Montréal, Friday, April 15, 2011 – Gildan Activewear Inc. (GIL; TSX and NYSE) today announced that, pursuant to the definitive agreement which it had entered into on April 11, 2011, it has completed the acquisition of 100% of the capital stock of Gold Toe Moretz Holdings Corp. for approximately U.S. $350 million. The effective date of the transaction is April 15, 2011.

Profile

Gildan is a vertically-integrated marketer and manufacturer of quality branded basic apparel. Gildan is the leading brand in the screenprint market in the U.S. and Canada and is also establishing a growing presence in Europe, Mexico and the Asia-Pacific region. The Company sells T-shirts, sport shirts and fleece as undecorated “blanks”, which are subsequently decorated by screenprinters with designs and logos. Gildan is also a leading supplier of socks sold to mass-market and other retailers in North America, and is increasingly becoming a significant supplier of underwear and undecorated activewear products to this market as well. With over 28,000 employees worldwide, Gildan owns and operates highly efficient, largescale, environmentally and socially responsible facilities in Central America and the Caribbean Basin and has begun development of a manufacturing hub in Bangladesh to support its planned growth in Asia and Europe. More information on the Company can be found on Gildan’s website at www.gildan.com.

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