Gildan Activewear Inc. set to relaunch American Apparel next week
Having bought American Apparel earlier this year, retailer Gildan activewear is set to relaunch the company, with its ecommerce operation set to launch next week.
Gildan Activewear bought the intellectual property rights to American Apparel for $88mn in January, fighting off rival interest from Authentic Brands Group and Next Level Apparel.
The company became available after it filed for bankruptcy following a period of consistent decline in sales, but with new owners Gildan Activewear revamping the brand, Chief Executive Glenn Chamandy remains confident in the deal.
“At the end of the day we will do very well with this brand,” he commented.
“This will hopefully be one of the best acquisitions the company has ever made, in terms of return on investment, so we’re very excited about it.”
Gildan will continue production of some American Apparel lines but will be using Gildan’s low cost global production networks to expand the brands availability and growth.
The company anticipates sales of between $50mn to $75mn for the remainder of 2017.