Overview

Message from Glenn Chamandy

Gildan’s commitment to be a leader in our industry in corporate citizenship continues to be an integral part of our overall business strategy.

We take pride in providing our approximately 20,000 workers in all our facilities with a modern and safe working environment and a code of conduct which is respectful of best practices and progressive. Some of our workplace initiatives, such as the provision of medical services and our ergonomics program, are described in this report.

All of our vertically-integrated textile manufacturing operations are now consolidated in Central America and the Caribbean Basin, and run by our local management teams in these geographical regions. In addition to relocating our facilities offshore, our corporate “knowledge-based” technical manufacturing functions, such as engineering and quality control, are now led by qualified and committed local managers. I am immensely proud of our management talent and leadership in these countries, which is reinforcing Gildan’s competitive advantage in our industry.

Gildan continues to be committed to our role as lead sponsor of the Instituto Politécnico Centroamericano (IPC) in Honduras, which trains and develops future managers for the apparel and other industries in Honduras. We are firm believers in the mission of the school and its important role in the economic development of Honduras, where Gildan has made the majority of its capital investments to support the long-term growth and success of our business.

We announced on December 11, 2008 that we are implementing plans to close our sock finishing operations in the U.S., as well as one sock knitting facility, in order to consolidate these operations in Honduras. We sincerely regret the impact of these closures on our long-term U.S. employees and their families and communities. However, these actions are made necessary by increased global competition and the downturn in the global economy. All affected employees will be treated fairly and respectfully, in line with Gildan’s commitment to its social responsibility values.

Glenn J. Chamandy
President and Chief Executive Officer