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current news

Gildan to Acquire Gold Toe Moretz

(Filed Under Financial and General Interest News). Gildan Activewear Inc. announced Monday that it has signed a definitive agreement to acquire 100 percent of the common shares of Gold Toe Moretz for approximately $350 million in a move that the company expects to boost its revenue and customer base.

According to Gildan, a public Canadian company that manufactures activewear and socks, the acquisition of this leading American sock supplier will more than double its current revenue from the category and will extensively expand its customer base and channels of distribution within the U.S. retail market. Gold Toe Moretz’ company-owned brands include Gold Toe, Silver Toe, GT, Auro, PowerSox and All Pro. The company also holds the exclusive U.S. licenses for Under Armour and New Balance socks.

“In addition to the introduction of leading consumer brands, the acquisition provides Gildan with enhanced brand management experience and expertise, best-in-class merchandising and strong technical innovation and design capabilities to complement Gildan’s existing competitive strengths for retail,” Glenn Charmandy, president and C.E.O of Gildan Activewear, said in a statement. “These capabilities can also be utilized to further the development of our own Gildan brand.”

The Gold Toe Moretz senior management team, including John Moretz, chairman and chief innovation officer, and Steve Lineberger, president and C.E.O, will remain on staff, according to Gildan.

Gildan will update its financial outlook for fiscal 2011 on May 11 as part of its second quarter results.

more Financial and General Interest News >>

Published 04-12-2011 by Amanda Torres Price

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