Gildan Challenges Buffett’s Fruit of the Loom |
| Bloomberg - Oct 16, 2012 |
Gildan Activewear Inc.’s (GIL) drive to take market share from Berkshire Hathaway Inc.’s (BRK/B) Fruit of the Loom and Hanesbrands Inc. (HBI) has made it the best performing North American underwear stock this year.
Gildan, the biggest supplier of blank tops to makers of printed clothing such as T-shirts, has soared almost 70 percent this year, the most among 23 North American apparel, footwear and accessories makers with market values of more than $1 billion, according to data compiled by Bloomberg. The shares are trading at 36 times earnings as investors back the company’s move into the retail market for socks, underwear and undershirts.
“Why this year will be a major breakthrough for us is we’ve taken our low-cost manufacturing and enhanced it with quality features at the same time as giving the retailers better margins than Fruit or Hanes,” Glenn Chamandy, chief executive officer, said last week by phone from Montreal, where the company is based. “That’s how you win shelf space.”
Read Full Article from Bloomberg
- Posted: 2012-10-16 14:12:41
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