Gildan’s Expected $125M Sock Sales Drop Points to a Bigger TrendCute socks are in.

[Collection]Back when Michael Scaia had to wear a suit and tie to work every day, he was looking for a way to make his outfit stand out. So he started investing in novelty socks, like hot-pink styles with camels on them by H&M or Star Wars-themed socks from T.J. Maxx. Now he has about a 100 pairs of different-colored, themed socks. “I don’t buy regular socks just because they’re boring,” said Scaia, who works in communications. “I do like the reaction I get when I cross my legs and [people] see these crazy, outlandish socks come out from under black dress pants.” Scaia’s preference in socks points to a bigger trend: people are replacing once-popular tube styles worn for every occasion with more fashionable versions. That trend is socking it to the category’s manufacturers. Both Gildan Activewear and Hanesbrand have seen sales declines in the sock and hosiery segment this year. In the case of Gildan, the company now anticipates sock sales to be down $125 million for the year, compared with the previous estimate of an $85 million sales decline. That’s a 17-percent decline in hosiery and underwear, which includes socks, compared with the same quarter last year. Meanwhile, both luxury

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