SCHEDULE 13G
Amendment No. 0
Gildan Activewear Incorporated
Class A Subordinate Voting Shares
Cusip # 375916103
Cusip # 375916103
Item 1: Reporting Person - FMR Corp.
Item 4: Commonwealth of Massachusetts
Item 5: 0
Item 6: 0
Item 7: 929,000
Item 8: 0
Item 9: 929,000
Item 11: 12.643%
Item 12: HC
Cusip # 375916103
Item 1: Reporting Person - Edward C. Johnson 3d
Item 4: United States of America
Item 5: 0
Item 6: 0
Item 7: 929,000
Item 8: 0
Item 9: 929,000
Item 11: 12.643%
Item 12: IN
Cusip # 375916103
Item 1: Reporting Person - Abigail P. Johnson
Item 4: United States of America
Item 5: None
Item 6: None
Item 7: 929,000
Item 8: None
Item 9: 929,000
Item 11: 12.643%
Item 12: IN
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)
Item 1(a). Name of Issuer:
Gildan Activewear Incorporated
Item 1(b). Name of Issuer's Principal Executive Offices:
725 Montee de Liesse, Ville Saint-Laurent
Quebec, H4T 1P5 Canada
Item 2(a). Name of Person Filing:
FMR Corp.
Item 2(b). Address or Principal Business Office or, if None,
Residence:
82 Devonshire Street, Boston, Massachusetts 02109
Item 2(c). Citizenship:
Not applicable
Item 2(d). Title of Class of Securities:
Class A Subordinate Voting Shares
Item 2(e). CUSIP Number:
375916103
Item 3. This statement is filed pursuant to Rule 13d-1(b) or 13d-
2(b) and the person filing, FMR Corp., is a parent holding company in
accordance with Section 240.13d-1(b)(ii)(G). (Note: See Item 7).
Item 4. Ownership
(a) Amount Beneficially Owned: 929,000
(b) Percent of Class: 12.643%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition of:
929,000
(iv) shared power to dispose or to direct the disposition of:
0
Item 5. Ownership of Five Percent or Less of a CommonStock.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
Various persons have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, the
Class A Subordinate Voting Shares of Gildan Activewear Incorporated.
The interest of one person, Fidelity Canadian Growth Company Fund, an
investment company registered under the Investment Company Act of 1940,
in the Class A Subordinate Voting Shares of Gildan Activewear
Incorporated, amounted to 500,000 shares or 6.805% of the total
outstanding Class A Subordinate Voting Shares at April 30, 1999.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding Company.
See attached Exhibit(s) A, B.
Item 8. Identification and Classification of Members of the Group.
Not Applicable. See attached Exhibit A.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not
have the effect of changing or influencing the control of the issuer of
such securities and were not acquired in connection with or as a
participant in any transaction having such purpose or effect.
Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this Schedule 13G
in connection with FMR Corp.'s beneficial ownership of the Class A
Subordinate Voting Shares of Gildan Activewear Incorporated at April
30, 1999 is true, complete and correct.
May 10, 1999
Date
/s/Eric D. Roiter
Signature
Eric D. Roiter
Duly authorized under Power of Attorney
dated December 30, 1997, by and on behalf
of FMR Corp. and its direct and indirect
subsidiaries
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)
Pursuant to the instructions in Item 7 of Schedule 13G, Fidelity
Management & Research Company ("Fidelity"), 82 Devonshire Street,
Boston, Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and
an investment adviser registered under Section 203 of the Investment
Advisers Act of 1940, is the beneficial owner of 929,000 shares or
12.643% of the Class A Subordinate Voting Shares outstanding of Gildan
Activewear Incorporated ("the Company") as a result of acting as
investment adviser to various investment companies registered under
Section 8 of the Investment Company Act of 1940.
The ownership of one investment company, Fidelity Canadian Growth
Company Fund, amounted to 500,000 shares or 6.805% of the Class A
Subordinate Voting Shares outstanding. Fidelity Canadian Growth Company
Fund has its principal business office at 82 Devonshire Street, Boston,
Massachusetts 02109.
Edward C. Johnson 3d, FMR Corp., through its control of Fidelity,
and the funds each has sole power to dispose of the 929,000 shares
owned by the Funds.
Neither FMR Corp. nor Edward C. Johnson 3d, Chairman of FMR
Corp., has the sole power to vote or direct the voting of the shares
owned directly by the Fidelity Funds, which power resides with the
Funds' Boards of Trustees. Fidelity carries out the voting of the
shares under written guidelines established by the Funds' Boards of
Trustees.
Members of the Edward C. Johnson 3d family are the predominant
owners of Class B shares of common stock of FMR Corp., representing
approximately 49% of the voting power of FMR Corp. Mr. Johnson 3d owns
12.0% and Abigail Johnson owns 24.5% of the aggregate outstanding
voting stock of FMR Corp. Mr. Johnson 3d is Chairman of FMR Corp. and
Abigail P. Johnson is a Director of FMR Corp. The Johnson family group
and all other Class B shareholders have entered into a shareholders'
voting agreement under which all Class B shares will be voted in
accordance with the majority vote of Class B shares. Accordingly,
through their ownership of voting common stock and the execution of the
shareholders' voting agreement, members of the Johnson family may be
deemed, under the Investment Company Act of 1940, to form a controlling
group with respect to FMR Corp.
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)
RULE 13d-1(f)(1) AGREEMENT
The undersigned persons, on May 10, 1999, agree and consent to
the joint filing on their behalf of this Schedule 13G in connection
with their beneficial ownership of the Class A Subordinate Voting
Shares of Gildan Activewear Incorporated at April 30, 1999.
FMR Corp.
By /s/Eric D. Roiter
Eric D. Roiter
Duly authorized under Power of Attorney
dated December 30, 1997, by and on behalf
of FMR Corp. and its direct and indirect
subsidiaries
Edward C. Johnson 3d
By /s/Eric D. Roiter
Eric D. Roiter
Duly authorized under Power of Attorney
dated December 30, 1997, by and on behalf
of Edward C. Johnson 3d
Abigail P. Johnson
By /s/Eric D. Roiter
Eric D. Roiter
Duly authorized under Power of Attorney
dated December 30, 1997, by and on behalf
of Abigail P. Johnson
Fidelity Management & Research Company
By /s/Eric D. Roiter
Eric D. Roiter
V.P. and General Counsel
Fidelity Canadian Growth Company Fund
By /s/Eric D. Roiter
Eric D. Roiter
Secretary
