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GIL-T , the T-shirt manufacturer he co-founded 40 years earlier. To those in the crowd, it was an inspiring presentation by a passionate executive — except Mr. On Dec. Chamandy as CEO. Chamandy be reinstated. Browning West launched a campaign to take control in order to bring the ousted CEO back. They attacked Mr. Tyra as being out of his depth and accused the board of having not done its due diligence. For its part, Gildan accused the disgruntled investors of unfairly slinging mud at Mr. They countered that Mr. Chamandy was removed because he had been an absentee CEO who was out of ideas for how to grow the company. Its attempts to push into the retail space have been unsuccessful and a series of acquisitions on Mr. Moreover, Gildan — which billboards its commitment to ESG as one of its three core pillars — is facing mounting criticism of its business practices abroad. The company built an empire on a foundation of cheap labour in developing countries. Consumers were promised that workers were treated well, respected and compensated fairly. But labour advocates say there is growing evidence that this is no longer the case, pointing to recent incidents in Honduras, where Gildan opened its first factory abroad. It ordered the company to rehire five workers who had been unlawfully terminated years earlier. A recent attempt by the company to turn down the temperature with a board refresh — replacing five directors, including the chair — did little to assuage the activist campaign. In many ways, that choice is a referendum on the man who built the company. Chamandy replicate his early success or is it time to move on? Glenn was in his first year of university, and Greg was in his third. For them, job one was to reduce costs. The Chamandys believed Harley was losing money by outsourcing steps in its production. A big part of their business was screen printing characters such as Batman and Superman onto their apparel, so in , the Chamandys asked their printing partners — Gilbert and Daniel Ayoub — to join forces. The Chamandys then purchased machines to start their own fabric production and later that decade, bought a facility that had knitting and dyeing capabilities. The Ayoub and Chamandy partnership fizzled after a few years, but Gildan carried on under Glenn and Greg. Through the early s, the Chamandys hit the American trade-show circuit, giving away apparel and pitching the company to distributors. Back then, the screen-printing business was dominated by Fruit of the Loom and Hanes. But the shirts were essentially underwear with no additional features, such as higher-grade material and nicer tailoring. Rather than spread themselves thin, Gildan concentrated on a handful of products — mostly per-cent cotton, tubular T-shirts, which are shirts with no side seams — in a limited array of colours. The company was highly leveraged, but the strategy was working. And as demand surged, costs went down. Chamandy told The Globe and Mail in an interview. With demand soaring, Mr. Chamandy said they raised money to expand the business by selling a per-cent stake in Gildan to the FTQ Solidarity Fund, the investment arm of the Quebec Federation of Labour. High quality and low prices were key to Gildan's strategy as it expanded in the s. During those years, Gildan was on a hiring spree, stealing senior employees from the big American brands — including Mr. Bell remembers visiting Montreal before taking the job. Chamandy took him on a tour of the factory. Bell had been at Hanes for five years and never seen a knitting machine before, but at Gildan, Mr. Chamandy wanted everyone to have insight into all aspects of the business. Bell remembers being shown a machine that had been turned off. Chamandy explained it had been running for 2, hours, which is when needles start breaking, causing fabric defects. Bell, who retired in as vice-president corporate marketing and communications. It gave me confidence that they knew how to run a good business. Gildan also took advantage of an agreement between Canada and Barbados that permits Canadian international companies to avoid paying significant taxes in their home country, provided certain conditions are met. The arrangement is legal, but controversial. Tyra, the new CEO. In these years of growth, Mr. Chamandy ran the day-to-day operations while Greg focused on the finances and potential acquisitions. As its manufacturing base spread, Gildan invested in new technology to make fabric cheaply and efficiently, like these machines in Honduras. Supplied by Gildan. Numerous former Gildan executives who spoke to The Globe said what Mr. This move was the key to providing retail quality T-shirts at wholesale prices. Additionally, the country was close to raw materials, and there were well-established shipping routes to the American market, thanks to the food industry. Chamandy got around this by looking to Central America and, later, the Caribbean Basin. The following year, Gildan went public, hoping to secure enough capital for a massive push into Honduras. But this initial public offering faltered. Sellyn was recruited shortly after the IPO. On his first day, Mr. Sellyn was on a plane to pitch fund managers. He secured debt financing deals with a syndicate of banks and insurance companies. Gildan issued a second round of shares. Little by little, it cobbled together enough cash to build its megafactory, which combined all the different elements of textile production — knitting, bleaching, dyeing and cutting — in one place. Sellyn said, adding that the company jumped from 10 to 75 per cent market share. Our costs were so much lower and we generated so much cash flow that we could reinvest. The company quickly added half a dozen more factories in Honduras and then another in the Dominican Republic. By , Gildan was shutting down factories in the U. Today, Gildan has factories in a dozen countries. Meanwhile, in the latter half of through to December, Mr. The stock price then plummeted by 30 per cent in April, , after Gildan acknowledged the Dominican factory production problems in a corrective press release. Chamandy said he and the company did nothing wrong and were confident they would have won the case, but the insurance company wanted to settle. Class-action problems aside, the cost savings from going offshore were astronomical. According to Mr. By , when Fruit of the Loom was going through its U. The factory is divided into teams and each group has a daily quota. To hit this target, Ms. A point of pride for Gildan is that it provides free lunch for its factory staff, but Ms. Another worker confirmed this. As of last year, Ms. Employees who missed targets were paid less and endured harsh rebukes from managers, she said. Then in , the Toronto-based Maquila Solidarity Network, in partnership with the Honduran Independent Monitoring Team, released a report alleging serious abuses: ruthless union-busting tactics, crippling production pressure, health and safety issues, and forced pregnancy tests. Workers — most of whom were women — reported being required to take urine tests pre-employment and then again two months into the job, which they believed was to screen for pregnancy. They alleged those who tested positive were fired. Gildan said at the time this was to screen for drugs, not pregnancy, although this also raised questions of fairness for MSN. After some reflection, Gildan engaged with MSN. Sellyn said. By early — the year Ms. Textile manufacturing is a lucrative business in Honduras, where, according to Mr. Chamandy, Gildan employs about 14, people. Not only does the company provide stable employment and solid wages for the thousands of workers employed in its factories, but there is the trickle-down impact in surrounding communities. Gildan employs around 14, people in Honduras today, Mr. Chamandy said. Medina said. But therein lies the tension: Ms. The constant repetitive movements at the sewing machine caused pain and numbness in her arm, hand and shoulder, she said. Gildan touts the fact it makes doctors available to its factory workers, but Ms. Then, about seven years ago, after Ms. Gildan has said the terminations were part of a restructuring at one of its sewing facilities. However, Ms. It was June 21, Around p. I am a single mother. Gildan told The Globe that of the San Miguel employees have been rehired in other facilities. Nadia Revelo, the human and labour rights program director at CoDevelopment Canada, said the sad reality is that laid-off employees struggle to find other jobs. Perhaps even worse for Ms. Many believed that Gildan had closed the factory to avoid having to accommodate injured workers. This sentiment was expressed in a memo sent to Mr. Gildan has said the decision was strictly because of market conditions. Chamandy, costs in Honduras are now 60 per cent higher than in neighbouring Nicaragua — mostly because of labour. He said the San Miguel closing was years in the making and is part of an overall shift to move more labour-intensive work, such as sewing, to Nicaragua. The company has also started a major push into low-cost Bangladesh and hopes to recreate the boom times of the early s there. And then, four days after the San Miguel closing, tragedy struck. Five men were arrested following an investigation. Police told The Globe that the killings were a result of a territorial dispute between rival gangs and were not connected to Gildan in any way. But among workers, another narrative has taken hold. In the release, acting general secretary Luc Triangle noted that death threats, attacks and intimidation against union members in Honduras is common. Buses carry textile workers to Choloma's factories. Gildan says high labour costs in Honduras were part of its decision to close the San Miguel plant. It said it is the first vertically integrated apparel manufacturer to have its social-compliance program accredited by the Fair Labor Association. But labour advocates point to the recent events in Honduras as evidence that Gildan is once again losing its way. They also raise serious financial and reputational risks for Gildan. Pullman said. So how is it that the reality conveyed by workers tells such a different story? They will be asked to vote on a shareholder resolution from the B. One of the central mysteries in the Gildan saga concerns why and when the company decided to part ways with its co-founder. Chamandy agreed to a succession plan that would see him step down as CEO in December, , and retire from the company after a transition period with the new CEO, Gildan said. What is clear is that in September of last year, what had been a cordial relationship between the board and Mr. Chamandy blew up. When directors informed him that they would soon start speaking to external CEO candidates, then chairman Don Berg said Mr. Chamandy snapped. He said the CEO expressed his opposition to the direction and vowed to sell his Gildan stock. This fight over Mr. The stock price had gone sideways since What had been double-digit growth in sales and profits gave way to single-digit increases in key financial metrics for the dominant company in a slow-growth sector. In an interview, Mr. Directors say they challenged Mr. Chamandy to find the ingredients for the next leg of growth, but he offered little, which raised the question of whether the founder was still the right person to lead Gildan. Chamandy defended his retail record and said the market has changed considerably in recent years. His track record on acquisitions is far from stellar, said Morningstar analyst David Swartz. The purchase of T-shirt makers Anvil Holdings Inc. Swartz said. The brand has a significant following and customers have been excited about its recent repositioning. Gildan bought the American Apparel brand when the U. Last October, Mr. One possible path was to stay the course and attempt to grow on its own, though this option had limited potential and would result in profit-margin erosion. Instead, the board said he proposed one or more multibillion-dollar acquisitions. He walked them through the possible scenarios, including buying competitor Hanesbrands Inc. The deals would load Gildan up with debt — and further tie the board to Mr. Chamandy even though their faith in him was growing shaky. Meanwhile, the board considered the 30 pages of acquisition proposals a reckless move that would require extensive analysis to flesh out. Chamandy said his October presentation was a sketch of potential options and not a must-do acquisition strategy. But Mr. Chamandy had run out of mental muscle to drive Gildan forward. Berg said, because he was distracted by personal pursuits such as golf. In his interview with The Globe, Mr. Chamandy said this was flat out false. Tyra will be able to do better. Gildan has mastered manufacturing print wear, Mr. Sales dropped off in tandem with social and sporting events, and group gatherings. Meantime, making private-label clothes on contract for retailers such as Walmart is not a particularly stable business. Still, Mr. Chamandy has his supporters. Browning West has said Mr. Chamandy deserves a chance to take Gildan to the next level, noting that under his leadership, Gildan generated extraordinary returns for shareholders, with the share price increasing almost fold. Chamandy said on why he wants to come back as CEO. What kept me up at night was the thing I did not control. And that was the board itself. My worst nightmare actually happened. Subscribe for more episodes. Report an editorial error. Report a technical issue. Editorial code of conduct. Study and track financial data on any traded entity: click to open the full quote page. Authors and topics you follow will be added to your personal news feed in Following. 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