Gildan Announces Renewal of Normal Course Issuer Bid

Gildan Announces Renewal of Normal Course Issuer Bid 


MONTREAL, Dec. 20  /PRNewswire-FirstCall/ -- Gildan Activewear Inc. (NYSE: GIL;
TSX: GIL.A) today announced that it has renewed, subject to regulatory
approval, a normal course issuer bid for a maximum of 500,000 Class A
Subordinate Voting Shares, representing approximately 1.68% of the total
outstanding Class A Subordinate Voting Shares (the only class of voting shares
outstanding) as at December 17, 2004. The Corporation currently has in place a
normal course issuer bid which is for a maximum of 200,000 Class A Subordinate
Voting Shares. The current bid, which has been in effect since December 22,
2003, expires on December 21, 2004. No shares were purchased pursuant to this
bid.

As at December 17, 2004, there were 29,716,530 Class A Subordinate Voting
Shares of the Corporation issued and outstanding. There were no Class B
Multiple Voting Shares outstanding and shareholders will be asked to approve
the elimination of this class of shares at the Corporation's Annual and Special
Meeting of Shareholders on February 2, 2005. Shareholders will also be asked at
the Meeting to create a new class of shares, namely Common Shares, and to
subsequently convert each of the issued and outstanding Class A Subordinate
Voting Shares into one Common Share (the Class A Subordinate Voting Shares or
the Common Shares, as the case may be, being referred to as the "Shares" in
this press release).

In the event that, during the course of the normal course issuer bid, the
Shares trade at a price range that does not adequately reflect their value in
relation to Gildan's assets, business and future business prospects, the
Corporation believes that the purchase of up to 500,000 of its outstanding
Shares made under the normal course issuer bid would represent an appropriate
use of the Corporation's corporate funds, while still preserving its financing
flexibility to pursue potential growth opportunities.

All purchases under the renewed bid will be made during the period from
December 22, 2004 to December 21, 2005, and will be made on the open market
through the facilities of the Toronto Stock Exchange, in compliance with its
rules and policies. Shares purchased under the bid will be cancelled.

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Gildan Activewear is a vertically-integrated manufacturer and marketer of
premium quality branded basic activewear for sale principally in the wholesale
imprinted activewear segment of the Canadian, U.S., European and other
international markets. The Company manufactures and sells premium quality 100%
cotton and 50% cotton/50% polyester T-shirts, placket collar sport shirts and
sweatshirts in a variety of weights, sizes, colours and styles. The Company
sells its products as blanks, which are ultimately decorated with designs and
logos for sale to consumers. Gildan employs more than 7,400 full-time
employees.

  Certain statements included in this press release may constitute "forward-
  looking statements" within the meaning of the U.S. Private Securities
  Litigation Reform Act of 1995. Such forward-looking statements involve
  known and unknown risks, uncertainties and other factors which could
  cause actual results to differ materially from future results expressed
  or implied by such forward-looking statements. We refer you to the
  Company's filings with the U.S. Securities and Exchange Commission and
  Canadian securities regulatory authorities for a discussion of the
  various factors that may affect the Company's future results.


DATASOURCE: GILDAN ACTIVEWEAR INC.



CONTACT: Laurence G. Sellyn, Executive Vice-President,

Finance and Chief Financial Officer, [phone], 

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