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Browning West Troubled by the Gildan Activewear Board’s Desperate and Erratic Behavior Following Concerning News About CEO Vince Tyra

Browning West, LP (together with its affiliates, “Browning West” or “we”), which is a long-term shareholder of Gildan Activewear Inc. (NYSE: GIL) (TSX: GIL) (“Gildan” or the “Company”) and beneficially owns approximately 5.0% of the Company’s outstanding shares, today issued the below statement regarding the Company’s apparent decision to leak a meritless letter it sent to a U.S. regulator to a Canadian news outlet.

“It is unfortunate that the Board is acting in a desperate, erratic manner now that its apparent failures of diligence and judgement during last year’s CEO search process have been validated. Rather than use an error-ridden regulatory letter to spur a shameless publicity stunt in a captive Canadian newspaper, the Board should immediately accept shareholder feedback and collaborate with us on the appointment of our highly qualified, independent director candidates. Shareholders are tired of the Board’s bizarre and wasteful ‘campaign.’ Based on continuously encouraging shareholder feedback since December, we are confident that we are on course to appoint our entire slate at the upcoming Annual Meeting. The current Board is also fully aware that shareholders are strongly supportive of Browning West, which explains why the Board is resorting to egregious low-road tactics.

We stand by our March 13th press release and urge all of our fellow shareholders to reject the Board’s intimidation tactics, which are evidently geared to silencing vocal investors. It is sad that this is all the sitting directors can muster to try to shift attention away from their own failures and Mr. Tyra’s record of value destruction and poor judgement.”

Disclaimer for Forward-Looking Information

Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as “outlook,” “objective,” “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of Browning West regarding (i) how Browning West intends to exercise its legal rights as a shareholder of the Company, and (ii) its plans to make changes at the Board and management of the Company.

Although Browning West believes that the expectations reflected in any such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that (i) the Company may use tactics to thwart the rights of Browning West as a shareholder and (ii) the actions being proposed and the changes being demanded by Browning West, may not take place for any reason whatsoever. Except as required by law, Browning West does not intend to update these forward-looking statements.


Olshan Frome Wolosky LLP is serving as legal counsel, Goodmans LLP is serving as Canadian legal counsel, and IMK is serving as Quebec legal counsel. Longacre Square Partners is serving as strategic advisor and Pelican PR is serving as public relations advisor. Carson Proxy is serving as proxy advisor.

About Browning West, LP

Browning West is an independent investment partnership based in Los Angeles, California. The partnership employs a concentrated, long-term, and fundamental approach to investing and focuses primarily on investments in North America and Western Europe.

Browning West seeks to identify and invest in a limited number of high-quality businesses and to hold these investments for multiple years. Backed by a select group of leading foundations, family offices, and university endowments, Browning West’s unique capital base allows it to focus on long-term value creation at its portfolio companies.


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