News CANADIAN NEWS December 01, 2025
Gildan Doubles Its Scale With the Completion of Long-Awaited Acquisition of Hanesbrands
The Montreal-based Counselor Top 40 supplier officially closed the deal on Monday.
Key Takeaways
• Gildan Activewear (asi/56842) has officially closed its $2.2 billion purchase of Hanesbrands (asi/59528), creating a combined company under the Gildan name while maintaining iconic brands like Hanes and Maidenform.
• The merger doubles Gildan’s scale and aims to deliver at least $200 million in cost synergies through integration of its vertically integrated platform, according to the Counselor Top 40 supplier.
• Gildan reported Q3 net sales of $911 million and growth in activewear despite weakness in its underwear and hosiery categories.
Gildan Activewear (asi/56842) and Hanesbrands (asi/59528) are officially one company.
Counselor Top 40 supplier Gildan has closed on its acquisition of Hanesbrands, according to a statement Monday confirming the completion of the long-awaited deal.
The purchase was initially secured in August for $2.2 billion. Hanes shareholders will receive cash and stock, and own 19.9% of Gildan, according to details of the transaction reported in August. Updated financial terms have not been released since the summer.
“By welcoming Hanesbrands into the Gildan family, we are doubling our scale, combining iconic brands with our world-class, low-cost, vertically integrated platform, and unlocking a powerful engine for innovation and growth,” said Glenn J. Chamandy, president and CEO of Gildan. “Our priority now is to execute a seamless, collaborative integration that enables us to fully capture the value of our expanded platform and deliver at least $200 million in run-rate cost synergies, as announced on August 13, 2025.”
The combined company will now operate under the Gildan brand. Hanesbrands’ corporate website and social channels now redirect to Gildan’s, but popular brands like Hanes and Maidenform will maintain their names and online presence.
Gildan posted a 2.2% increase in Q3 sales in November, with net sales for the quarter reaching $911 million. Activewear sales also increased by 5.4%. However, its underwear and hosiery category fell by nearly 22% compared to the previous year.
The acquisition could help bridge that gap, but it also offers a safety net for Hanesbrands, which reported debt amounting to $2.5 billion as of June 2025. The company hasn’t turned a yearly profit since 2021, and sales have been on a downward trajectory for the last three years.
According to a report from The Financial Times, Hanesbrands is valued at about $4.4 billion, including debt.
Headquartered in Montreal, Gildan ranked third on Counselor’s most recent list of the largest suppliers in the industry based on 2024 North American promotional product revenue of $784 million.