Gildan is a vertically integrated manufacturer of basic apparel — primarily blank T-shirts, fleece, underwear, and socks. Gildan's core business (~85% of revenue) is its Activewear segment, which sells undecorated garments in bulk to wholesale distributors through the "imprintables" channel. Those distributors sell to screenprinters and embellishers, who add logos and designs for end markets like schools, sports teams, and corporate events. The remaining ~15% of revenue comes from Innerwear — branded underwear, socks, and intimates sold to large retailers. Gildan sells primarily in North America, with the U.S. accounting for roughly 90% of sales. Key brands include Gildan (core basics), Comfort Colors (premium garment-dyed tees), American Apparel, and Champion (licensed for printwear). Gildan's competitive model is built on vertical integration and scale — the company controls everything from yarn spinning through cutting and sewing across owned facilities in Central America, the Dominican Republic, and Bangladesh. This eliminates third-party supplier margins and reduces per-unit costs as fixed infrastructure is spread over large volumes. Cotton and polyester are the primary raw material costs; Gildan manages cotton price risk through forward contracts. Gildan is pursuing a pending acquisition of HanesBrands, targeting at least $200M in run-rate synergies by applying its low-cost manufacturing model to HanesBrands' portfolio, which would meaningfully expand Gildan's branded retail innerwear presence.