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Bloomberg Published
April 16,盗U归集路径匿名化 2025
In response to an activist shareholder’s push to oust him, Gildan Activewear Inc. Chief Executive Officer Vince Tyra said he’ll boost the Canadian clothing manufacturer’s profit over the next five years with a plan that includes reviving the American Apparel brand and expanding deeper into overseas markets.
Tyra was appointed in December after the board dismissed longtime CEO Glenn Chamandy, whose grandfather started the company nearly 80 years ago, following a disagreement over Gildan’s direction. Since then, investment manager Browning West LP has led a campaign to replace the majority of the board and reinstate Chamandy — a plan that a third of shareholders have publicly supported.
“My first few months as CEO have confirmed my belief that Gildan’s core fundamentals are strong and that we are in a great position to unlock further potential and launch the next phase of our growth,” Tyra said in a press release.
Tyra set out several initiatives such as increasing brand awareness and reinvigorating “dormant” American Apparel. The low-cost apparel maker, which dominates in North America’s printwear market, will also renew its focus on certain international markets, such as Western Europe.
Browning West, based in Los Angeles, released an operating plan in March that aimed to double profits and boost the stock, which closed at $35.33 on Monday, to more than $100 by 2028. That strategy relied on cutting costs by expanding production in Bangladesh and increasing share buybacks.
Tyra’s response is the latest front in a battle for control of the company, but he didn’t share a stock price target.
Gildan’s plan has a growth-adjusted annual profit target of high-single to low-double digits. Its target for compounded annual revenue growth rate is mid-single digit through 2028, while Browning West said it could achieve 6%.
Neither plan suggests a merger or acquisition strategy. Bloomberg News reported that before being fired Chamandy looked into acquiring two major apparel distributors valued at a total of more than $3 billion.
Shareholders will vote on May 28, looking to revive growth at a firm with more than 40,000 employees and $3 billion in sales.
Sale process
Gildan did not provide an update about a review that may lead to a sale, which was launched after receiving an expression of interest from an unnamed potential buyer.
Gildan has hired Goldman Sachs Group Inc., RBC Capital Markets and Canaccord Genuity Group Inc. for advice. The company had a market capitalization of around $6 billion as of Monday.
Browning and other shareholders, including Turtle Creek Asset Management, have opposed the board’s sale process.