Exhibit 10.1.1

    SECOND AMENDMENT, dated as of November 5, 2001 (this "Amendment"), to the
CREDIT AGREEMENT, dated as of December 3, 1999, as amended by the First
Amendment dated as of March 27, 2001 (the "Credit Agreement"), among GUESS
?, INC. (the "Borrower"), the several banks and other financial institutions or
entities from time to time parties to the Credit Agreement (the "Lenders"), the
Co-Agent named therein and THE CHASE MANHATTAN BANK, as Administrative Agent.
Terms defined in the Credit Agreement shall be used in this Amendment with their
defined meanings unless otherwise defined herein.

W I T N E S S E T H:

    WHEREAS, the Borrower has requested the Lenders to enter into this Amendment
on the terms and conditions set forth herein;

    NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

    I.  AMENDMENTS.  

    1. Section 2.8 of the Credit Agreement is hereby amended by
(a) re-captioning said Section as "Mandatory Revolving Credit Commitment
Reductions; Cleandown" and (b) adding the following new paragraph (d) to the end
thereof:

    "(d) Notwithstanding anything to the contrary in this Agreement, (i) during
the period from December 1, 2001 through and including January 31, 2002, there
shall be a period of at least 20 consecutive calendar days during which the
aggregate Revolving Extensions of Credit shall be $15,000,000 or less and
(ii) any failure to comply with the foregoing shall constitute an Event of
Default."

    2. Section 7.1 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

    "7.1  Financial Condition Covenants.  

    (a)  Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio
for any period of four consecutive fiscal quarters of the Borrower ending on any
date set forth below to be greater than the ratio set forth below opposite such
fiscal quarter:

Fiscal Quarter

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  Consolidated Leverage
Ratio

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The last day of the third fiscal quarter of fiscal year 2001   5.25 to 1.0
The last day of the fourth fiscal quarter of fiscal year 2001
 
4.50 to 1.0
The last day of any fiscal quarter ending thereafter
 
5.50 to 1.0

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    (b)  Consolidated Fixed Charge Coverage Ratio.  Permit the Consolidated
Fixed Charge Coverage Ratio for any period of four consecutive fiscal quarters
of the Borrower ending on any date set forth below to be less than the ratio set
forth below opposite such fiscal quarter:

Fiscal Quarter

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  Consolidated Fixed Charge
Coverage Ratio

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The last day of the third fiscal quarter of fiscal year 2001   0.75 to 1.0
The last day of the fourth fiscal quarter of fiscal year 2001
 
1.15 to 1.0
The last day of any fiscal quarter ending thereafter
 
1.00 to 1.0

    (c)  Consolidated Net Worth.  Permit Consolidated Net Worth at any time to
be less than $150,000,000.

    (d)  Consolidated Net Income.  Permit Consolidated Net Income for (i) the
third fiscal quarter of fiscal year 2001 of the Borrower to be less than $1.00,
(ii) the fourth fiscal quarter of fiscal year 2001 of the Borrower to be less
than $1.00, (iii) any period of four consecutive fiscal quarters of the Borrower
ending thereafter (other than any such period ending on June 30, 2002) to be
less than $1.00 or (iv) the period of four consecutive fiscal quarters of the
Borrower ending on June 30, 2002 to be less than negative $1,500,000.

    (e)  Liquidity Ratio.  Permit the Liquidity Ratio to be less than 1.0 to
1.0. It is understood that verification of compliance with this Section 7.1(e)
shall only be required in connection with the delivery of Borrowing Base
Certificates pursuant to Section 6.2(f) and at any other time requested by the
Administrative Agent."

    3. Section 7.7 of the Credit Agreement is hereby amended by deleting the
words ", $40,000,000 in fiscal year 2001 and $50,000,000 in any fiscal year
thereafter" and replacing them with the words ", $30,000,000 in fiscal year 2001
and $40,000,000 in any fiscal year thereafter".

    4. The Pricing Grid attached as Annex A to the Credit Agreement is hereby
replaced by the Pricing Grid attached as Annex A to this Amendment.

    II.  MISCELLANEOUS.  

    1.  Representations and Warranties.  The Borrower hereby represents and
warrants as of the date hereof that, after giving effect to this Amendment,
(a) no Default or Event of Default has occurred and is continuing and (b) all
representations and warranties of each Loan Party contained in the Loan
Documents (with each reference to the Loan Documents in such representations and
warranties being deemed to include, unless the context otherwise requires, this
Amendment and the Credit Agreement as amended by this Amendment) are true and
correct in all material respects with the same effect as if made on and as of
such date (except for those representations and warranties which expressly
relate to a specific earlier date).

    2.  Expenses.  The Borrower agrees to pay or reimburse the Administrative
Agent on demand for all its reasonable out-of-pocket costs and expenses incurred
in connection with the preparation and execution of this Amendment and the
transactions contemplated hereby, including, without limitation, the reasonable
fees and disbursements of counsel to the Administrative Agent.

    3.  No Change.  Except as expressly provided herein, no term or provision of
the Credit Agreement shall be amended, modified or supplemented, and each term
and provision of the Credit Agreement shall remain in full force and effect.

    4.  Effectiveness.  This Amendment shall become effective as of
September 29, 2001 upon satisfaction of the following conditions: (a) the
Administrative Agent shall have received counterparts hereof duly executed by
the Borrower and the Required Lenders, (b) the Total Revolving Credit

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Commitments shall have been reduced to $100,000,000 pursuant to Section 2.6 of
the Credit Agreement (which reduction, notwithstanding anything to the contrary
in said Section, shall be effective immediately upon notice from the Borrower to
the Administrative Agent) and (c) the Borrower shall have paid to the
Administrative Agent, for the account of each Lender that submits an executed
signature page to the Administrative Agent or its counsel (including by
facsimile transmission) no later than 5:00 p.m., New York City time, on
November 13, 2001, an amendment fee in an aggregate amount equal to $125,000, to
be allocated among such Lenders ratably according to their respective Revolving
Credit Commitments.

    5.  Counterparts.  This Amendment may be executed by the parties hereto in
any number of separate counterparts, and all of said counterparts taken together
shall be deemed to constitute one and the same instrument.

    6.  GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

3

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    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
date first above written.

    GUESS?, INC.
 
 
By:
 

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Name:
Title:
 
 
THE CHASE MANHATTAN BANK,
as Administrative Agent, as Issuing Lender
and as a Lender
 
 
By:
 

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Name:
Title:
 
 
UNITED CALIFORNIA BANK,
as Co-Agent and as a Lender
 
 
By:
 

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Name:
Title:
 
 
GMAC COMMERCIAL CREDIT LLC
 
 
By:
 

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Name:
Title:
 
 
ISRAEL DISCOUNT BANK OF NEW YORK
 
 
By:
 

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Name:
Title:
 
 
By:
 

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Name:
Title:

4

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FIRSTAR BANK
 
 
By:
 

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Name:
Title:
 
 
BANK LEUMI USA
 
 
By:
 

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Name:
Title:
 
 
By:
 

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Name:
Title:
 
 
ATLANTIC BANK OF NEW YORK
 
 
By:
 

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Name:
Title:
 
 
FLEET NATIONAL BANK
 
 
By:
 

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Name:
Title:

5

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Annex A

Consolidated Leverage
Ratio

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  Applicable Margin
for Eurodollar
Loans

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  Applicable
Margin for
ABR Loans

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  Commitment
Fee Rate

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  Applicable
Documentary
L/C Fee Rate

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Greater than or equal to
5.00 to 1.0   2.75%   1.75%   0.667%   0.350%
Greater than or equal to
4.50 to 1.0 but less than
5.00 to 1.0
 
2.50%
 
1.50%
 
0.625%
 
0.325%
Greater than or equal to
4.00 to 1.0 but less than
4.50 to 1.0
 
2.25%
 
1.25%
 
0.625%
 
0.300%
Less than 4.00 to 1.0
 
2.00%
 
1.00%
 
0.5625%
 
0.275%

    Changes in the Applicable Margin resulting from changes in the Consolidated
Leverage Ratio shall become effective on the date (the "Adjustment Date") on
which financial statements are delivered to the Lenders pursuant to Section 6.1
(but in any event not later than the 45th day after the end of each of the first
three quarterly periods of each fiscal year or the 90th day after the end of
each fiscal year, as the case may be) and shall remain in effect until the next
change to be effected pursuant to this paragraph. If any financial statements
referred to above are not delivered within the time periods specified above,
then, until such financial statements are delivered, the Consolidated Leverage
Ratio as at the end of the fiscal period that would have been covered thereby
shall for the purposes of this definition be deemed to be greater than 5.00 to
1.0. In addition, at all times while an Event of Default shall have occurred and
be continuing, the Consolidated Leverage Ratio shall for the purposes of this
definition be deemed to be greater than 5.00 to 1.0. Each determination of the
Consolidated Leverage Ratio pursuant to this pricing grid shall be made with
respect to (or, in the case of Consolidated Total Debt, as at the end of) the
period of four consecutive fiscal quarters of the Borrower ending at the end of
the period covered by the relevant financial statements.

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