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Bloomberg Published
May 2, 2025
Gildan Activewear Inc.’s rough battle ahead of a shareholder vote against activist investor Browning West LP is already paying off for one group of people: its advisers.
The apparel-maker spent $15.4 million in “advisory, legal and other expenses” partly relating to “the ongoing proxy contest and shareholder matters” in the first quarter, Gildan said in its Wednesday earnings statement. The firm also recorded $2.5 million in costs tied to its potential sale process initiated in March.
Such costs cut into earnings of the Montreal-based T-shirt maker, which owns the American Apparel brand and supplies Walmart Inc. and Nike Inc. Gildan earlier Wednesday reported operating income of $105.1 million for the first quarter, down 18% from the same period a year ago.
Browning West — which is clashing with Gildan in an attempt to reinstall former Chief Executive Officer Glenn Chamandy and overhaul the firm’s board and strategy — lambasted Gildan this week for an “absurd level” of spending, alleging the company had “hired at least three law firms, three investment banks, a public relations firm, a proxy solicitor and a private investigator.”
Gildan didn’t respond to a request for comment outside of regular business hours.