Liz Claiborne Statement on J. Jill's Sale at $24.05 Per Share

Paul R. Charron, Chairman and Chief Executive Officer, said, "Weare disappointed that we were unable to acquire J. Jill at a pricethat makes sense for our shareholders. However, we are financiallydisciplined and will not overpay. We remain committed to enhancing ourretail presence and to further diversifying our multi-brand,multi-channel portfolio through both organic growth and strategicacquisitions. We will be opening 125 new specialty retail stores thisyear, and our strong balance sheet will enable us to continueinvesting in the many internal opportunities we have to build ourdirect-to-consumer business, including initiatives for proven brandsthat have significant growth potential, such as Lucky Brand, JuicyCouture, Mexx and Sigrid Olsen. We will also continue to look forattractive acquisitions where the strategy is compelling and the priceis appropriate."

About Liz Claiborne

Liz Claiborne Inc. designs and markets an extensive range ofwomen's and men's fashion apparel and accessories appropriate towearing occasions ranging from casual to dressy. The Company alsomarkets fragrances for women and men. Liz Claiborne Inc.'s brandsinclude Axcess, Belongings, Bora Bora, C&C California, City Unltd.,Claiborne, Crazy Horse, Curve, Dana Buchman, Elisabeth, Ellen Tracy,Emma James, Enyce, First Issue, Intuitions, J.H. Collectibles, JuicyCouture, Lady Enyce, Laundry by Shelli Segal, LIZ, Liz Claiborne,Lucky Brand, Mac & Jac, Kenzie, Mambo, Marvella, MetroConcepts, Mexx,Monet, Monet 2, prAna, Realities, Rhythm & Blues, Sigrid Olsen, Soul,Spark, Stamp 10, Tapemeasure, Tint, Trifari and Villager. In addition,Liz Claiborne Inc. holds the exclusive, long-term license to produceand sell men's and women's collections of DKNY(R) Jeans and DKNY(R)Active in the Western Hemisphere. The Company also has the exclusivelicense to produce jewelry under the Kenneth Cole New York andReaction Kenneth Cole brand names.

Forward Looking Statements

Statements contained herein that relate to the Company's futureperformance, including, without limitation, statements with respect toanticipated results of operations or level of business for 2005 or anyother future period are forward-looking statements within the safeharbor provisions of the Private Securities Litigation Reform Act of1995. Such statements are based on current expectations only and arenot guarantees of future performance, and are subject to certainrisks, uncertainties and assumptions. The Company may change itsintentions, belief or expectations at any time and without notice,based upon any change in the Company's assumptions or otherwise.Should one or more of these risks or uncertainties materialize, orshould underlying assumptions prove incorrect, actual results may varymaterially from those anticipated, estimated or projected. Inaddition, some factors are beyond the Company's control. Among thefactors that could cause actual results to materially differ includerisks, risks related to the continuing challenging retail andmacroeconomic conditions, including the levels of consumer confidenceand discretionary spending and the levels of customer traffic withindepartment stores, malls and other shopping and selling environments,and a continuation of the deflationary trend in prices for apparelproducts; risks associated with the Company's dependence on sales to alimited number of large United States department store customers; theimpact of consolidation among one or more of the Company's largercustomers, such as the recently completed merger between FederatedDepartment Stores, Inc. and The May Department Store Company; risksassociated with providing for the succession of senior management;risks related to retailer and consumer acceptance of the Company'sproducts; risks related to the Company's ability, especially throughits sourcing, logistics and technology functions, to operate withinsubstantial production and delivery constraints, including risksassociated with the possible failure of the Company's unaffiliatedmanufacturers to manufacture and deliver products in a timely manner,to meet quality standards or to comply with Company policies regardinglabor practices or applicable laws or regulations; risks related tothe Company's ability to adapt to and compete effectively in the newquota environment, including changes in sourcing patterns resultingfrom the elimination of quota on apparel products, as well as loweredbarriers to entry; risks associated with the Company's ability tomaintain and enhance favorable brand recognition; risks associatedwith the operation and expansion of the Company's own retail business;risks associated with the Company's ability to correctly balance thelevel of its commitments with actual orders; risks associated with theCompany's ability to identify appropriate acquisition candidates andnegotiate favorable financial and other terms, against the backgroundof increasing market competition (from both strategic and financialbuyers) for the types of acquisitions the Company has made; risksassociated with acquisitions and new product lines and markets,including risks relating to integration of acquisitions, retaining andmotivating key personnel of acquired businesses and achievingprojected or satisfactory levels of sales, profits and/or return oninvestment; risks associated with the Company's ability to attract andretain talented, highly qualified executives and other key personnel;risks associated with any significant disruptions in the Company'srelationship with, and any work stoppages by, its employees, includingits union employees; risks associated with changes in social,political, economic, legal and other conditions affecting foreignoperations, sourcing or international trade, including the impact offoreign currency exchange rates, currency devaluations in countries inwhich the Company sources product; risks associated with war, thethreat of war and terrorist activities; work stoppages or slowdowns bysuppliers or service providers; risks relating to protecting andmanaging intellectual property; and such other economic, competitive,governmental and technological factors affecting the Company'soperations, markets, products, services and prices and such otherfactors as are set forth in our 2004 Annual Report on Form 10-K,including, without limitation, those set forth under the heading"Business-Competition; Certain Risks" and under the heading "StatementRegarding Forward-Looking Statements" and other documents filed by theCompany with the Securities and Exchange Commission. The Companyundertakes no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise.