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EXHIBIT 10.1

        THIRD AMENDMENT, dated as of June 28, 2002 (this "Amendment"), to the
CREDIT AGREEMENT, dated as of December 3, 1999, as amended by the First
Amendment dated as of March 27, 2001 and the Second Amendment dated as of
November 5, 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
JPMORGAN CHASE 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.

        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 to be greater
than 5.75 to 1.0.

        (b)  Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated
Fixed Charge Coverage Ratio for any period of four consecutive fiscal quarters
of the Borrower to be less than 0.95 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 any
period of four consecutive fiscal quarters of the Borrower to be less than $1.00
(or, in the case of such period ending on June 30, 2002, negative $9,000,000).

        (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."

        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

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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 the
date hereof upon satisfaction of the following conditions: (a) the
Administrative Agent shall have received counterparts hereof duly executed by
the Borrower and the Required Lenders and (b) 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 June 28,
2002, an amendment fee in an aggregate amount equal to $75,000, 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.

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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:
 
 
JPMORGAN CHASE 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:

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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:

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EXHIBIT 10.1