PERY Perry Ellis International Inc. (delisted)

Perry Ellis International, Inc. (NASDAQ:PERY) announced today that it has entered into a license agreement with JAG Licensing LLC to manufacture and distribute JAG(R) men's and women's swimwear and cover-ups in the United States, Canada and Mexico. The agreement runs through June 2011. "We are pleased to be selected as the new JAG(R) licensee," said Perry Ellis International Chairman and CEO George Feldenkreis. "We plan to leverage our strong distribution with Jantzen(R), Perry Ellis(R), Original Penguin(R) and Nike(R) Swim so that JAG(R) can reach its full potential. Our growing portfolio of compelling swim brands also helps strengthen our relationships with our retail partners." Perry Ellis International Action Sports Brands and Swimwear President Seth Ellison remarked: "The contemporary women's swim consumer has developed a strong affinity for the JAG(R) label over the last several years. I am pleased to report that we have hired the talented and experienced group responsible for the brand's successful sales and product creation. The combination of their talent and passion for swim product with Perry Ellis International's vast sourcing, supply chain, planning, and logistics resources creates a powerful synergy for the brand." Robert Silver, on behalf of JAG Licensing, stated: "We are very pleased that Perry Ellis International, with its exceptionally strong presence in the women's swimwear market, has committed to expanding and enhancing the JAG(R) brand. We believe that this already dynamic brand will benefit significantly from Perry Ellis International's creative and marketing resources." Perry Ellis International will launch the product for Cruise and Spring 2007 into better department and specialty stores. About Perry Ellis International Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories, and fragrances, including dress and casual shirts, golf sportswear, sweaters, dress and casual pants and shorts, jeans wear, active wear and men's and women's swimwear to all major levels of retail distribution. The company, through its wholly owned subsidiaries, owns a portfolio of highly recognized brands including Perry Ellis(R), Jantzen(R), Cubavera(R), Munsingwear(R), Savane(R), Original Penguin(R), Grand Slam(R), Natural Issue(R), Pro Player(R), the Havanera Co.(R), Axis(R), Tricots St. Raphael(R), Gotcha(R), Girl Star(R) and MCD(R). The company also licenses trademarks from third parties including Dockers(R) for outerwear, Nike(R) for swimwear, and PING(R) and PGA TOUR(R) for golf apparel. Additional information on the company is available at http://www.pery.com. Safe Harbor Statement We caution readers that the forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "could," "may," "might," "potential," "predict," "should," "estimate," "expect," "project," "believe," "intend," "plan," "envision," "continue," "intend," "target," "contemplate," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include: general economic conditions, a significant decrease in business from or loss of any of our major customers or programs, anticipated and unanticipated trends and conditions in our industry, including the impact of recent or future retail and wholesale consolidation, the effectiveness of our planned advertising, marketing and promotional campaigns, our ability to contain costs, disruptions in the supply chain, our future capital needs and our ability to obtain financing, our ability to integrate acquired business, trademarks, tradenames and licenses, our ability to predict consumer preferences and changes in fashion trends and consumer acceptance of both new designs and newly introduced products, changes in the costs of raw materials, labor and advertising, our ability to carry out growth strategies, the level of consumer spending for apparel and other merchandise, our ability to compete, the termination or non-renewal of any material license agreements to which we are a party, exposure to foreign currency risk and interest rate risk, possible disruption in commercial activities due to terrorist activity and armed conflict, and other factors set forth in Perry Ellis International's filings with the Securities and Exchange Commission. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in Perry Ellis' filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date they were made. We undertake no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.