SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, DC 20549
                            -----------------
                                     FORM 10-Q
(Mark One)

  X    QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15(d)  OF  THE
       SECURITIES EXCHANGE ACT  OF 1934

           For the quarterly period ended     June  30, 1997

                                OR

      TRANSITION  REPORT PURSUANT TO SECTION 13 OR 15(d)  OF  THE
      SECURITIES EXCHANGE ACT  OF 1934
         For the transition period from _________  to _________

                     Commission file number   1-5354

                               SWANK, INC.
     (Exact name of registrant as specified in its charter)

Delaware                                                          04-1886990
(State or otherjurisdiction of           (IRS employer identification Number)
  incorporatio or organization)

 6  Hazel Street, Attleboro, Massachusetts                            02703
(Address of principal executive offices)                          (Zip code)

Registrant's  telephone number, including area code      508-222-3400

Former name, former address and former fiscal year, if changed since
last report.

      Indicate  by  X whether the registrant (1)  has  filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days  Yes X  No __

        APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
          PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

      Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12,  13  or
15(d)  of the Securities Exchange Act of 1934 subsequent  to  the
distribution of securities under a plan confirmed by a court:
                              Yes  ___       No ___

                   APPLICABLE ONLY TO CORPORATE ISSUERS:

      Indicate  the number of shares outstanding of each  of  the
issuer's  classes  of common stock as of the  latest  practicable
date:

        Title  of  Class                 Shares Outstanding on July 31, 1997

        Common stock, $.10 par value     16,509,523



<PAGE>

                                 SWANK, INC.
                  PART I - FINANCIAL STATEMENTS
 Item 1.  Financial Statements.  CONDENSED CONSOLIDATED BALANCE
                       SHEETS (UNAUDITED)
                     (Dollars in thousands)

<TABLE>
 
<CAPTION>
                                            June 30, 1997    December 31, 1996
<S>                                     <C>     <C>         <C>       <C>

          ASSETS                                                                 
Current:                                                                         
  Cash and cash equivalents                      $    254             $  2,871
  Accounts receivable,less allowances
    of $7,731 and $10,463                           8,932                7,977
  Inventories, at the lower of cost or                                          
  market
          Raw materials                   5,179               3,930           
          Work in process                 6,756               5,122           
          Finished goods                 16,259    28,194    13,318     22,370
  Deferred income taxes                             2,921                2,921
  Prepaid and other current                         1,279                1,766
                                                                                 
          Total current assets                     41,580               37,905
                                                                                 
Property, plant and equipment, 
 at cost                                 23,602              23,260           
Capital leases                            1,404               1,404           
  less accumulated depreciation and   
   amortization                         (18,606)    6,400   (17,904)     6,760
  
  Other assets                                      4,356                4,122
                                                                                 
  Total assets                                    $52,336              $48,787
                                                                                 
          LIABILITIES                                                            
Current:                                                                         
  Short-term debt                                 $ 8,900              $     0
   Current portion of term loan and
    capital leases                                  1,137                1,637
  Term loan classified as current                   2,295                2,700
  Accounts payable                                  3,571                3,331
  Accrued employee compensation                     3,943                4,776
  Income taxes payable                                                   1,483
  Other current liabilities                         3,075                4,938
                                                                                 
         Total current liabilities                 22,921               18,865
                                                                                 
Long-term obligations                               7,992                8,591
                                                                                 
          Total liabilities                        30,913               27,456
                                                                                 
          STOCKHOLDERS' EQUITY                                                   
Preferred stock, par value $1.00                                                 
  Authorized 1,000,000 shares                                                    
 Common stock, par value $.10                                                     
  Authorized 43,000,000 shares:                                                  
   Issued  16,843,042  and  16,843,042                                     
   shares                                  1,684             1,684
Capital in excess of par value               571               852           
Retained earnings                         20,134   22,389   20,776      23,312
                                                                                 
Deferred employees' benefits                                                     
  438,941 and 1,274,788 shares                       (257)              (1,272)
Treasury stock 333,519 and 333,519 shares            (709)                (709)
                                                                                 
          Total stockholders' equity               21,423               21,331
                                                                                 
Total liabilities and stockholders' 
 equity                                           $52,336              $48,787

</TABLE>

The  accompanying  notes are an integral part  of  the  condensed
consolidated financial statements.


<PAGE>

                           SWANK, INC.
   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
          FOR THE QUARTERS ENDED JUNE 30, 1997 AND 1996
                      (Dollars in thousands)
                        ----------------



                                                     1997        1996


Net Sales                                         $27,580     $29,251
Cost of goods sold                                 16,020      16,890
Gross profit                                       11,560      12,361
Selling and administrative expenses                12,344      12,840
Loss from operations                                (784)       (479)
Interest charges                                      342         505
Loss before income taxes                          (1,126)       (984)
Benefit (provision)  for income taxes                 439       (247)
Net loss                                           $(687)      $(737)
Share and per share information:                                     
Weighted average common shares outstanding     16,273,957  15,442,954
Net loss per share                                 $(.04)      $(.05)


The  accompanying  notes are an integral part  of  the  condensed
consolidated financial statements.


<PAGE>
                                
                           SWANK, INC.
   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
         FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                   (Dollars in thousands)
                        ----------------



                                                     1997        1996


Net Sales                                         $55,146     $59,957
Cost of goods sold                                 30,749      35,475
Gross profit                                       24,397      24,482
Selling and administrative expenses                24,881      25,691
Loss from operations                                (484)     (1,209)
Interest charges                                      567         966
Loss before income taxes                           (1,051)    (2,175)
Benefit for income taxes                              410         544
Net loss                                           $(641)    $(1,631)
Share and per share information:                                     
Weighted average common shares outstanding     16,387,939  15,644,088
Net loss per share                                 $(.04)      $(.10)


The  accompanying  notes are an integral part  of  the  condensed
consolidated financial statements.


<PAGE>
                                
                           SWANK, INC.
   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
         FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                     (Dollars in thousands)
                         --------------



                                                    1997       1996

Cash flow from operating activities:                     
                                                         
Net loss                                          $(641)   $(1,631)
                                                                  
Adjustments to reconcile net loss                            
 to net cash (used in) provided by operations:
                                                                  
                                                                  
   Depreciation and amortization                    914        867
   Decrease in receivable allowances             (2,733)    (3,414)
   Increase in post retirement benefits             150         84
   Loss on disposal of fixed assets                   -         74
                                                                  
Changes in assets and liabilities                                 
   Decrease in accounts receivable                1,777      3,861
  (Increase) decrease in inventory               (5,824)     3,449
   Decrease in prepaid and other current            
    assets                                          276        452
  (Increase) decrease in other assets              (233)       476
   Decrease in accounts payable, accrued        
    and other liabilities                        (3,539)    (3,050)
                                                                  
           Net cash (used in) provided      
            by operations                        (9,853)     1,168
                                                                  
Cash flow from investing activities:                              
                                                                  
  Capital expenditures                             (343)      (313)
                                                                  
            Net cash used in investing  
             activities                            (343)      (313)
                                                                  
Cash flow from financing activities:                              
                                                                  
  Borrowing under revolving credit              
   agreements                                    20,209      6,815
  Payments of borrowings under revolving  
   credit agreements                            (11,309)    (7,416)
  Principal payments on term loan                  (905)         -
  Payments of capital lease obligations            (159)       (62)
  Advance to retirement plan                       (257)      (412)
                                                                  
             Net cash provided by (used in        
              in) financing activities            7,579     (1,075)
                                                                  
  Net decrease in cash and cash equivalents      (2,617)      (220)
                                                                  
  Cash and cash equivalents at beginning of
   period                                         2,871      1,121
                                                                  
  Cash and cash equivalents at end of              
   period                                          $254       $901



The  accompanying  notes are an integral part  of  the  condensed
consolidated financial statements.


<PAGE>

Notes to Unaudited Condensed Consolidated Financial Statements.

(1)  The  unaudited  information furnished  herein  reflects  all
   adjustments  (consisting only of normal recurring adjustments)
   which  are, in the opinion of management, necessary to present
   a  fair  statement of the results for the periods  ended  June
   30,  1997 and 1996. The financial information contained herein
   represents condensed financial data and, therefore,  does  not
   include  all  footnote disclosures required to be included  in
   financial  statements  prepared in conformity  with  generally
   accepted  accounting  principles.  Footnote  information   was
   included in financial statements incorporated by reference  in
   the  Company's Annual Report on Form 10-K for the fiscal  year
   ended   December  31,  1996.  The  condensed  financial   data
   included  herein  should  be  read  in  conjunction  with  the
   information  in the Annual Report. Certain prior year  amounts
   have  been  reclassified  to conform  to  the  current  year's
   presentation.


 (2)  During the six month period ended June 30, 1997, the Company
   has  not  incurred  any material changes  in  commitments  and
   contingencies as previously referenced in Footnote  I  of  the
   1996 Annual Report.


(3)  During  the  quarter  ended March  31,  1997,  the  Company
   fulfilled  its  previously  recorded  commitment  to  allocate
   1,274,788  shares to the individual accounts  of  participants
   in  the stock ownership component of  the Company's retirement
   plan.   As  a  result  of  the allocation,  deferred  employee
   benefits   was   reduced  by  $1,272,000,  accrued    employee
   compensation was reduced by $990,000 and capital in excess  of
   par value was reduced by $282,000.

 (4)  In  February  1997,  the FASB issued  Statement  No.  128,
   "Earnings   Per   Share,"  which  establishes  standards   for
   computing and presenting earnings per share data. The  Company
   will  adopt Statement 128 in the fourth quarter of fiscal 1997
   and,  based  on the existing simple capital structure  of  the
   Company,  does  not  believe the effect  of  adoption  on  the
   earnings per share calculation will be material.

<PAGE>

Item   2.  Management's  Discussion  and  Analysis  of  Financial
           Condition andResults of Operations


Results of Operations

   As  is  customary in the fashion accessories industry,  the
Company  makes  modifications to its lines  coinciding  with  the
Spring  (January - June) and Fall (July - December) seasons.  The
Company  believes that results of operations are  more meaningful
on a seasonal basis (six months) than on a quarterly basis as the
timing  of  sales  and  related income between  quarters  can  be
affected  by  the  availability of materials,  retail  sales  and
fashion  trends.  These factors may affect the  shift  of  volume
between  quarters within a season differently in  one  year  than
another.  Due to seasonality and other factors, the  results  for
the second quarter and first half of the year are not necessarily
indicative of the results to be expected for the full year.

Net Sales

  Net sales for the quarter and for the six months ended June 30,
1997 were $27,580,000 and $55,146,000, respectively, a decrease
of $1,671,000 (6%) and $4,811,000 (8%) from the quarter and six
months ended June 30, 1996, respectively. Net sales of Men's and
Women's Jewelry decreased by $999,000 (8%) and $1,636,000 (6%)
compared to the quarter and six months ended June 30, 1996.
Men's leather accessories net sales declined by $237,000 (2%) and
$2,476,000 (8%), respectively, while net sales of Other products
fell by $435,000 (45%) and $699,000 (41%) from the quarter and
six months ending June 30, 1996, respectively.

  Included in net sales for both the quarters and the six
months periods ending June 30, are annual second quarter
adjustments to record the variance between customer returns of
prior year shipments actually received in the current year and
the estimate used to establish the allowance for customer returns
at the end of the preceding fiscal year.  These adjustments
increased net sales in both 1997 and 1996  but, as set forth in
the following table, the aggregate increase in 1997 was $344,000
less than in 1996.


                                     Increase (Decrease) in Net Sales
                                     1997        1996      Change
                                                    
Men's and Womens Jewelry         $292,000  $1,059,000   $(767,000)
Men's Leather Accessories         752,000     188,000     564,000
Other products                     (3,000)    138,000    (141,000)
Total                          $1,041,000  $1,385,000   $(344,000)
 

  The decline in Jewelry net sales for the quarter ended June 30,
1997 was primarily due to the reduced effect on 1997 of the
returns adjustment described above.  For the six months ended
June 30, 1997, the reduction in Jewelry sales is also
attributable to the Company's actions to reduce excess
inventories during 1996 which  produced more sales of closeout
and discontinued merchandise than in 1997.


<PAGE>

Item   2.  Management's  Discussion  and  Analysis  of  Financial
           Condition and Results of Operations (continued)

  The decrease in Men's Leather accessories net sales for the
quarter ended June 30, 1997, net of  an increase resulting from
the returns adjustment described above, is mainly attributable to
continuing lower shipments of Men's personal leather goods.  The
reduction in Men's leather accessories sales for the six months
ended June 30, 1997 also resulted from first quarter declines in
the disposition of excess and discontinued belt merchandise and
the adverse effect of supply issues experienced in the first
quarter, both as compared to the first quarter of 1996. Net sales
during the quarter and six month period in 1997 may also have
been adversely affected by a reduction in orders for established
products by certain retailers pending the availability of the
Company's new Men's designer lines. Although management
anticipates that the Company will be strengthened by the addition
of new lines, unfavorable consumer acceptance of the new lines
could adversely affect future operating results.

  The decrease in net sales of Other products for both the
quarter and six months ended June 30, 1997 reflects reduced sales
of merchandise sold through the Company's factory outlet division
and the reduced effect on 1997 of the returns adjustment which
arose from residual effects of the gift line discontinued in
1995.

  Net sales at the Company's factory outlets, which are included
in the net sales amounts set forth by product above, decreased by
$738,000 and $1,206,000 for the quarter and six months ended June
1997, respectively. Comparable-store sales increased 4% in the
quarter and 1% for the six-month period with the remaining
decrease attributable to store closings. The Company closed 13
store locations during the first six months of 1996 and seven in
the first six months of 1997, including one in the quarter ended
June 30, 1997. Factory outlet sales constituted less than 5% of
consolidated net sales for both the quarter and six-month period
ended June 30, 1997. Management continues to assess the
performance of each store location and believes that the
Company's factory outlet division is still an attractive
distribution channel for the disposition of excess and
discontinued merchandise.


Gross Profit

  Gross profit for the quarter and six months ended June 30, 1997
decreased $801,000 (7%) and $85,000 (less than 1%), respectively.
Men's and Women's Jewelry gross profit decreased $279,000 (5%)
for the quarter but increased $550,000 (5%) for the six month
period, as compared to the equivalent periods in 1996. Men's
Leather Accessories and Other products' gross profit decreased
$100,000 (2%) and $422,000 (65%), respectively, for the quarter
and decreased $89,000 (1%) and $546,000 (57%) , respectively, for
the six months ended June 30, 1997.  Gross profit from Other
products includes merchandise sold through the Company's factory
outlets and, in 1996, the residual effects of the gift line
discontinued in 1995.


<PAGE>

Item   2.  Management's  Discussion  and  Analysis  of  Financial
           Condition and Results of Operations (continued)

 Included in gross profit for both the quarter and the six months
ending June 30, are annual second quarter adjustments to record
the variance between customer returns of prior year shipments
actually received in the current year and the allowance for
customer returns which was established at the end of the
preceding fiscal year.  These adjustments increased gross profit
in both 1997 and 1996 but, as set forth in the following table,
the aggregate increase in 1997 was $372,000 less than in 1996.


                                 Increase (Decrease) in Gross Profit
                                    1997        1996       Change

Men's and Womens Jewelry        $210,000    $674,000   $(464,000)
Men's Leather Accessories        476,000      72,000     404,000
Other product lines               (2,000)    310,000    (312,000)
Total                           $684,000  $1,056,000   $(372,000)
                                  


  Gross profit expressed as a percentage of net sales decreased
to 41.9% from 42.3% for the quarter and increased to 44.2% from
40.8% for the six months ended June 30, 1997, as compared to the
equivalent periods in 1996.

  Men's and Women's Jewelry gross profit as a percent of net
sales increased to 44.3% from 43.0%  for the quarter and to 48.7%
from 43.5% for the six months ended June 30, 1997, as compared to
the equivalent periods in 1996.  The increase in gross profit
percentage for Men's and Women's Jewelry during the quarter was
primarily due to lower inventory control expenses offset
partially by increased merchandise costs and by the lower
adjustment to the allowance for returns, as set forth in the
table above.   The improved gross profit in Men's and Women's
Jewelry for the six months ended June 30, 1997 was  mostly
attributable to the first quarter of 1997 when lower product
costs, a more favorable sales mix resulting from reduced
shipments of excess and out-of-line merchandise and favorable
manufacturing overhead variances combined to increase gross
profit by 8.3% vs. the same period in 1996.  The Company
temporarily increased jewelry production levels early in 1997 to
improve deliveries on certain first quarter shipments.

  Gross profit as a percent of net sales for Men's Leather
accessories was 40.2% and 40.6% for the quarter and six months
ended June 30, 1997, respectively, compared to 40.2% and 37.8%
for the quarter and six month period ended June 30, 1996,
respectively.  Gross profit for the six months improved as a
percentage of net sales primarily due to lower product costs and
more favorable manufacturing overhead variances achieved in the
first quarter in connection with the Company's belt manufacturing
operations. Second quarter gross profit as a percentage of net
sales was flat, , as compared to the equivalent period in 1996,
primarily due to increased inventory control expenses relating to
small leather goods.

  Other products' gross profit decreased from 66.5% in 1996 to
41.9% of net sales for the quarter ended June 30, 1997 and from
57.3% to 42.6% for the six months ended June 30, 1997, primarily
because of the year-to-year difference in the adjustment to the
reserve for returns recorded during the quarter ended June 30.

  Gross profit discussed by product above includes amounts sold
through the Company's factory outlet stores.  Gross profit for
the factory outlet stores declined by $309,000 and $545,000 for
the quarter and six months ended June 30, 1997, primarily due to
store closings in each year.


<PAGE>

Item   2.  Management's  Discussion  and  Analysis  of  Financial
           Condition and Results of Operations (continued)

Selling and Administrative Expenses

   Selling and administrative expenses decreased $496,000  (4%)
for the quarter ending June 30, 1997, and by $810,000 (3%) for
the six months ended June 30, 1997, as compared to the preceding
year principally due to lower administrative costs including
fringe benefits and reduced provision for bad debts in 1997.
Total advertising and promotional expenditures totaled 8.4% and
6.4% of net sales for the six months ending June 30, 1997 and
June 30, 1996, respectively.  Advertising and promotion expenses
were lower in 1996 due to the financial constraints which the
Company was experiencing at that time. In addition, the 1997
percentage is also affected by the decrease in net sales in 1997.
Selling and administrative expenses as a percentage of net sales
increased to 44.8% in 1997 from 43.9% for the quarter and to
45.1% in 1997 from 42.8% for the six months ended June 30,
primarily due to the decrease in  net sales.


Interest Expense

  Interest expense decreased $163,000 (32%) for the quarter and
$399,000 (41%) for the six months ended June 30, 1997 reflecting
reduced borrowing levels during these periods.  The Company did
not commence substantial current year borrowings under its
revolving credit agreement until late February 1997.


Provision for Income Taxes

   The Company recorded a provision for income taxes at an
effective rate of 39.0% for the quarter and six ,month periods
ending June 30, 1997 which approximates blended state and federal
statutory rates. The Company recorded a tax benefit during the
comparable periods of 1996 at an effective rate of 25%, which is
below the federal statutory rate, to reflect the then anticipated
utilization of alternative minimum tax credit carryforwards.


Earning (Loss) Per Share

  Average shares outstanding used to compute loss per share
are reduced by shares held by the Company's employee stock
ownership plan, net of shares deemed to be allocated to
participants.


<PAGE>

Item   2.  Management's  Discussion  and  Analysis  of  Financial
           Condition and Results of Operations (continued)


Liquidity and Capital Resources

  The Company's working capital decreased $381,000 during the
six months ended June 30, 1997.

  As is customary in the fashion accessories industry,
substantial percentages of the Company's sales and earnings occur
in the months of September, October and November, during which
the Company makes significant shipments of its products to
retailers for sale during the holiday season. As a result,
receivables peak in the fourth quarter. The Company generally
builds its inventory during the first three quarters of the year
to meet the demand for the holiday season.  The required cash is
provided by a revolving credit facility.

  Cash used in operations for the six month period totaled
$9,853,000, consisting primarily of reductions in accounts
receivable and receivables allowances, an increase in
inventories, and a decrease in accounts payable, accrued and
other, the latter attributable to payments in the current year of
compensation and income taxes accrued at year end. Inventory
levels increased $5,824,000 or 26% during the period reflecting
seasonal growth, including planned earlier procurement in 1997
designed to improve customer delivery performance for the fall
season, and certain increases in connection with product
transitions in Men's lines.  The Company's inventories
traditionally are at a seasonal low point at year-end. The
Company continues to focus on asset management as part of its
overall program to enhance its competitiveness, productivity and
efficiency. Accounts receivable decreased from the seasonally
higher year-end levels.  Accounts receivable allowances decreased
due to actual charges processed for cash discounts, doubtful
accounts, in-store markdowns, cooperative advertising and
customer returns. These reductions are partially offset by
increases resulting from accruals associated with current period
activity.

  Cash used in investing activities was $343,000 for equipment.
Cash provided by financing activities totaled $7,579,000
consisting primarily of net borrowings under the Company's
revolving credit agreement and payments of  bank term borrowings
including a $705,000 prepayment required by the loan agreements
and the first scheduled $200,000 quarterly payment on the term
loan.


"Forward Looking Statements"

   Certain of the preceding paragraphs contain "forward
looking statements" under the securities laws of the United
States.  Actual results may vary from anticipated  results  as  a
result of various risks and uncertainties, including sales
patterns,  overall  economic  conditions,  competition,  pricing,
consumer buying trends and other factors.




                         PART II - OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K

(a)  Exhibits

       27.0      Financial data schedule.


(b)  Reports on Form 8-K - none



<PAGE>


                                  SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.




SWANK, INC.

Registrant



\s\ Christopher F. Wolf

Christopher F. Wolf

Senior Vice President, Treasurer
and Chief Financial Officer


Date:  August  6, 1997