G-III Leather Fashions, Inc.

512 Seventh Avenue

New York, New York 10018

May 7, 2008

Sammy Aaron

Andrew Reid

Lee Lipton

c/o G-III Apparel Group, Ltd.

512 Seventh Avenue

New York, NY 10018

Re: Stock Purchase Agreement

Dear Sammy, Andrew and Lee:

Reference is made to the Stock Purchase Agreement (the “SPA”), dated July 11,
2005, as amended January 30, 2007 (the “Amendment”), by and among the Marvin
Richards Shareholders, the CK Members and the Fabio Selling Members
(collectively, the “Sellers”), Sammy Aaron, as Sellers’ Representative, G-III
Leather Fashions, Inc. and G-III Apparel Group, Ltd. All capitalized terms not
otherwise defined herein shall have the meanings given to them in the SPA.

This letter agreement, when executed by each of you, shall constitute our
agreement that, effective February 1, 2008, the Amendment shall be of no further
force and effect and that the SPA, and all other documents, instruments and
agreements executed and/or delivered in connection therewith, shall remain in
full force and effect, without giving effect to the Amendment.

This letter agreement may be executed by the parties hereto in one or more
counterparts, each of which shall be deemed an original and all of which when
taken together shall constitute one and the same agreement. Any signature
delivered by a party by facsimile transmission, or in “PDF” format circulated by
electronic means, shall be deemed to be an original signature hereto.

 

 

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Sammy Aaron
Andrew Reid
Lee Lipton
May 7, 2008
Page 2

 

If the foregoing accurately sets forth our agreement, please execute this letter
and return it to the undersigned.

 

 

 

 

Very truly yours,

 

 

G-III LEATHER FASHIONS, INC.

 

 

 

By: 

/s/ Wayne Miller

 

 

 

 

 

Name: Wayne Miller

 

 

 

 

 

Title: Chief Operating Officer

 

 

 

G-III APPAREL GROUP, LTD.

 

 

 

By: 

/s/ Wayne Miller

 

 

 

 

 

Name: Wayne Miller

 

 

 

 

 

Title: Chief Operating Officer

 

Accepted and agreed to:

 

 

 

/s/ Sammy Aaron

 

 

SAMMY AARON

 

 

 

 

/s/ Andrew Reid

 

 

ANDREW REID

 

 

 

 

/s/ Lee Lipton

 

 

LEE LIPTON

 

 

 

 

/s/ Sammy Aaron

 

 

SAMMY AARON, as Sellers’ Representative

 

 

 

 

 

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