Ms. Jessy Hayem reports

GILDAN ACTIVEWEAR ISSUES STATEMENT IN RESPONSE TO MEDIA REPORTS

Gildan Activewear Inc. has issued the following statement in response to recent media reports.

"In response to the receipt of a confidential non-binding expression of interest to acquire Gildan, Gildan's board formed a special committee of independent directors to, among other things, review and consider the merits of the proposal and any alternative transaction, including maintaining the status quo and continuing to execute on Gildan's existing business plan.

"After consulting with its legal and financial advisers and considering the interests of Gildan's shareholders and other stakeholders, the special committee determined that it was consistent with its fiduciary duties and in the best interests of Gildan to contact other potential bidders with a view to maximizing the value of any potential transaction. The special committee, with the assistance of its financial advisers, conducted targeted outreach to a small number of reputable potential counterparties. Several of these counterparties expressed an interest in considering a potential friendly transaction with Gildan.

"There can be no assurance any transaction will result from these discussions, and Gildan will continue to provide updates as appropriate."

About Gildan Activewear Inc.

Gildan is a leading manufacturer of everyday basic apparel. The company's product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers, as well as to retailers which sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. The company markets its products in North America, Europe, Asia Pacific and Latin America under a diversified portfolio of company-owned brands including Gildan, American Apparel, Comfort Colors, Goldtoe and Peds.

Gildan owns and operates vertically integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean, North America and Bangladesh. Gildan operates with a strong commitment to industry-leading labour, environmental and governance practices throughout its supply chain in accordance with its comprehensive environmental, social and governance program embedded in the company's long-term business strategy.

We seek Safe Harbor.