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                                                                   Exhibit 10.15

                                  SPIEGEL, INC.

                        CLASS A NON-VOTING COMMON STOCK

                     NON-STATUTORY OPTION AGREEMENT NO. ___








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                                  SPIEGEL, INC.

                        CLASS A NON-VOTING COMMON STOCK

                     NON-STATUTORY OPTION AGREEMENT NO. ___

     This Non-Statutory Option Agreement No. ___ is entered into this 30th day
of June, 2001, by and between Spiegel, Inc., a Delaware corporation ("Spiegel")
and Michael R. Moran ("Optionee").

     WHEREAS, Spiegel desires to grant the Optionee a non-statutory Option to
purchase shares of its $1.00 par value per share Class A Non-Voting Common
Stock ("Class A Stock") subject to the terms and conditions hereinafter set
forth.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set
forth and for other good and valuable consideration, the parties hereto agree
as follows:

     1. Grant of Option.
        ---------------

     Spiegel hereby grants to the Optionee the option ("Option") to purchase
_____ shares of Class A Stock, subject to the terms and conditions hereinafter
set forth. The date of the grant of the Option is the date of this Stock Option
Agreement.

     2. Purchase Price.
        --------------

     The purchase price of the Class A Stock covered by the Option shall be ____
per share.

     3. Period of Exercise and Terms and Conditions of Option.
        -----------------------------------------------------

     This Option may be exercised between the date hereof and December 31, 2003,
from time to time, in whole or in part as to one or more whole shares of Class A
Stock covered by the Option,

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subject to the terms and conditions set forth below. The Option granted hereby
shall be subject to the following terms and conditions:

     (a) Transfer of Option.
         ------------------

          Neither the whole nor any part of this Option shall be transferable
     by the Optionee or by operation of law during the Optionee's lifetime,
     and at the Optionee's death this Option or any part thereof shall only be
     transferable by the Optionee's will or by the laws of descent and
     distribution. This Option may be exercised during the lifetime of the
     Optionee only by the Optionee. This Option, and any and all rights
     granted to the Optionee hereby, to the extent not theretofore effectively
     exercised shall automatically terminate and expire upon any sale,
     transfer or hypothecation or any attempted sale, transfer or
     hypothecation of the Option or such rights, or upon the bankruptcy or
     insolvency of the Optionee.

     (b) Death.
         -----

          (i) If the Optionee shall die, the Option granted hereby to such
     deceased Optionee shall be exercisable within one (1) year after the
     date of the Optionee's death, and the Option shall be exercisable for all
     of the shares covered hereby.

          (ii) The legal representative, if any, of the deceased Optionee's
     estate, otherwise the appropriate legatees or distributees of the
     deceased Optionee's estate may exercise this Option on behalf of the
     Optionee.

     (c) Termination of Option Rights for Cause.
         --------------------------------------

          Anything contained herein notwithstanding, if harm to the Corporation
     is caused as a result of or caused by the Optionee's theft or embezzlement
     from the Corporation, the violation of a material term or condition of any
     agreement between Optionee and the

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     Corporation, the disclosure by the Optionee of confidential information
     of the Corporation, the Optionee's stealing trade secrets or intellectual
     property owned by the Corporation, any act by the Optionee in competition
     with the Corporation or any other act, activity or conduct of the
     Optionee which in the opinion of the Board Committee of the Board of
     Directors is adverse to the best interests of the Corporation, then this
     Option and any and all rights granted to such Optionee hereunder, to the
     extent not yet effectively exercised, shall become null and void
     effective as of the date of the occurrence of such event, and any
     purported exercise of the Option by or on behalf of the Optionee
     following such date shall be of no effect.

     (d) Acceleration.
         ------------

          The Corporation may, in the case of merger, consolidation,
     dissolution or liquidation of Spiegel, accelerate the expiration date of
     this Option for any or all of the shares covered thereby (but still
     giving the Optionee a reasonable period of time to exercise the Option
     with respect to any portion thereof outstanding prior to the accelerated
     expiration date) and may, in the case of merger, consolidation,
     dissolution or liquidation of Spiegel, or in any other case in which it
     feels it is in the Corporation's best interest, accelerate the date or
     dates on which this Option or any part of this Option shall be
     exercisable for any or all of the shares covered thereby.

     (e) Rights as a Stockholder.
         -----------------------

          The Optionee shall have no rights as a stockholder with respect to
     any shares covered by this Option until the date that Spiegel receives
     payment in full for the purchase of said shares pursuant to the effective
     exercise of this Option. No adjustment shall be made for

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     dividends or distributions or other rights for which the record date is
     prior to the date such payment is received by Spiegel except as provided
     in paragraph (f) below. Spiegel shall not be required to issue or deliver
     any certificate for shares of its Class A Stock purchased upon the exercise
     of all or any part of this Option before (1) the admission of such shares
     to listing on any stock exchange on which such stock may then be listed,
     or, if applicable, approved for inclusion on the National Market System of
     the NASD and (2) completion of any registration or other qualification of
     such shares under any state or federal law or ruling or regulation of any
     governmental regulatory body that Spiegel shall, in its sole discretion,
     determine is necessary or advisable.

     (f) Stock Dividend; Recapitalization; Consolidation.
         -----------------------------------------------

          If any stock dividend shall be declared upon the Class A Stock or
     if the Class A Stock shall hereafter be subdivided, consolidated, or
     changed into other securities of Spiegel, or a successor corporation to
     Spiegel, then in each event, shares of Class A Stock which would be
     delivered pursuant to exercise of any option hereunder shall, for the
     purpose of adjusting the number and kind thereof, be treated as though
     outstanding immediately prior to the occurrence of such event, and the
     purchase price to be paid therefore shall be appropriately adjusted to
     give effect thereto. The grant of an option hereunder shall not affect in
     any way the right or power of Spiegel to make adjustments,
     reclassifications, reorganizations or changes of its capital or business
     structure or to merge or to consolidate or to dissolve, liquidate or sell,
     or transfer all or any part of its business assets.

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     4. METHOD OF EXERCISE.
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          Subject to the terms and conditions of this Stock Option Agreement,
     the Optionee, in order to exercise the Option, must notify the Corporation
     in writing in a form acceptable to the Corporation to that effect at
     Spiegel, Inc., c/o Sue Slezak, 3500 Lacey Road, Downers Grove, Illinois
     60515-5432. Such written notice must state the election to exercise the
     Option granted under this Stock Option Agreement and specify the number of
     shares of Class A Stock to be purchased. Such notice must be accompanied
     by cash, or a check payable to Spiegel, Inc., in the amount of the full
     purchase price in U.S. dollars for the shares of Class A Stock to be
     purchased. The Option shall be considered as having been effectively
     exercised only upon the receipt by the Corporation of the written notice
     of the exercise of the Option and the payment of the full purchase price
     for the shares of Class A Stock to be purchased in accordance with the
     preceding provisions of this Section 4.

     5. GENERAL PROVISIONS.
        ------------------

          (a) Spiegel shall make available such number of shares of Class A
     Stock as will be sufficient to satisfy the requirements of this Option
     Agreement, shall pay any original issue and transfer taxes with respect
     to the issue and transfer of shares pursuant hereto and all other fees
     and expenses necessarily incurred by Spiegel in connection herewith, and
     will from time to time use its best efforts to comply with all laws and
     regulations which, in the opinion of independent counsel for Spiegel,
     shall be applicable thereto.

          (b) This Option Agreement shall be subject to such amendment and
     modification from time to time as the Corporation shall deem necessary
     to comply with applicable law or regulation.

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          (c) The Optionee, in executing this Stock Option Agreement,
     acknowledges that he has received from the Corporation a copy of the
     Stock Option Agreement and Spiegel's most recent Annual Report on Form
     10-K and Quarterly Report on Form 10-Q.

          (d) It is specifically intended that the Options granted hereunder
     shall not constitute "Incentive Stock Options" within the meaning of
     Section 422 of the Internal Revenue Code of 1986, as amended.

          (e) The granting and exercise of any option hereunder and the
     obligations of Spiegel to sell and deliver shares under any such option
     shall be subject to all applicable laws, rules and regulations, and to
     such approvals by any governmental agencies as may be required. Spiegel
     shall furnish each Optionee hereunder with such information relating to
     the exercise of any option granted hereunder to said Optionee as is
     required under the Internal Revenue Code and applicable state and federal
     security laws.

     IN WITNESS WHEREOF, Spiegel, Inc. and the Optionee have caused this
Option Agreement as first numbered above to be duly executed, all on the day
and year first above written.


                                             SPIEGEL, INC.


                                             By_________________________________


________________________________________
Optionee

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