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Candie's, Inc. and Gadzooks, Inc. Enter Into an Exclusive License Agreement for Candie's Brand Apparel

VALHALLA, N.Y.--(BUSINESS WIRE)--July 20, 2000--Candie's, Inc. (Nasdaq NMS symbol: CAND) ("Candie's") today announced that it has entered into an exclusive apparel license agreement with Gadzooks, Inc.

Under the terms of the agreement, Gadzooks will exclusively offer categories of apparel and swimwear under the CANDIE'S label in Gadzooks specialty retail stores. Candie's apparel under license with Gadzooks will be available starting October 15, 2000.

In commenting on the announcement, Neil Cole, Chairman and CEO stated, "This agreement is mutually beneficial to both companies. It brings Candie's closer to reaching our objective, which is to focus the Company's in-house efforts on footwear and marketing, and allows Gadzooks to continue to build its branded apparel business. The licensing partnership with Gadzooks allows us to begin implementing a successful apparel strategy for the Candie's brand without the additional resources required to operate Candie's jeanswear through our apparel joint venture. Gadzooks has established itself as a destination store for girls and guys, and attracts the Candie's customer, which makes Gadzooks a great store for Candie's apparel."

Commenting from Gadzooks, Paula Masters, Senior Vice President of Merchandising stated, "We are eager to begin our apparel license with Candie's. The popularity of the Candie's brand fits in well with our branded apparel strategy. We continue to refine our national and teen brand name product assortments, and Candie's will compliment and strengthen our junior apparel offerings, which include DKNY Jeans and Guess."

About Candie's Inc.

Candie's is a leading designer and marketer of young women's footwear, apparel and accessories. The Company distributes its products through better department and specialty stores nationwide, as well as through seven company-owned stores and specialty stores internationally. Candie's Inc. also owns and markets footwear, accessories and apparel under the Bongo trademark. Candie's also arranges for the manufacture of footwear products for mass market and discount retailers under the private label brand of the retailer or other trademarks owned or licensed by Candie's. Additionally, the Candie's brand is licensed to Liz Claiborne Inc. for the manufacture, sale and distribution of fragrances and cosmetics. Candie's Inc. operates, a leading community for teens on the web. For investor information please visit the corporate web site at

About Gadzooks

Dallas-based Gadzooks, Inc. is a specialty retailer of casual apparel and accessories for young men and women principally between the ages of 14 and 18. Established in 1983, Gadzooks operates 328 mall-based stores in metropolitan markets and in middle markets in 34 states East of the Rocky Mountains.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. The statements which are not historical facts contained in this press release are forward looking statements that involve a number of known and unknown risks, uncertainties and other factors all of which are difficult or impossible to predict and many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.

Such factors include, but are not limited to, uncertainty regarding continued market acceptance of current products and the ability to develop successfully and market new products particularly in light of rapidly changing fashion trends, the impact of supply and manufacturing constraints or difficulties relating to the Company's dependence on foreign manufacturers, uncertainties relating to customer plans and commitments, competition, uncertainties relating to economic conditions in the markets in which the Company operates, the ability to hire and retain key personnel, the ability to obtain capital, the risks of regulatory proceedings and litigation, the risks of trademark protection, the uncertainty of marketing and licensing acquired trademarks, other risks detailed in the Company's Securities and Exchange Commission filings, and uncertainty associated with the impact on the Company in relation to recent events discussed in the Company's Form 10-K for Fiscal 2000.

The words "believe", "expect", "anticipate", "seek" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date the statement, was made.

CONTACT: Candie's Inc.

Allison Malkin, VP Investor Relations,

914/769-8600 Extension 619

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