Sean John, the world's fastest growing line of sportswear for men and women, will return to the runway during New York Fashion Week for Fall 2008 after a 5 year hiatus. Sean "Diddy" Combs will show a collection that tells the tale of a prince in the year 2020 who discovers himself through love and war as he ascends to the great leader he is destined to be. This journey is reflected on the runway through his wardrobe which progresses from impulsive rebel to warrior to lover and finally to ruler. Taking inspiration from icons as diverse as Grace Jones, James Bond, and David Bowie, Combs' designs for Fall 2008 will feature precise tailoring and sophistication in both silhouette and fabric.

Sean "Diddy" Combs said, "I am so excited to be a part of this Fashion Week because we are celebrating the beginning of our tenth year in business. For Fall 2008 I wanted to tell the story of a young king who matures into a great ruler. I am so passionate about this collection and I can't wait for the crowd's reaction to what we will be sending down the runway. The only thing people should expect is the unexpected." He added, "I am proud to announce that this Sean John show is presented in partnership with Cadillac, the most iconic and luxurious auto brand in history. The teaming of Sean John and Cadillac combines two of the most elite brands ever and brings them into the spotlight at New York Fashion Week."

Combs then continued, "I am also very fortunate to present Sean John's influential style with Ciroc Vodka, the ultimate in premium vodka made from exclusive French grapes. Having Ciroc at our event will add glamour to our story and to this incredible evening."

"I come from Harlem, young, African-American, and our show is different," says Combs. "We have a more diverse complexion on the runway. Our design team is more reflective of what's going on in the world and what the future is, and that's inspiring. So when I see the young kids coming in there and they're inspired and you know that they go to the other shows and the reality may not be as close, when I see their faces and they come and they sneak backstage, they know it can be done. If I can do it - I didn't go to Parsons or FIT or nothing - they know that they can do it."

G-III Apparel Group, Ltd. (NASDAQ: GIII) and Christian Casey LLC., owner of Sean John, today jointly announced the termination and transition of the Sean John junior women’s sportswear license back to Christian Casey LLC. G-III will continue to produce men’s and women’s outerwear under the Sean John label. G-III and Christian Casey LLC also announced that the women’s outerwear license had been extended by one year to December 31, 2010.

Morris Goldfarb, Chairman and Chief Executive Officer, said, “We are very pleased to continue to partner with Sean John and to be involved with the growth of the brand through our men’s and women’s outerwear collections. We continue to believe that the Sean John brand will support a sizable junior sportswear assortment. Despite the opportunity, we have reached a mutual decision that the line requires specific operational and financial commitments that would best be made by the Sean John organization.”

G-III noted that it would take a charge of approximately $0.03 per share on an after-tax basis in the current fourth quarter of fiscal 2008 in connection with the termination of its Sean John women’s sportswear license.

Sean “Diddy” Combs, founder and chairman of Sean John, said, “G-III has been an outstanding partner for our brand in the men’s and women’s outerwear category and we value our long term partnership with them. I would like to thank GIII and their incredible team for all of their work thus far in helping Sean John establish a presence in the women’s junior sportswear market and for the continuing excellence of their outerwear effort. But at this time, I have decided on another course for its future. We know there is a strong desire for the Sean John women’s sportswear because we have seen huge successes with our women’s outerwear and fragrance Unforgivable Woman, which launched in the top 10 in fall 2007. I look forward to announcing our plans for this collection very soon.”