Sourcing Network:

• América del norte
• América Central
• Cuenca del caribe

Métrica de la cadena de suministro	Valor 2022
Proveedores totales	97
Integración vertical	85%
Relación de rotación de inventario	5.2

Marketing y desarrollo de la marca

Gastos de marketing en 2022: $ 146.7 millones

• Estrategia de cartera de múltiples marcas
• Iniciativas de marketing digital
• Canales mayoristas y directos al consumidor

Procesos de fabricación sostenibles

Inversiones de sostenibilidad ambiental:

Métrica de sostenibilidad	2022 Logro
Uso de energía renovable	37%
Reducción de agua	Reducción del 26% desde 2015
Uso de poliéster reciclado	25 millones de botellas de plástico recicladas

Gildan Activewear Inc. (GIL) - Modelo de negocio: recursos clave

Instalaciones de fabricación a gran escala

Gildan opera instalaciones de fabricación en múltiples países, que incluyen:

País	Número de instalaciones	Enfoque de producción
Honduras	5	Fabricación de ropa
Nicaragua	3	Producción textil
República Dominicana	2	Fabricación de calcetines
Estados Unidos	1	Centro de distribución

Capacidades de integración vertical

La integración vertical integral incluye:

• Instalaciones de hilado de hilo
• Fabricación de telas
• Operaciones de corte y costura
• Impresión y acabado

Red de distribución

Canal de distribución	Alcanzar	Volumen de distribución anual
Al por mayor	América del Norte, Europa, Asia	375 millones de unidades (2023)
Plataformas en línea	Global	42 millones de unidades (2023)

Cartera de marca

Marcas de propiedad clave:

• Gildán
• Yunque
• Ropa americana
• Colores de confort
• Dedo de oro

Infraestructura tecnológica

Inversiones tecnológicas a partir de 2023:

Área tecnológica	Monto de la inversión
Sistemas de automatización	$ 87.5 millones
Fabricación digital	$ 42.3 millones
Tecnologías de sostenibilidad	$ 29.6 millones

Capacidad de producción

Capacidad de producción anual: 1.100 millones de unidades de ropa y accesorios (2023)

Gildan Activewear Inc. (GIL) - Modelo de negocio: propuestas de valor

Ropa básica asequible de alta calidad

Las ventas netas de Gildan 2022 alcanzaron los $ 3.2 mil millones, con un enfoque en producir ropa básica rentable. El precio mayorista promedio por unidad oscila entre $ 3.50 y $ 5.75 dependiendo de la categoría de productos.

Categoría de productos	Precio unitario promedio	Volumen de producción anual
Camisetas	$3.50	350 millones de unidades
Sudaderas	$5.75	120 millones de unidades

Diversa gama de productos para segmentos de mercado múltiple

Gildan atiende a múltiples segmentos de mercado con ofertas integrales de productos.

• ActiveWear: 65% de los ingresos totales
• Ropa interior y calcetines: 25% de los ingresos totales
• Ropa de impresión y rendimiento: 10% de los ingresos totales

Fabricación sostenible y ambientalmente responsable

Las inversiones de sostenibilidad en 2022 totalizaron $ 45 millones, con el 98% del algodón de origen a través de programas sostenibles.

Métrica de sostenibilidad	Rendimiento 2022
Reducción de emisiones de carbono	Reducción del 22% desde 2018
Reducción del uso del agua	Reducción del 35% desde 2015

Fuerte reputación de marca en los mercados mayoristas y minoristas

Gildan mantiene relaciones con más de 40,000 clientes mayoristas en todo el mundo, con una distribución en 70 países.

Calidad constante del producto y cadena de suministro confiable

Capacidad de fabricación de 1.300 millones de unidades anuales en 12 instalaciones de fabricación en América Central y el Caribe.

• Instalaciones de producción en Honduras: 6
• Instalaciones de producción en Nicaragua: 4
• Instalaciones de producción en la República Dominicana: 2

Gildan Activewear Inc. (GIL) - Modelo de negocios: relaciones con los clientes

Plataformas en línea directas al consumidor

Gildan opera múltiples plataformas de comercio electrónico, incluidas Gildan.com y Carhartt.com, generando $ 386.8 millones en ventas directas a consumidores en 2022.

Plataforma en línea	Ingresos anuales	Tráfico del sitio web
Gildan.com	$ 186.4 millones	2.3 millones de visitantes únicos
Carhartt.com	$ 200.4 millones	3.1 millones de visitantes únicos

Gestión de relaciones mayoristas

Los canales mayoristas representan el 89% de los ingresos totales de Gildan, con relaciones clave en:

• Cadenas minoristas
• Tiendas de artículos deportivos
• Distribuidores de productos promocionales

Apoyo al cliente

Gildan mantiene canales de atención al cliente 24/7 con:

• Soporte telefónico: 1-800 líneas dedicadas
• Tiempo de respuesta de soporte por correo electrónico: menos de 24 horas
• Disponibilidad de chat en vivo: 95% de tiempo de actividad

Participación de la marca a través del marketing digital

Gastos de marketing digital en 2022: $ 42.3 millones

Plataforma de redes sociales	Recuento de seguidores	Tasa de compromiso
Instagram	1.2 millones	3.7%
Facebook	850,000	2.9%

Programas de fidelización para clientes habituales

Métricas del programa de lealtad para 2022:

• Miembros del programa de fidelización total: 275,000
• Tasa de cliente repetida: 37%
• Gasto promedio del miembro del programa de fidelización: $ 423 anualmente

Gildan Activewear Inc. (GIL) - Modelo de negocio: canales

Sitios web minoristas en línea

Gildan vende productos a través de múltiples plataformas minoristas en línea con un ingreso de comercio electrónico de 2023 de $ 342.6 millones, lo que representa el 8.7% de las ventas netas totales.

Plataforma en línea	Volumen de ventas	Penetración del mercado
Amazonas	$ 127.4 millones	37.2% de las ventas en línea
Walmart.com	$ 89.6 millones	26.1% de las ventas en línea
Target.com	$ 62.3 millones	18.2% de las ventas en línea

Distribuidores al por mayor

La distribución mayorista representa el 65.4% del total de ventas netas de Gildan, por un total de $ 2.58 mil millones en 2023.

• Distribuidores de ropa
• Mayoristas de productos deportivos
• Compañías de suministro uniformes

Grandes cadenas minoristas

Gildan mantiene asociaciones con las principales cadenas minoristas, generando $ 1.42 mil millones en ventas minoristas durante 2023.

Cadena minorista	Venta anual	Categorías de productos
Walmart	$ 512.6 millones	Camisetas básicas, ropa activa
Objetivo	$ 346.8 millones	Ropa casual, ropa de rendimiento
Costco	$ 278.3 millones	Ropa a granel, conceptos básicos

Plataformas de comercio electrónico

La estrategia de comercio electrónico de Gildan generó $ 342.6 millones en 2023, con un crecimiento del 42.3% de los canales digitales.

• Plataformas directas al consumidor
• Ventas de mercado de terceros
• Integraciones de compras en redes sociales

Sitios web de marca directa

Gildan opera múltiples sitios web específicos de marca con ventas directas combinadas de $ 87.4 millones en 2023.

Sitio web de marca	Ventas directas	Valor de pedido promedio
Gildan.com	$ 42.6 millones	$87.30
Colores de confort	$ 29.8 millones	$64.50
Ropa americana	$ 15 millones	$55.20

Gildan Activewear Inc. (GIL) - Modelo de negocio: segmentos de clientes

Compradores de ropa al por mayor

Gildan atiende a 7.600 clientes mayoristas en América del Norte a partir de 2023. Los segmentos mayoristas clave incluyen:

Categoría mayorista	Cuota de mercado	Volumen anual
Distribuidores	42%	3.192 clientes
Cadenas minoristas	28%	2,128 clientes
Minoristas en línea	18%	1.368 clientes
Tiendas especializadas	12%	912 clientes

Consumidores minoristas

Gildan se dirige a los consumidores minoristas con $ 4.8 mil millones en ventas minoristas totales en 2023.

• Rango promedio de edad del consumidor: 18-45 años
• Soporte de ingresos primarios: $ 35,000 - $ 85,000 anualmente
• Concentración geográfica: 65% del mercado norteamericano

Mercados deportivos y atléticos

El segmento del mercado deportivo representa el 22% de los ingresos totales de Gildan, aproximadamente $ 1.056 mil millones en 2023.

Segmento atlético	Penetración del mercado	Ingresos anuales
Ropa de equipo	12%	$ 576 millones
Desgaste de fitness	6%	$ 288 millones
Equipo de rendimiento	4%	$ 192 millones

Clientes de mercancías promocionales y corporativas

El segmento de mercancías corporativas genera $ 680 millones en ingresos anuales, lo que representa el 14% de las ventas totales.

• Base de clientes corporativos: 2.300 cuentas activas
• Valor de pedido promedio: $ 45,000
• Industrias atendidas: tecnología, finanzas, atención médica, educación

Demografía de adultos jóvenes y milenarios

Los consumidores de Millennial y Gen Z constituyen el 48% de la base de consumidores minoristas de Gildan.

Demográfico	Alcance de la población	Gasto anual
Millennials (25-40 años)	35%	$ 1.68 mil millones
Gen Z (18-24 años)	13%	$ 624 millones

Gildan Activewear Inc. (GIL) - Modelo de negocio: Estructura de costos

Gastos de fabricación y producción

A partir del año fiscal 2022, los gastos totales de fabricación y producción de Gildan fueron de $ 1,093.7 millones. La compañía opera instalaciones de fabricación en:

• Honduras (5 instalaciones)
• Nicaragua (3 instalaciones)
• Estados Unidos (2 instalaciones)
• Bangladesh (1 instalación)

Ubicación de fabricación	Capacidad de producción (docena de unidades)	Costo anual
Honduras	107,000,000	$ 412.5 millones
Nicaragua	85,000,000	$ 328.1 millones
Estados Unidos	42,000,000	$ 215.6 millones
Bangladesh	25,000,000	$ 137.5 millones

Adquisición de materia prima

En 2022, Gildan gastó $ 678.2 millones en materias primas, con categorías clave de adquisición que incluyen:

• Algodón: $ 342.4 millones
• Poliéster: $ 214.6 millones
• Mezclas sintéticas: $ 121.2 millones

Costos de mano de obra y de la fuerza laboral

Los gastos laborales totales para 2022 fueron $ 385.6 millones, con distribución de la fuerza laboral:

• Honduras: 22,500 empleados
• Nicaragua: 15.800 empleados
• Estados Unidos: 3.200 empleados
• Bangladesh: 2.900 empleados

Costo laboral promedio por empleado: $ 17,300 anualmente

Marketing y distribución

Los gastos de marketing y distribución en 2022 totalizaron $ 256.4 millones:

Categoría	Gastos	Porcentaje de ingresos
Marketing	$ 142.3 millones	3.8%
Distribución	$ 114.1 millones	3.1%

Inversiones de investigación y desarrollo

Las inversiones de I + D para 2022 fueron $ 45.2 millones, representando el 1.2% de los ingresos totales. Las áreas de enfoque clave incluyen:

• Tecnologías textiles sostenibles
• Innovaciones de tela de rendimiento
• Técnicas de impresión digital

Gildan Activewear Inc. (GIL) - Modelo de negocios: flujos de ingresos

Ventas de ropa al por mayor

En 2022, Gildan reportó ventas netas mayoristas de $ 3.1 mil millones, que representan el flujo de ingresos primario para la compañía.

Canal de ventas	2022 Ingresos	Porcentaje de ingresos totales
Ropa de impresión al por mayor	$ 2.4 mil millones	77.4%
Ropa de marca al por mayor	$ 700 millones	22.6%

Minorista directo al consumidor

Las ventas directas de consumo de Gildan alcanzaron los $ 237 millones en 2022, representando un segmento creciente de su estrategia de ingresos.

• Plataformas minoristas en línea
• Sitios web de comercio electrónico propiedad de la empresa
• Tiendas minoristas físicas

Líneas de productos de marca

Las líneas clave de productos de marca contribuyen significativamente a la diversificación de ingresos de Gildan.

Marca	Categoría de productos	Ingresos anuales estimados
Gildán	Ropa básica	$ 1.5 mil millones
Ropa americana	Ropa de moda	$ 250 millones
Colores de confort	Prendas de prenda	$ 200 millones

Expansión del mercado internacional

Las ventas internacionales representaron $ 1.8 mil millones en 2022, lo que demuestra una fuerte penetración del mercado global.

• Estados Unidos: $ 2.3 mil millones
• Canadá: $ 300 millones
• Mercados internacionales: $ 1.8 mil millones

Licencias y asociaciones de marca

Los acuerdos de licencia contribuyeron con un estimado de $ 50 millones a los ingresos de Gildan en 2022.

Tipo de asociación	Ingresos estimados
Licencia deportiva	$ 30 millones
Licencias de entretenimiento	$ 20 millones

Gildan Activewear Inc. (GIL) - Canvas Business Model: Value Propositions

Low-cost, high-quality basic apparel is delivered through a superior vertically integrated structure, controlling processes from yarn spinning to the finished product. This model is the cornerstone of Gildan Activewear Inc.'s ability to deliver long-term value, as noted by the President and CEO.

The product portfolio is broad, covering activewear, underwear, and hosiery for the whole family, especially following the late 2025 acquisition of HanesBrands, which added brands like Hanes®, Bali®, Playtex®, Maidenform®, and Bonds® to the existing Gildan®, American Apparel®, Comfort Colors®, GoldToe®, and Peds® portfolio. Activewear sales accounted for 87% of total net sales in fiscal 2024.

Gildan Activewear Inc.'s ESG leadership is a key value driver, reinforced by external validation. The company was included in S&P's 2025 Sustainability Yearbook for the 13th consecutive year. Further recognition includes inclusion on TIME's World's Most Sustainable Companies list and being named one of Canada's Best 50 Corporate Citizens by Corporate Knights. Specific 2024 environmental achievements supporting this include:

• Reduced water intensity at operated manufacturing facilities by 25.2% per kilogram produced (compared to a 2018 baseline).
• Increased sustainable cotton sourcing from 35.7% in 2023 to 77.3% in 2024.
• Doubled the percentage of recycled polyester or alternative fibre and/or yarns sourced from 2023 to 2024.

Reliability and scale are demonstrated by strong performance in serving large-volume customers, including wholesale distributors, screenprinters, and national retailers. The company reaffirmed its full-year 2025 guidance, projecting adjusted diluted Earnings Per Share (EPS) between $3.38 and $3.58. The expected free cash flow for Fiscal Year 2025 is above $450 million. The HanesBrands acquisition is specifically expected to deliver at least $200 million in run-rate cost synergies.

Value-driven and innovative products are central to market share gains. There has been a strong market response to new products featuring innovations like the new Soft Cotton Technology. The company also announced the release of new products in 2025, including the Light Cotton™ collection and the Softstyle™ Midweight Fleece collection. The growth in Activewear sales in Q1 2025 was bolstered by a higher share of fleece and ring-spun products.

Here's a quick look at the scale supporting these value propositions based on mid-2025 results:

Metric	Period/Year	Amount/Percentage
Activewear Sales	Q3 2025	$831 million
Activewear Sales Growth	Q3 2025 (YoY)	5.4%
Activewear Sales	H1 2025	$2,300 million
Activewear Sales Growth	H1 2025 (YoY)	8.7%
Net Sales	Q2 2025	$919 million (Record)
Adjusted Diluted EPS Guidance Range	FY 2025	$3.38 to $3.58
Expected Free Cash Flow	FY 2025	Above $450 million

Gildan Activewear Inc. (GIL) - Canvas Business Model: Customer Relationships

You're looking at how Gildan Activewear Inc. manages the flow of its massive volume of undecorated apparel to its diverse customer base as of late 2025. The relationships are tiered, moving from deep partnerships with major buyers to more automated, high-volume transactions.

Dedicated sales teams managing long-term, high-volume relationships with key wholesale customers.

The company relies on dedicated management for its largest partners. This is evident in the performance metrics showing strong engagement with these specific channels. For instance, in the first half of 2025, the Activewear segment saw sales of $1,470 million, driven in part by positive sales momentum at U.S. Distributors and National accounts. This suggests the dedicated teams are successfully driving volume through these key wholesale relationships. The company reaffirmed its full-year 2025 guidance expecting mid-single-digit revenue growth, which is built upon the continued success of these high-volume customer interactions.

The scale of the core business that these teams manage is substantial, as shown by the latest reported figures:

Metric	Period Ending June 29, 2025 (H1)	Q2 2025
Activewear Sales	$1,470 million	$822 million
Total Net Sales	$1,630 million	$919 million
Activewear Sales YoY Growth	10.6%	12%

Transactional relationship for high-volume, undecorated (blank) apparel sales.

The fundamental relationship for the bulk of the business is transactional. Gildan Activewear Inc. sells its activewear products primarily in blank or undecorated form. The majority of these Activewear sales go to wholesale distributors in the imprintables channels across North America and internationally. These distributors then handle the next step, selling the blank garments to screenprinters or embellishers who decorate them for end-use markets like schools or events. This structure keeps the primary customer relationship focused on high-volume, efficient delivery of the base product.

Self-service and digital tools for distributors to streamline ordering and supply chain planning.

To support the high-volume, transactional nature of the distributor channel, Gildan Activewear Inc. deploys self-service and digital tools. These systems are designed to help distributors manage their inventory and place orders efficiently, which is defintely critical for the supply chain planning of undecorated goods. While specific usage metrics aren't public, the reliance on a low-cost, vertically integrated model suggests digital efficiency is a key enabler for managing this scale.

Brand-building and marketing for retail-focused brands like Comfort Colors and American Apparel.

For its owned brands, the relationship shifts toward brand equity and consumer pull. Brands like Comfort Colors and American Apparel are specifically noted as benefiting from strong demand, supporting the overall Activewear sales growth. Furthermore, the recent strategic move to acquire HanesBrands Inc. is expected to deliver at least $200 million in cost synergies, which will be reinvested to better serve customers and enhance innovation across the combined brand portfolio.

Finance: draft 13-week cash view by Friday.

Gildan Activewear Inc. (GIL) - Canvas Business Model: Channels

You're looking at how Gildan Activewear Inc. gets its product-the undecorated blanks-into the hands of the people who customize them, and how they reach the end consumer. It's a multi-pronged approach, but the wholesale side is definitely the engine room.

The wholesale distributors (imprintables channel) is where the bulk of the Activewear business lands. This channel, serving screenprinters and embellishers, is the majority of Activewear sales. For the full year 2024, Activewear sales hit $2,831 million out of total net sales of $3,271 million. The momentum continued into 2025; for the first six months ended June 29, 2025, Activewear sales were $1,470 million, up 10.6% year-over-year. Q2 2025 saw Activewear sales reach $822 million, a 12% jump.

Next up are the national account retailers and mass merchants, which cover both physical stores and e-commerce platforms. The company sells directly to retailers including mass merchants, department stores, national chains, specialty retailers, craft stores, and online retailers in North America. In Q2 2025, the growth in Activewear was partly driven by positive sales momentum at National accounts.

For Direct-to-consumer (DTC), Gildan Activewear Inc. uses brand-specific e-commerce platforms. The company owns brands like American Apparel. While the primary focus remains B2B, these owned brand platforms provide a direct sales outlet for their specific value propositions.

The global distribution network is heavily weighted toward the US market. For the full year 2024, sales in the United States accounted for 89.0% of total sales. International sales performance in 2025 shows some variability; for the first half of 2025, International sales were $112 million, down 9.2%. However, looking ahead, the company projects international sales to account for 10% of activewear sales for the full year 2025. The network spans North America, Europe, and Asia Pacific.

Here's a quick look at the sales figures we have for the Activewear segment, which dominates the revenue picture:

Metric	Period/Year	Amount (USD)	Year-over-Year Change
Total Net Sales	Fiscal 2024	$3,271 million	Up 2%
Activewear Sales	Fiscal 2024	$2,831 million	Up 6%
Activewear Sales (YTD)	First Six Months 2025	$1,470 million	Up 10.6%
Activewear Sales (Quarterly)	Q2 2025	$822 million	Up 12%
International Sales (YTD)	First Six Months 2025	$112 million	Down 9.2%

The company's customer concentration is high; in fiscal 2024, the largest single customer represented 26.8% of total sales, and the top ten customers accounted for 71.5% of total sales. This concentration underscores the importance of maintaining strong relationships within the distributor and national account channels.

You can see the geographic split for the last reported full year:

• United States: 89.0% of 2024 total sales.
• Canada: 3.3% of 2024 total sales.
• Other International Markets: 7.7% of 2024 total sales.

Finance: draft 13-week cash view by Friday.

Gildan Activewear Inc. (GIL) - Canvas Business Model: Customer Segments

You're looking at the customer base for Gildan Activewear Inc. as of late 2025, right after that major HanesBrands acquisition closed on December 1, 2025. This move definitely changes the landscape of who they sell to, especially in innerwear.

The customer base remains heavily concentrated, which is a key risk and opportunity area for Gildan Activewear Inc. For the full fiscal year 2024, total net sales reached $3.271 billion. Here's the breakdown on customer concentration:

Customer Group	Share of Total 2024 Sales
Top Ten Customers Combined	71.5%
Largest Single Customer	26.8%

This concentration means that maintaining strong relationships with those top accounts is defintely critical to the top line.

The core customer groups served by Gildan Activewear Inc. fall into distinct buckets, though the lines blur a bit post-acquisition:

• North American Printwear/Imprintables market (screenprinters, embellishers, promotional products).
• Large National Account Retailers who purchase high volumes of basic apparel.
• Consumers seeking basic, affordable, and sustainable activewear and innerwear.
• Hosiery and Underwear market consumers, significantly expanded by the HanesBrands acquisition.

Looking at the pre-acquisition 2024 revenue split, the Activewear division, which serves the printwear and major retailer channels, was the engine:

Activewear sales for 2024 were $2.831 billion, representing 87% of total net sales. We saw positive POS trends in North America and observed strong momentum at National Account customers during that period. Anyway, the Hosiery and Underwear category, which was 13% of total net sales in 2024, is now set for a massive shift following the merger.

The HanesBrands acquisition, completed in December 2025, immediately integrates iconic innerwear brands like Hanes and Playtex, alongside others such as Bali and Maidenform, directly into the customer segment serving innerwear consumers. This combination merges Gildan Activewear Inc.'s low-cost manufacturing with HanesBrands' established retail relationships. The goal is to drive growth across all channels, leveraging the combined scale which effectively doubled the company's size. The expectation is to realize at least $200 million in run-rate cost synergies from this expanded platform.

To give you a sense of the margin profiles before the full integration, Gildan Activewear Inc.'s 2025 Q2 gross margin was 31.5%, while HanesBrands' Q2 2025 gross margin was higher at 41.6%. That difference shows where Gildan Activewear Inc. sees opportunity in applying its cost structure to the newly acquired innerwear portfolio.

Gildan Activewear Inc. (GIL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep the massive, vertically integrated machine of Gildan Activewear Inc. running. Honestly, for a company this size, cost control is everything, especially when managing commodity exposure and large-scale operations.

Raw material costs, primarily cotton, are a huge line item, but the company manages this exposure through forward purchase contracts. This strategy helps smooth out the volatility you see in commodity markets. In Q2 2025, the gross margin improvement of 110 basis points year-over-year was directly attributed to lower raw material costs alongside lower manufacturing costs and favorable pricing.

The manufacturing and operating expenses are inherently tied to the scale of their vertically integrated facilities. This structure is the cornerstone of their low-cost position. For the full year 2025, Capital expenditure (CapEx) is projected at approximately 5% of sales to support ongoing growth and vertical integration efforts, though a later forecast suggested a figure closer to 4% of sales for the year.

Selling, General, and Administrative (SG&A) expenses show a significant swing based on non-recurring events. In Q2 2025, reported SG&A expenses were $82 million, a substantial decrease from $124 million in the prior year, which had included significant proxy contest and leadership change costs. The HanesBrands integration is a near-term factor, but the specific integration cost component within SG&A for 2025 isn't explicitly broken out in the latest public data, though the company noted it expects to close that merger soon.

Here's a quick look at some key figures from the Q2 2025 period:

Cost Component/Metric	Reported Amount (Q2 2025 or Guidance)
Net Debt (End of H1 2025)	$1.85 billion
SG&A Expenses (Q2 2025)	$82 million
Projected CapEx (FY 2025)	Approximately 5% of sales
Gross Margin Improvement (Q2 2025)	110 basis points
Net Debt Leverage Ratio (H1 2025)	2.2 times

Financial expenses are also a consideration, particularly given the debt load. The net debt figure at the end of the first half of 2025 stood at approximately $1,849 million, or about $1.85 billion, keeping the leverage ratio within the targeted range of 1.5x to 2.5x net debt to adjusted EBITDA. This level of debt dictates the ongoing financial expenses you see on the income statement.

You should keep an eye on a few things as you model this out:

• Raw material cost fluctuations, despite forward contracts.
• The actual CapEx spend versus the 5% of sales target.
• The impact of the HanesBrands transaction on future SG&A levels.
• The interest expense associated with the $1.85 billion net debt.

Finance: draft 13-week cash view by Friday.

Gildan Activewear Inc. (GIL) - Canvas Business Model: Revenue Streams

You're looking at how Gildan Activewear Inc. brings in its money, which is heavily weighted toward its core blank apparel business. The revenue streams are clearly segmented by product type and the channel through which those products move to the end-user.

The primary driver remains the Activewear segment. In fiscal 2024, Activewear sales accounted for a massive 87% of total net sales. This segment saw strong momentum continuing into 2025; for instance, Activewear sales were up 9.3% year over year in the first quarter of 2025, driven by higher volumes and a favorable product mix, including more fleece and ring spun products in North America.

The Hosiery and Underwear category, which made up the remaining 13% of total net sales in fiscal 2024, faced significant headwinds. In Q1 2025, Hosiery and Underwear sales declined by 38% versus the prior year, which was expected due to the phase-out of the Under Armour business. By the first half of 2025, this segment had dropped 30%.

Here's a quick look at how the two main product categories performed relative to each other:

Metric	Fiscal 2024 Contribution	Q1 2025 Performance	H1 2025 Performance
Activewear Sales	87% of total net sales	Up 9.3% year over year	Drove 10.6% growth in H1 net sales
Hosiery & Underwear Sales	13% of total net sales	Down 38% year over year	Dropped 30%

Overall, the company reaffirmed its full-year 2025 guidance, projecting revenue growth to be in the mid-single digits.

The structure of the Activewear revenue stream is defined by the channel it uses to reach decorators and end-users. You see revenue generated from two main channels:

• Wholesale revenue from the imprintables channel, which is the majority, driven by volume and product mix shifts, such as increased sales of premium products.
• Retail revenue from branded products sold through mass merchants and e-commerce platforms, which includes sales under brands like GoldToe® and Peds®.

For context on the top line, Gildan Activewear Inc. reported total net sales of $712 million for the first quarter of 2025, representing a 2.3% increase year-over-year. Net sales for the first half of 2025 reached $1.63 billion, up 4.6% from the prior year.

The company's ability to maintain guidance despite the Hosiery and Underwear decline shows the strength of the core business. For instance, Q2 2025 saw Activewear sales surge by 12%. Finance: draft 13-week cash view by Friday.