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                                                                     Exhibit 4.1



                         COMMON STOCK PURCHASE AGREEMENT

     This Common Stock Purchase Agreement (this "Agreement") dated as of April
24, 2002, is made and entered by and among Wilsons The Leather Experts Inc., a
Minnesota corporation (the "Company"), and the purchasers identified on the
signature pages hereto (each, including its respective successors and assigns, a
"Purchaser" and collectively the "Purchasers").

     WHEREAS, subject to the terms and conditions set forth in this Agreement
and pursuant to Section 4(2) of the Securities Act of 1933, as amended (the
"Securities Act"), and Rule 506 promulgated thereunder, the Company desires to
issue and sell to the Purchasers, and the Purchasers, severally and not jointly,
desire to purchase from the Company, an aggregate of 900,000 shares of Common
Stock (as hereinafter defined) (the "Shares").

     NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this
Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and the Purchasers agree
as follows:


                                   ARTICLE I.
                                   DEFINITIONS

     1.1 Definitions. As used in this Agreement, the following terms shall have
the meanings set forth in this Section 1.1:

     "Affiliate" means any Person that, directly or indirectly through one or
more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 144.

     "Annual Report" means the draft of the Annual Report on Form 10-K for the
fiscal year ended February 2, 2002 in substantially the form provided to the
Purchasers prior to the date hereof to be filed by the Company.

     "Business Day" means any day except Saturday, Sunday and any day which
shall be a federal legal holiday or a day on which banking institutions in the
State of New York are authorized or required by law or other governmental action
to close.

     "Closing" means the closing of the purchase and sale of the Shares pursuant
to Section 2.1.

     "Closing Date" means the date of the Closing.

     "Commission" means the Securities and Exchange Commission.

     "Common Stock" means the common stock of the Company, $0.01 par value per
share, and any securities into which such common stock may hereafter be
reclassified.

     "Company Counsel" means Faegre & Benson LLP.
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     "Effective Date" means the date that the Registration Statement is first
declared effective by the Commission.

     "Eligible Market" means any of the New York Stock Exchange, the American
Stock Exchange, the Nasdaq National Market or the Nasdaq SmallCap Market.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Per Share Purchase Price" equals, subject to the provisions of Section
2.1(c), the lesser of (x) $11.00 (subject to equitable adjustment in the event
of stock splits, reverse stock splits and similar events affecting the Common
Stock prior to the Closing Date) and (y) the lowest price at which the Common
Stock is traded on April 25, 2002.

     "Person" means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof)
or other entity of any kind.

     "Proceeding" means an action, claim, suit, investigation or proceeding
(including, without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened in writing.

     "Purchaser Counsel" means Kelley Drye & Warren LLP.

     "Purchaser Percentage" means, with respect to a Purchaser, the percentage
equal to a fraction, expressed as a percentage, the numerator of which shall be
the number of Shares issued to such Purchaser on the Closing and the denominator
of which shall be the total number of Shares issued to all Purchasers on the
Closing.

     "Registration Statement" means a registration statement meeting the
requirements set forth in the Registration Rights Agreement and covering the
resale of the Shares by the Purchasers.

     "Registration Rights Agreement" means the Registration Rights Agreement,
dated as of the date of this Agreement, by and among the Company and the
Purchasers, in the form of Exhibit A.

     "Rule 144," means Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such Rules may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

     "Securities Act" means the Securities Act of 1933, as amended.

     "Subsidiary" means any subsidiary of the Company that is required to be
listed in Schedule 3.1(a).

     "Trading Day" means (i) a day on which the Common Stock is traded on a
Trading Market, or (ii) if the Common Stock is not listed on a Trading Market, a
day on which


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the Common Stock is traded in the over-the-counter market, as reported by the
OTC Bulletin Board, or (iii) if the Common Stock is not quoted on the OTC
Bulletin Board, a day on which the Common Stock is quoted in the
over-the-counter market as reported by the National Quotation Bureau
Incorporated (or any similar organization or agency succeeding its functions of
reporting prices); provided, that in the event that the Common Stock is not
listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day
shall mean a Business Day.

     "Trading Market" means the Nasdaq National Market or any other national
securities exchange, market or trading or quotation facility on which the Common
Stock is then listed or quoted.

     "Transaction Documents" means this Agreement, the Registration Rights
Agreement and any other documents or agreements executed in connection with the
transactions contemplated hereunder.


                                   ARTICLE II.
                                PURCHASE AND SALE

     2.1 Closing.

     (a) The Closing of the sale and purchase of the Shares shall take place at
the offices of Purchaser Counsel at 9:30 a.m. (New York time) on (i) April 30,
2002 or (ii) on such date or at such location as the parties may agree.

     (b) If the lowest price at which the Common Stock trades on April 25, 2002
is less than $9.00 (subject to equitable adjustment in the event of stock
splits, reverse stock splits and similar events affecting the Common Stock prior
to the Closing Date), then the Company may (subject to Section 2.1(c)) elect not
to sell Shares under this Agreement (by delivery of written notice to the
Purchasers, not later than 8:00 a.m. (New York time) on the Trading Day
immediately following April 25, 2002.

     (c) Notwithstanding an election by the Company pursuant to Section 2.1(b)
not to sell Shares under this Agreement, a Purchaser may require the Company to
sell a number of Shares as is indicated in such Purchaser's written notice
(which notice shall be delivered to the Company not later than 5:00 p.m. (New
York time) on the Trading Day immediately following April 25, 2002 up to such
Purchaser's Purchaser Percentage multiplied by 900,000. The Per Share Purchase
Price for such Shares sold following a Purchaser's election under this Section
2.1(c) will equal the greater of (x) $9.00 (subject to equitable adjustment in
the event of stock splits, reverse stock splits and similar events affecting the
Common Stock prior to the Closing Date) and (y) 92.5% of the closing sales price
of the Common Stock (as reported by Bloomberg, L.P. or the successor to its
function of reporting share prices) on the Trading Day immediately following
April 25, 2002.

     2.2 Deliveries.

     (a) On the date that this Agreement is executed, (A) the Company shall
deliver to the Purchasers this Agreement and a Registration Rights Agreement,
each duly executed by the Company and shall reimburse the Purchasers for the
legal fees and expenses


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incurred by them in connection with the preparation and negotiation of the
Transaction Documents by delivering $25,000 in cash to Purchaser Counsel and (B)
each Purchaser shall deliver to the Company this Agreement and a Registration
Rights Agreement, each duly executed by such Purchaser.

     (b) At the Closing, the Company shall deliver or cause to be delivered to
each Purchaser the following:

          (i) a certificate evidencing the number of Shares equal to (as
     applicable) (x) the number of Shares indicated below such Purchaser's name
     on the signature page of this Agreement or (y) the number of Shares
     indicated in the Purchaser's notice delivered to the Company in accordance
     with Section 2.1(c), in each case registered in the name of such Purchaser;
     and

          (ii) a legal opinion of Company Counsel, in agreed form, addressed to
     the Purchasers; and

     (c) At the Closing, each Purchaser shall deliver or cause to be delivered
to the Company, in United States dollars in immediately available funds by wire
transfer to an account designated in writing by the Company for such purpose,
the Per Share Purchase Price for the Shares being purchased by such Purchaser,
as indicated on such Purchaser's signature page to this Agreement or the
Purchaser's notice delivered to the Company in accordance with Section 2.1(c),
as the case may be.

     2.3 Conditions to Closing. The obligation of the Purchasers to purchase the
Shares at the Closing is subject to satisfaction or waiver by each Purchaser of
each of the following conditions: (1) the Common Stock is listed for trading on
a Trading Market; (2) the representations and warranties of the Company are true
and correct on the Closing Date; (3) no Material Adverse Effect (as hereinafter
defined) has occurred or be continuing; and (4) the Company shall have delivered
an officer's certificate to the Purchasers confirming clauses (1), (2) and (3)
of this Section 2.3.

     2.4 Option.

     (a) For a period commencing on the Closing Date through and including the
75th calendar day following the Closing Date (such period, the "Option Period")
and provided that the closing sales price of the Common Stock on the Trading Day
immediately preceding the Exercise Notice (as hereinafter defined) exceeds the
Per Share Purchase Price paid by the Purchasers on the Closing Date, Copwell
Holdings Ltd. ("Copwell") (or its successor or assigns) shall have the one-time
right to deliver to the Company written notice (an "Exercise Notice") exercising
its right to purchase the Option Shares (as hereinafter defined). The maximum
aggregate number of shares of Common Stock that the Company shall be required to
issue and sell to Copwell pursuant to the Exercise Notice shall be 100,000
shares (subject to equitable adjustment in the event of stock splits, reverse
stock splits and similar events affecting the Common Stock prior to the Option
Closing Date (as hereinafter defined)) (the "Option Shares"). The purchase price
per Option Share shall equal $11.00 per share (subject to equitable


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adjustment in the event of stock splits, reverse stock splits and similar events
affecting the Common Stock prior to the Option Closing Date).

     (b) The closing for any purchase and sale of the Option Shares (the "Option
Closing Date") shall occur on the 3rd Trading Day following the delivery of the
Exercise Notice.

     (c) On the Option Closing Date, (i) the Company will, against delivery of
the amounts set forth in Section 2.4(c)(ii), deliver to each Purchaser an
original stock certificate representing a number of Option Shares being
purchased by each such Purchaser and (ii) each Purchaser will deliver to the
Company the purchase price for the Option Shares being purchased in United
States dollars in immediately available funds by wire transfer to an account
designated in writing by the Company for such purpose.


                                  ARTICLE III.
                         REPRESENTATIONS AND WARRANTIES

     3.1 Representations and Warranties of the Company. The Company hereby makes
the following representations and warranties to the Purchasers:

          (a) Subsidiaries. The Company has no direct or indirect subsidiaries
     other than those listed in Schedule 3.1(a). Except as disclosed in Schedule
     3.1(a), the Company owns, directly or indirectly, all of the capital stock
     of each Subsidiary free and clear of any lien, charge, security interest,
     encumbrance, right of first refusal or other restriction (collectively,
     "Liens"), and all the issued and outstanding shares of capital stock of
     each Subsidiary are validly issued and are fully paid, non-assessable and
     free of preemptive and similar rights. If the Company has no subsidiaries,
     then references in the Transaction Documents to the Subsidiaries will be
     disregarded.

          (b) Organization and Qualification. Each of the Company and the
     Subsidiaries is an entity duly incorporated or otherwise organized, validly
     existing and in good standing under the laws of the jurisdiction of its
     incorporation or organization (as applicable), with the requisite power and
     authority to own and use its properties and assets and to carry on its
     business as currently conducted. Neither the Company nor any Subsidiary is
     in violation of any of the provisions of its respective certificate or
     articles of incorporation, bylaws or other organizational or charter
     documents. Each of the Company and the Subsidiaries is duly qualified to
     conduct business and is in good standing as a foreign corporation or other
     entity in each jurisdiction in which the nature of the business conducted
     or property owned by it makes such qualification necessary, except where
     the failure to be so qualified or in good standing, as the case may be,
     could not, individually or in the aggregate, (i) adversely affect the
     legality, validity or enforceability of any Transaction Document, (ii) have
     or result in a material adverse effect on the results of operations,
     assets, prospects, business or condition (financial or otherwise) of the
     Company and the Subsidiaries, taken as a whole, or (iii) adversely impair
     the Company's ability to perform fully on a timely basis its obligations
     under any Transaction Document (any of (i), (ii) or (iii), a "Material
     Adverse Effect").

          (c) Authorization; Enforcement. The Company has the requisite
     corporate power and authority to enter into and to consummate the
     transactions contemplated by each of


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     the Transaction Documents and otherwise to carry out its obligations
     thereunder. The execution and delivery of each of the Transaction Documents
     by the Company and the consummation by it of the transactions contemplated
     thereby have been duly authorized by all necessary action on the part of
     the Company and no further action is required by the Company. Each
     Transaction Document has been (or upon delivery will have been) duly
     executed by the Company and, when delivered in accordance with the terms
     hereof, will constitute the valid and binding obligation of the Company
     enforceable against the Company in accordance with its terms, subject to
     applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
     moratorium and similar laws affecting creditors' rights and remedies
     generally and general principles of equity. Neither the Company nor any
     Subsidiary is in violation of any of the provisions of its respective
     certificate or articles of incorporation, by-laws or other organizational
     or charter documents.

          (d) No Conflicts. The execution, delivery and performance of the
     Transaction Documents by the Company and the consummation by the Company of
     the transactions contemplated thereby do not and will not (i) conflict with
     or violate any provision of the Company's or any Subsidiary's certificate
     or articles of incorporation, bylaws or other organizational or charter
     documents, or (ii) conflict with, or constitute a default (or an event that
     with notice or lapse of time or both would become a default) under, or give
     to others any rights of termination, amendment, acceleration or
     cancellation (with or without notice, lapse of time or both) of, any
     agreement, credit facility, debt or other instrument (evidencing a Company
     or Subsidiary debt or otherwise) or other understanding to which the
     Company or any Subsidiary is a party or by which any property or asset of
     the Company or any Subsidiary is bound or affected, or (iii) result in a
     violation of any law, rule, regulation, order, judgment, injunction, decree
     or other restriction of any court or governmental authority to which the
     Company or a Subsidiary is subject (including federal and state securities
     laws and regulations), or by which any property or asset of the Company or
     a Subsidiary is bound or affected; except in the case of each of clauses
     (ii) and (iii), such as could not, individually or in the aggregate, have
     or reasonably be expected to result in a Material Adverse Effect.

          (e) Filings, Consents and Approvals. The Company is not required to
     obtain any consent, waiver, authorization or order of, give any notice to,
     or make any filing or registration with, any court or other federal, state,
     local or other governmental authority or other Person in connection with
     the execution, delivery and performance by the Company of the Transaction
     Documents, other than (1) the filing with the Commission of the
     Registration Statement, and (2) the application with the Trading Market for
     the listing of the Shares for trading thereon in the time and manner
     required thereby (collectively, the "Required Approvals").

          (f) Issuance of the Shares and Option Shares. The Shares and the
     Option Shares are duly authorized and, when issued and paid for in
     accordance with this Agreement, will be duly and validly issued, fully paid
     and nonassessable, free and clear of all Liens. The Company has reserved
     from its duly authorized capital stock the maximum number of shares of
     Common Stock issuable pursuant to this Agreement.

          (g) Capitalization. The number of shares and type of all authorized,
     issued and outstanding capital stock of the Company is set forth in
     Schedule 3.1(g). No securities of the Company are entitled to preemptive or
     similar rights, and no Person has any right of first refusal,


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     preemptive right, right of participation, or any similar right to
     participate in the transactions contemplated by the Transaction Documents.
     Except as a result of the purchase and sale of the Shares and except as
     disclosed in Schedule 3.1(g), there are no outstanding options, warrants,
     script rights to subscribe to, calls or commitments of any character
     whatsoever relating to, or securities, rights or obligations convertible
     into or exchangeable for, or giving any Person any right to subscribe for
     or acquire, any shares of Common Stock, or contracts, commitments,
     understandings or arrangements by which the Company or any Subsidiary is or
     may become bound to issue additional shares of Common Stock, or securities
     or rights convertible or exchangeable into shares of Common Stock. The
     issue and sale of the Shares will not obligate the Company to issue shares
     of Common Stock or other securities to any Person (other than the
     Purchasers) and will not result in a right of any holder of Company
     securities to adjust the exercise, conversion, exchange or reset price
     under such securities.

          (h) SEC Reports; Financial Statements. The Company has filed all
     reports required to be filed by it under the Securities Act and the
     Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the
     two years preceding the date hereof (or such shorter period as the Company
     was required by law to file such material) (the foregoing materials being
     collectively referred to herein as the "SEC Reports" and, together with the
     Schedules to this Agreement and the Annual Report, the "Disclosure
     Materials") on a timely basis or has received a valid extension of such
     time of filing and has filed any such SEC Reports prior to the expiration
     of any such extension. The Company has delivered to the Purchasers a copy
     of all SEC Reports filed within the 10 days preceding the date hereof and a
     copy of the Annual Report. As of their respective dates, the SEC Reports
     complied, and the Annual Report will comply, in all material respects with
     the requirements of the Securities Act and the Exchange Act and the rules
     and regulations of the Commission promulgated thereunder, and none of the
     SEC Reports, when filed, contained any untrue statement of a material fact
     or omitted to state a material fact required to be stated therein or
     necessary in order to make the statements therein, in light of the
     circumstances under which they were made, not misleading. The financial
     statements of the Company included in the SEC Reports and the Annual Report
     comply in all material respects with applicable accounting requirements and
     the rules and regulations of the Commission with respect thereto as in
     effect at the time of filing. Such financial statements have been prepared
     in accordance with generally accepted accounting principles applied on a
     consistent basis during the periods involved ("GAAP"), except as may be
     otherwise specified in such financial statements or the notes thereto, and
     fairly present in all material respects the financial position of the
     Company and its consolidated subsidiaries as of and for the dates thereof
     and the results of operations and cash flows for the periods then ended,
     subject, in the case of unaudited statements, to normal, immaterial,
     year-end audit adjustments or other adjustments reflected in the Annual
     Report.

          (i) Material Changes. Since the date of the latest financial
     statements included within the Annual Report, except as specifically
     disclosed in the Annual Report, (i) there has been no event, occurrence or
     development that has had or that could result in a Material Adverse Effect
     (for purposes of this Section 3.1(i), the Company's information contained
     in the Annual Report or the effect of such information on the price of the
     Common Stock shall not constitute a Material Adverse Effect), (ii) the
     Company has not incurred any liabilities (contingent or otherwise) other
     than (A) trade payables and accrued expenses incurred in the ordinary
     course of business consistent with past practice and (B) liabilities not
     required to


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     be reflected in the Company's financial statements pursuant to GAAP or
     required to be disclosed in filings made with the Commission, (iii) the
     Company has not altered its method of accounting or the identity of its
     auditors, (iv) the Company has not declared or made any dividend or
     distribution of cash or other property to its stockholders or purchased,
     redeemed or made any agreements to purchase or redeem any shares of its
     capital stock, and (v) the Company has not issued any equity securities to
     any officer, director or Affiliate, except pursuant to existing Company
     stock option plans. The Company does not have pending before the Commission
     any request for confidential treatment of information.

          (j) Litigation. There is no action, suit, inquiry, notice of
     violation, proceeding or investigation pending or, to the knowledge of the
     Company, threatened against or affecting the Company, any Subsidiary or any
     of their respective properties before or by any court, arbitrator,
     governmental or administrative agency or regulatory authority (federal,
     state, county, local or foreign) (collectively, an "Action") which (i)
     adversely affects or challenges the legality, validity or enforceability of
     any of the Transaction Documents or (ii) could, if there were an
     unfavorable decision, individually or in the aggregate, have or reasonably
     be expected to result in a Material Adverse Effect. Neither the Company nor
     any Subsidiary, nor any officer thereof, is or has been, nor any director
     thereof is or has been for the last three years, the subject of any Action
     involving a claim of violation of or liability under federal or state
     securities laws or a claim of breach of fiduciary duty. There has not been,
     and, to the knowledge of the Company, there is not pending or contemplated,
     any investigation by the Commission involving the Company or any current or
     former director that was a director of the Company at any time during the
     last three years or officer of the Company. The Commission has not issued
     any stop order or other order suspending the effectiveness of any
     registration statement filed by the Company or any Subsidiary under the
     Exchange Act or the Securities Act.

          (k) Labor Relations. No material labor dispute exists or, to the
     knowledge of the Company, is imminent with respect to any of the employees
     of the Company.

          (l) Compliance. Neither the Company nor any Subsidiary (i) is in
     default under or in violation of (and no event has occurred that has not
     been waived that, with notice or lapse of time or both, would result in a
     default by the Company or any Subsidiary under), nor has the Company or any
     Subsidiary received notice of a claim that it is in default under or that
     it is in violation of, any indenture, loan or credit agreement or any other
     agreement or instrument to which it is a party or by which it or any of its
     properties is bound (whether or not such default or violation has been
     waived), (ii) is in violation of any order of any court, arbitrator or
     governmental body, or (iii) is or has been in violation of any statute,
     rule or regulation of any governmental authority, including without
     limitation all foreign, federal, state and local laws relating to taxes,
     environmental protection, occupational health and safety, product quality
     and safety and employment and labor matters, except in each case as could
     not, individually or in the aggregate, have or reasonably be expected to
     result in a Material Adverse Effect.

          (m) Regulatory Permits. The Company and the Subsidiaries possess all
     certificates, authorizations and permits issued by the appropriate federal,
     state, local or foreign regulatory authorities necessary to conduct their
     respective businesses as described in the SEC Reports, except where the
     failure to possess such permits could not, individually or in the
     aggregate, have or reasonably be expected to result in a Material Adverse
     Effect ("Material


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     Permits"), and neither the Company nor any Subsidiary has received any
     notice of proceedings relating to the revocation or modification of any
     Material Permit.

          (n) Title to Assets. The Company and the Subsidiaries have good and
     marketable title in fee simple to all real property owned by them that is
     material to the business of the Company and the Subsidiaries and good and
     marketable title in all personal property owned by them that is material to
     the business of the Company and the Subsidiaries, in each case free and
     clear of all Liens, except for Liens as do not materially affect the value
     of such property and do not materially interfere with the use made and
     proposed to be made of such property by the Company and the Subsidiaries.
     Any real property and facilities held under lease by the Company and the
     Subsidiaries are held by them under valid, subsisting and enforceable
     leases of which the Company and the Subsidiaries are in compliance.

          (o) Patents and Trademarks. The Company and the Subsidiaries have, or
     have rights to use, all patents, patent applications, trademarks, trademark
     applications, service marks, trade names, copyrights, licenses and other
     similar rights that are necessary or material for use in connection with
     their respective businesses as described in the SEC Reports and which the
     failure to so have could have, or reasonably be expected to result in, a
     Material Adverse Effect (collectively, the "Intellectual Property Rights").
     Neither the Company nor any Subsidiary has received a written notice that
     the Intellectual Property Rights used by the Company or any Subsidiary
     violates or infringes upon the rights of any Person which if determined
     adversely to the Company would, individually or in the aggregate have a
     Material Adverse Effect. To the knowledge of the Company, all such
     Intellectual Property Rights are enforceable and there is no existing
     infringement by another Person of any of the Intellectual Property Rights.

          (p) Insurance. The Company and the Subsidiaries are insured by
     insurers of recognized financial responsibility against such losses and
     risks and in such amounts as are prudent and customary in the businesses in
     which the Company and the Subsidiaries are engaged. Neither the Company nor
     any Subsidiary has any reason to believe that it will not be able to renew
     its existing insurance coverage as and when such coverage expires or to
     obtain similar coverage from similar insurers as may be necessary to
     continue its business without a significant increase in cost.

          (q) Transactions With Affiliates and Employees. Except as set forth in
     SEC Reports, none of the officers or directors of the Company and, to the
     knowledge of the Company, none of the employees of the Company is presently
     a party to any transaction with the Company or any Subsidiary (other than
     for services as employees, officers and directors), including any contract,
     agreement or other arrangement providing for the furnishing of services to
     or by, providing for rental of real or personal property to or from, or
     otherwise requiring payments to or from any officer, director or such
     employee or, to the knowledge of the Company, any entity in which any
     officer, director, or any such employee has a substantial interest or is an
     officer, director, trustee or partner.

          (r) Internal Accounting Controls. The Company and the Subsidiaries
     maintain a system of internal accounting controls sufficient to provide
     reasonable assurance that (i) transactions are executed in accordance with
     management's general or specific authorizations, (ii) transactions are
     recorded as necessary to permit preparation of financial statements in


                                      -9-
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     conformity with generally accepted accounting principles and to maintain
     asset accountability, (iii) access to assets is permitted only in
     accordance with management's general or specific authorization, and (iv)
     the recorded accountability for assets is compared with the existing assets
     at reasonable intervals and appropriate action is taken with respect to any
     differences.

          (s) Solvency. Based on the financial condition of the Company as of
     the Closing Date, (i) the Company's fair saleable value of its assets
     exceeds the amount that will be required to be paid on or in respect of the
     Company's existing debts and other liabilities (including known contingent
     liabilities) as they mature; (ii) the Company's assets do not constitute
     unreasonably small capital to carry on its business for the current fiscal
     year as now conducted and as proposed to be conducted including its capital
     needs taking into account the particular capital requirements of the
     business conducted by the Company, and projected capital requirements and
     capital availability thereof; and (iii) the current cash flow of the
     Company, together with the proceeds the Company would receive, were it to
     liquidate all of its assets, after taking into account all anticipated uses
     of the cash, would be sufficient to pay all amounts on or in respect of its
     debt when such amounts are required to be paid. The Company does not intend
     to incur debts beyond its ability to pay such debts as they mature (taking
     into account the timing and amounts of cash to be payable on or in respect
     of its debt).

          (t) Certain Fees. No brokerage or finder's fees or commissions are or
     will be payable by the Company to any broker, financial advisor or
     consultant, finder, placement agent, investment banker, bank or other
     Person with respect to the transactions contemplated by this Agreement. The
     Purchasers shall have no obligation with respect to any brokerage or
     finder's fees or commissions payable, as a result of actions by the
     Company, to any broker, financial advisor or consultant, finder, placement
     agent, investment banker, bank or other Person with respect to the
     transactions contemplated by this Agreement.

          (u) Private Placement. Assuming the accuracy of the Purchasers
     representations and warranties set forth in Section 3.2(b)-(e), no
     registration under the Securities Act is required for the offer and sale of
     the Shares by the Company to the Purchasers as contemplated hereby.

          (v) Form S-3 Eligibility. The Company is eligible to register the
     resale of its Common Stock for resale by the Purchasers under Form S-3
     promulgated under the Securities Act.

          (w) Listing and Maintenance Requirements. The Company has not, in the
     two years preceding the date hereof, received notice (written or oral) from
     any Eligible Market on which the Common Stock is or has been listed or
     quoted to the effect that the Company is not in compliance with the listing
     or maintenance requirements of such Eligible Market. The Company is, and
     has no reason to believe that it will not in the foreseeable future
     continue to be, in compliance with all such listing and maintenance
     requirements. The issuance and sale of the Shares hereunder does not
     contravene the rules and regulations of the Trading Market and no approval
     of the shareholders of the Company is required for the Company to issue and
     deliver to the Purchasers the maximum number of Shares and Option Shares
     contemplated by this Agreement.


                                      -10-
<PAGE>

          (x) Registration Rights. Except as described in Schedule 3.1(x), the
     Company has not granted or agreed to grant to any Person any rights
     (including "piggy-back" registration rights) to have any securities of the
     Company registered with the Commission or any other governmental authority
     that have not been satisfied.

          (y) Application of Takeover Protections. Assuming that no Purchaser
     nor any affiliate of such Purchaser, beneficially owns 10% or more of the
     Common Stock immediately after the purchase of the Shares hereunder, the
     Company and its Board of Directors have taken all necessary action, if any,
     in order to render inapplicable any control share acquisition, business
     combination, poison pill (including any distribution under a rights
     agreement) or other similar anti-takeover provision under the Company's
     Certificate of Incorporation (or similar charter documents) or the laws of
     its state of incorporation that is or could become applicable to the
     Purchasers as a result of the Purchasers and the Company fulfilling their
     obligations or exercising their rights under the Transaction Documents,
     including without limitation the Company's issuance of the Shares and the
     Purchasers' ownership of the Shares.

          (z) Disclosure. The Company confirms that neither it nor any other
     Person acting on its behalf has provided any of the Purchasers or their
     agents or counsel with any information, that after the filing of the Annual
     Report with the Commission, the Company believes constitutes material,
     non-public information. The Company understands and confirms that the
     Purchasers will rely on the foregoing representations in effecting
     transactions in securities of the Company. All disclosure provided to the
     Purchasers regarding the Company, its business and the transactions
     contemplated hereby, including the Schedules to this Agreement and Annual
     Report, furnished by or on behalf of the Company are true and correct and
     do not contain any untrue statement of a material fact or omit to state any
     material fact necessary in order to make the statements made therein, in
     light of the circumstances under which they were made, not misleading.

     3.2 Representations and Warranties of the Purchasers. Each Purchaser
hereby, for itself and for no other Purchaser, represents and warrants to the
Company as follows:

          (a) Organization; Authority. Such Purchaser is an entity duly
     organized, validly existing and in good standing under the laws of the
     jurisdiction of its organization with the requisite corporate or
     partnership power and authority to enter into and to consummate the
     transactions contemplated by the Transaction Documents and otherwise to
     carry out its obligations thereunder. The execution, delivery and
     performance by such Purchaser of the transactions contemplated by this
     Agreement has been duly authorized by all necessary corporate action on the
     part of such Purchaser. Each of this Agreement and the Registration Rights
     Agreement has been duly executed by such Purchaser, and, when delivered by
     such Purchaser in accordance with terms hereof, will constitute the valid
     and legally binding obligation of such Purchaser, enforceable against it in
     accordance with its terms, subject to applicable bankruptcy, insolvency,
     fraudulent conveyance, reorganization, moratorium and similar laws
     affecting creditors' rights and remedies generally and general principles
     of equity.

          (b) Investment Intent. Such Purchaser is acquiring the Shares as
     principal for its own account for investment purposes only and not with a
     view to or for distributing or reselling such Shares or any part thereof,
     without prejudice, however, to such Purchaser's right at


                                      -11-
<PAGE>

     all times to sell or otherwise dispose of all or any part of such Shares in
     compliance with applicable federal and state securities laws. Nothing
     contained herein shall be deemed a representation or warranty by such
     Purchaser to hold Shares for any period of time. Such Purchaser does not
     have any agreement or understanding, directly or indirectly, with any
     Person to distribute any of the Shares.

          (c) Purchaser Status. Such Purchaser is an "accredited investor" as
     defined in Rule 501(a) under the Securities Act. Such Purchaser is not a
     registered broker-dealer under Section 15 of the Exchange Act.

          (d) Experience of such Purchaser. Such Purchaser, either alone or
     together with its representatives, has such knowledge, sophistication and
     experience in business and financial matters so as to be capable of
     evaluating the merits and risks of the prospective investment in the
     Shares, and has so evaluated the merits and risks of such investment. Such
     Purchaser is able to bear the economic risk of an investment in the Shares
     and, at the present time, is able to afford a complete loss of such
     investment.

          (e) General Solicitation. To the knowledge of such Purchaser, such
     Purchaser is not purchasing the Shares as a result of any advertisement,
     article, notice or other communication regarding the Shares published in
     any newspaper, magazine or similar media or broadcast over television or
     radio or presented at any seminar or any other general solicitation or
     general advertisement.

          (f) Access to Information. Such Purchaser acknowledges that it has
     reviewed the Disclosure Materials and has been afforded (i) the opportunity
     to ask such questions as it has deemed necessary of, and to receive answers
     from, representatives of the Company concerning the terms and conditions of
     the offering of the Shares and the merits and risks of investing in the
     Shares; (ii) access to information about the Company and the Subsidiaries
     and their respective financial condition, results of operations, business,
     properties, management and prospects sufficient to enable it to evaluate
     its investment; and (iii) the opportunity to obtain such additional
     information that the Company possesses or can acquire without unreasonable
     effort or expense that is necessary to make an informed investment decision
     with respect to the investment. Neither such inquiries nor any other
     investigation conducted by or on behalf of such Purchaser or its
     representatives or counsel shall modify, amend or affect such Purchaser's
     right to rely on the truth, accuracy and completeness of the Disclosure
     Materials and the Company's representations and warranties contained in the
     Transaction Documents.

     The Company acknowledges and agrees that each Purchaser does not make or
has not made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in this Section 3.2.


                                   ARTICLE IV.
                         OTHER AGREEMENTS OF THE PARTIES

     4.1 Transfer Restrictions.

     (a) Shares and Option Shares may only be disposed of in compliance with
state and federal securities laws. In connection with any transfer of Shares or
Option Shares


                                      -12-
<PAGE>

other than pursuant to an effective registration statement, to the Company, to
an Affiliate of a Purchaser who is an "accredited investor" as defined in Rule
501(a) under the Securities Act, in connection with a pledge as contemplated in
Section 4.1(b) or after the legend contained in Section 4.1(b) is removed from
the Shares or Option Shares as provided in Section 4.1(c), the Company may
require the transferor thereof to provide to the Company an opinion of counsel
selected by the transferor, the form and substance of which opinion shall be
reasonably satisfactory to the Company, to the effect that such transfer does
not require registration of such transferred Shares or Option Shares under the
Securities Act. As a condition of transfer, other than a transfer pursuant to an
effective registration statement or pursuant to any open market sale under Rule
144 or any private sale under Rule 144(k), any such transferee shall agree in
writing to be bound by the terms of this Agreement and shall have the rights of
a Purchaser under this Agreement and the Registration Rights Agreement.
Notwithstanding the foregoing, each Purchaser may transfer its right to purchase
the Option Shares pursuant to Section 2.4 to a Person who is an "accredited
investor" as defined in Rule 501(a) under the Securities Act without any legal
opinion.

     (b) The Purchasers agree to the imprinting, so long as is required by this
Section 4.1(b), of the following legend on any of the Shares:

     THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES
     AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
     RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
     1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE
     OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
     UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN
     A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
     SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
     EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
     THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THESE
     SHARES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
     OTHER LOAN SECURED BY SUCH SHARES.

     The Company acknowledges and agrees that a Purchaser may from time to time
pledge pursuant to a bona fide margin agreement or grant a security interest in
some or all of the Shares and Option Shares and, if required under the terms of
such arrangement, such Purchaser may transfer pledged or secured Shares or
Option Shares to the pledgees or secured parties. Such a pledge or transfer
would not be subject to approval of the Company and no legal opinion of the
pledgee, secured party or pledgor shall be required in connection therewith.
Further, no notice shall be required of such pledge. At the appropriate
Purchaser's expense, the Company


                                      -13-
<PAGE>

will execute and deliver such reasonable documentation as a pledgee or secured
party of Shares may reasonably request in connection with a pledge or transfer
of the Shares, including the preparation and filing of any required prospectus
supplement under Rule 424(b)(3) of the Securities Act or other applicable
provision of the Securities Act to appropriately amend the list of Selling
Stockholders thereunder.

     (c) Certificates evidencing Shares and Option Shares shall not contain any
legend (including the legend set forth in Section 4.1(b)), (i) while a
registration statement (including the Registration Statement) covering the
resale of such security is effective under the Securities Act, or (ii) following
any sale of such Shares or Option Shares pursuant to Rule 144, or (iii) if such
Shares are eligible for sale under Rule 144(k), or (iv) if such legend is not
required under applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the Staff of the Commission). The
Company shall cause its counsel to issue the legal opinion included in the
transfer agent instructions to the Company's transfer agent on the Effective
Date. The Company agrees that following the Effective Date or at such time as
such legend is no longer required under this Section 4.1(c), it will, no later
than ten Trading Days following the delivery by a Purchaser to the Company or
the Company's transfer agent of a certificate representing Shares issued with a
restrictive legend, deliver or cause to be delivered to such Purchaser a
certificate representing such Shares that is free from all restrictive and other
legends. The Company may not make any notation on its records or give
instructions to any transfer agent of the Company that enlarge the restrictions
on transfer set forth in this Section.

     4.2 Furnishing of Information. As long as any Purchaser owns Shares or
Option Shares, the Company covenants to timely file (or obtain extensions in
respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to the
Exchange Act. Upon the request of any such Person, the Company shall deliver to
such Person a written certification of a duly authorized officer as to whether
it has complied with the preceding sentence. As long as any Purchaser owns
Shares, if the Company is not required to file reports pursuant to such laws, it
will prepare and furnish to the Purchasers and make publicly available in
accordance with Rule 144(c) such information as is required for the Purchasers
to sell the Shares under Rule 144.

     4.3 Integration. The Company shall not, and shall use its best efforts to
ensure that no Affiliate of the Company shall, sell, offer for sale or solicit
offers to buy or otherwise negotiate in respect of any security (as defined in
Section 2 of the Securities Act) that would be integrated with the offer or sale
of the Shares in a manner that would require the registration under the
Securities Act of the sale of the Shares to the Purchasers, or that would be
integrated with the offer or sale of the Shares for purposes of the rules and
regulations of any Trading Market, if such integration would result in a
violation of any such rule or regulation.

     4.4 Subsequent Placements. From the date hereof through and including the
later of (x) the 30th calendar day following the Closing Date and (y) the
Business Day immediately following day that the Company files the Registration
Statement, the Company will not: (i) directly or indirectly, offer, sell or
grant any option to purchase (or announce any offer, sale, grant or any option
to purchase) any of its Common Stock or other securities which entitle the
holder thereof to receive Common Stock, including without limitation any debt,
preferred stock


                                      -14-
<PAGE>

or other instrument or security that is, at any time during its life and under
any circumstances, convertible into or exchangeable for Common Stock, except for
the granting of options to employees, officers and directors of the Company
pursuant to any stock option or similar plan duly adopted by the Company or the
issuance of Common Stock upon exercise of such options.

     4.5 Securities Laws Disclosure; Publicity. The Company shall, within five
Business Days after the Closing Date, issue a press release or file a Current
Report on Form 8-K reasonably acceptable to the Purchasers disclosing all
material terms of the transactions contemplated hereby. The Company and the
Purchasers shall consult with each other in issuing any press releases with
respect to the transactions contemplated hereby. Notwithstanding the foregoing,
other than in any registration statement filed pursuant to the Registration
Rights Agreement and filings related thereto, the Company shall not publicly
disclose the name of any Purchaser, or include the name of any Purchaser in any
filing with the Commission or any regulatory agency or Trading Market, without
the prior written consent of such Purchaser, except to the extent such
disclosure is required by law or Trading Market regulations, in which case the
Company shall provide the Purchasers with prior notice of such disclosure.

     4.6 Indemnification of Purchasers. The Company will indemnify and hold the
Purchasers and their directors, officers, shareholders, partners, employees and
agents (each, a "Purchaser Party") harmless from any and all losses,
liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable
attorneys' fees and costs of investigation (collectively, "Losses") that any
such Purchaser Party may suffer or incur as a result of or relating to (a) any
misrepresentation, breach or inaccuracy, or any allegation by a third party
that, if true, would constitute a breach or inaccuracy, of any of the
representations, warranties, covenants or agreements made by the Company in this
Agreement or in the other Transaction Documents; or (b) any cause of action,
suit or claim brought or made against such Purchaser Party and solely arising
out of or solely resulting from the execution, delivery, performance or
enforcement of this Agreement or any of the other Transaction Documents. The
Company will reimburse such Purchaser for its reasonable legal and other
expenses (including the cost of any investigation, preparation and travel in
connection therewith) incurred in connection therewith, as such expenses are
incurred. The Company and the Purchaser Party may not, without the prior written
consent of the other, agree to any settlement of any claim or action with
respect to which the Company is required to indemnify the Purchaser Party
pursuant to this Section 4.6.

     4.7 Shareholders Rights Plan. No claim will be made or enforced by the
Company or any other Person that any Purchaser is an "Acquiring Person" under
any shareholders rights plan or similar plan or arrangement in effect or
hereafter adopted by the Company, or that any Purchaser could be deemed to
trigger the provisions of any such plan or arrangement, by virtue of receiving
Shares under the Transaction Documents or under any other agreement between the
Company and the Purchasers.

     4.8 Non-Public Information. The Company covenants and agrees that neither
it nor any other Person acting on its behalf will provide any Purchaser or its
agents or counsel with any information that the Company believes constitutes
material non-public information, unless prior thereto such Purchaser shall have
executed a written agreement regarding the confidentiality and


                                      -15-
<PAGE>

use of such information. The Company understands and confirms that each
Purchaser shall be relying on the foregoing representations in effecting
transactions in securities of the Company.

     4.9 Use of Proceeds. The Company shall use the net proceeds from the sale
of the Shares hereunder for working capital purposes and not for the
satisfaction of any portion of the Company's debt (other than payment of trade
payables in the ordinary course of the Company's business and prior practices),
to redeem any Company equity or equity-equivalent securities or to settle any
outstanding litigation.


                                   ARTICLE V.
                                  MISCELLANEOUS

     5.1 Fees and Expenses. Other than the amount required to be delivered by
the Company to Purchaser Counsel pursuant to Section 2.2(a) of this Agreement,
each party shall pay the fees and expenses of its advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of
this Agreement. The Company shall pay all stamp and other taxes and duties
levied in connection with the sale of the Shares.

     5.2 Entire Agreement. The Transaction Documents, together with the Exhibits
and Schedules thereto, contain the entire understanding of the parties with
respect to the subject matter hereof and supersede all prior agreements and
understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into such documents, exhibits and schedules.

     5.3 Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (a) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile number
specified in this Section prior to 6:30 p.m. (New York City time) on a Trading
Day, (b) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in
this Section on a day that is not a Trading Day or later than 6:30 p.m. (New
York City time) on any Trading Day, (c) the Trading Day following the date of
mailing, if sent by U.S. nationally recognized overnight courier service, or (d)
upon actual receipt by the party to whom such notice is required to be given.
The address for such notices and communications shall be as follows:

     If to the Company:    Wilsons The Leather Experts Inc.
                           7401 Boone Avenue North
                           Brooklyn Park, MN 55428
                           Attn: Chief Financial Officer
                           Fax No.: (763) 391-4906

     With a copy to:       Faegre & Benson LLP
                           2200 Wells Fargo Center
                           90 South Street
                           Minneapolis, MN 55420-1650
                           Attn:  Kris Sharpe, Esq.
                           Fax No.:  (612) 766-1600


                                      -16-
<PAGE>

     If to a Purchaser:    To the address set forth under such Purchaser's name
                           on the signature pages hereof;

     With a copy to:       Kelley Drye & Warren LLP
                           101 Park Avenue
                           New York, NY  10178
                           Attn:  Philip A. Haber, Esq.
                           Fax No.:  (212) 808-7897

or such other address as may be designated in writing hereafter, in the same
manner, by such Person.

     5.4 Amendments; Waivers. No provision of this Agreement may be waived or
amended except in a written instrument signed, in the case of an amendment, by
the Company and each of the Purchasers or, in the case of a waiver, by the party
against whom enforcement of any such waiver is sought. No waiver of any default
with respect to any provision, condition or requirement of this Agreement shall
be deemed to be a continuing waiver in the future or a waiver of any subsequent
default or a waiver of any other provision, condition or requirement hereof, nor
shall any delay or omission of either party to exercise any right hereunder in
any manner impair the exercise of any such right.

     5.5 Construction. The headings herein are for convenience only, do not
constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction will be applied against any party.

     5.6 Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the parties and their successors and permitted assigns. The
Company may not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Purchasers. Any Purchaser may assign
any or all of its rights under this Agreement to any Person to whom such
Purchaser assigns or transfers any Shares, provided such transferee agrees in
writing to be bound, with respect to the transferred Shares, by the provisions
hereof that apply to the "Purchasers." Notwithstanding the foregoing, each
Purchaser may assign or transfer its right to purchase the Option Shares
pursuant to Section 2.4 to any Person who is an "accredited investor" as defined
in Rule 501(a) under the Securities Act.

     5.7 No Third-Party Beneficiaries. This Agreement is intended for the
benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person, except as otherwise set forth in Section 4.6.

     5.8 Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of
Minnesota, without regard to the principles of conflicts of law thereof. Each
party agrees that all Proceedings concerning the interpretations,


                                      -17-
<PAGE>

enforcement and defense of the transactions contemplated by this Agreement and
any other Transaction Documents (whether brought against a party hereto or its
respective affiliates, directors, officers, shareholders, employees or agents)
shall be commenced exclusively in the state and federal courts sitting in the
State of Minnesota. Each party hereto hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of
Minnesota for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of the any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any
Proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such Proceeding is improper. Each party hereto hereby
irrevocably waives personal service of process and consents to process being
served in any such Proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby. If either party shall
commence a Proceeding to enforce any provisions of a Transaction Document, then
the prevailing party in such Proceeding shall be reimbursed by the other party
for its attorneys fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such Proceeding.

     5.9 Survival. The representations, warranties, agreements and covenants
contained herein shall survive the Closing.

     5.10 Execution. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not
sign the same counterpart. In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile signature page
were an original thereof.

     5.11 Severability. If any provision of this Agreement is held to be invalid
or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be
affected or impaired thereby and the parties will attempt to agree upon a valid
and enforceable provision that is a reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this Agreement.

     5.12 Rescission and Withdrawal Right. Notwithstanding anything to the
contrary contained in (and without limiting any similar provisions of) the
Transaction Documents, whenever any Purchaser exercises a right, election,
demand or option under a Transaction Document and the Company does not timely
perform its related obligations within the periods therein provided, then such
Purchaser may rescind or withdraw, in its sole discretion from time to time upon
written notice to the Company, any relevant notice, demand or election in whole
or in part without prejudice to its future actions and rights.


                                      -18-
<PAGE>

     5.13 Replacement of Shares and Option Shares. If any certificate or
instrument evidencing any Shares and Option Shares is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation thereof, or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction and
customary and reasonable indemnity, if requested. The applicants for a new
certificate or instrument under such circumstances shall also pay any reasonable
third-party costs associated with the issuance of such replacement Shares or
Option Shares.

     5.14 Remedies. In addition to being entitled to exercise all rights
provided herein or granted by law, including recovery of damages, each of the
Purchasers and the Company will be entitled to specific performance under the
Transaction Documents. The parties agree that monetary damages may not be
adequate compensation for any loss incurred by reason of any breach of
obligations described in the foregoing sentence and hereby agrees to waive in
any action for specific performance of any such obligation the defense that a
remedy at law would be adequate.

     5.15 Independent Nature of Purchasers' Obligations and Rights. The
obligations of each Purchaser under any Transaction Document are several and not
joint with the obligations of any other Purchaser, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser under any Transaction Document. Nothing contained herein or in any
Transaction Document, and no action taken by any Purchaser pursuant thereto,
shall be deemed to constitute the Purchasers as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Document. Each
Purchaser shall be entitled to independently protect and enforce its rights,
including without limitation the rights arising out of this Agreement or out of
the other Transaction Documents, and it shall not be necessary for any other
Purchaser to be joined as an additional party in any proceeding for such
purpose.


                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                      SIGNATURE PAGE FOR PURCHASER FOLLOWS]


                                      -19-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Common Stock
Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

                                       WILSONS THE LEATHER EXPERTS INC.


                                       By: /s/ Peter G. Michielutti
                                           ------------------------
                                           Peter G. Michielutti, Senior Vice
                                           President and Chief Financial Officer


                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                      SIGNATURE PAGE FOR PURCHASER FOLLOWS]


                                      -20-
<PAGE>

                                       COPWELL HOLDINGS LTD.


                                       By:    /s/ Richard Liu Shang Chien
                                           -------------------------------------
                                       Name:  Liu Shang Chien, Richard
                                              ----------------------------------
                                       Title: Director
                                              ----------------------------------

                                       Number of Shares to be acquired at
                                       Closing (assuming the price of the
                                       Common Stock is such that the Company
                                       does not have the right to elect not to
                                       sell Shares at the Closing): 700,000

                                       Address for Notice:

                                       Copwell Holdings Ltd.
                                       Room 510, Tower II, Enterprise Square
                                       Kowloon Bay, Hong Kong
                                       Facsimile No.: (852) 2755-3210
                                       Telephone No.: (852) 2798-7300,
                                                      (852) 2318-6002
                                       Attn:  Richard Liu

                                       With a copy to:

                                       Kelley Drye & Warren LLP
                                       101 Park Avenue
                                       New York, New York 10178
                                       Facsimile No.: (212) 808-7897
                                       Telephone No.: (212) 808-7800
                                       Attn:  Philip A. Haber, Esq.


                                      -21-
<PAGE>

                                       FLYING COLOURS PROFITS LIMITED

                                       By:    /s/ Poon Kwok Chung
                                           -------------------------------------
                                       Name:  Poon Kwok Chung
                                             -----------------------------------
                                       Title: Authorized Signatory
                                              ----------------------------------

                                       Number of Shares to be acquired at
                                       Closing (assuming the price of the Common
                                       Stock is such that the Company does not
                                       have the right to elect not to sell
                                       Shares at the Closing): 200,000

                                       Address for Notice:

                                       601-2, Ruttanjee
                                       11 Duddell Street
                                       Central, Hong Kong
                                       Facsimile No.: (852) 2523-6651
                                       Telephone No.: (852) 2501-0891
                                       Attn:  Mr. KC Poon

                                       With a copy to:

                                       Kelley Drye & Warren LLP
                                       101 Park Avenue
                                       New York, New York 10178
                                       Facsimile No.: (212) 808-7897
                                       Telephone No.: (212) 808-7800
                                       Attn:  Philip A. Haber, Esq.



                                      -22-