You are way off. That production easily cost over $400.

I asked them about that back in 2005. Here was their reply:
__________
Clayton,
It is our leaf character.
Thank you for writing.

Teresa *****
Consumer Services
Fruit of the Loom, Inc.
__________
Now I know a leaf ain't typically considered a fruit, but I guess that's if you go all literal on their asses. I guess the word "fruit" can also refer to yield, like in their name - Fruit of the Loom. If you look at their logo, I guess they had to choose between the leaf things or have a third grape-ish looking character - those gooseberries/currants. Legend has it that the leaves are actually fig leaves, which back in Adam'n'Eve-type times covered the same parts of the body that their underwear does today - but FOTL will only call them "leaves" whenever people inquire about it. (Some have also speculated that they were tobacco leaves.) I think they like to leave things a bit mysterious to keep folks like you and me thinking about their brand. Guess it's working!