**UNITED STATES SECURITIES AND EXCHANGE COMMISSION    Washington, D.C. 20549    ______________________**

**FORM 10-K**

 

| **(Mark One)
**[X]****ANNUAL REPORT PURSUANT TO SECTION 13 OR        15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934        For the fiscal year ended December 31, 2000**** **** ****[  ]****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 1-10746**

**JONES APPAREL GROUP, INC.**(Exact name of registrant as specified in its charter)
**Pennsylvania**        (State or other jurisdiction of        incorporation or organization)**06-0935166**(I.R.S. Employer        Identification No.)  **250 Rittenhouse Circle,        Bristol, Pennsylvania**        (Address of principal executive offices)**19007**(Zip Code)
	Registrant's telephone number, including area code: (215)785-4000

	Securities registered pursuant to Section 12(b) of the Act:							
Title of each class
Common Stock, $0.01 par valueName of each exchangeon which registered
New York Stock Exchange, Inc.
		Securities registered pursuant to Section 12(g) of theAct:  **None**

	    Indicate by check mark whether the registrant (1) hasfiled all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days.   [X]Yes    [  ] No

	    Indicate by check mark if disclosure of delinquent filerspursuant to Item 405 of Regulation S-K is not contained herein, and will not becontained, to the best of registrant's knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-Kor any amendment to this Form 10-K. [X]

	    The aggregate market value of the voting stock held bynon-affiliates of the registrant as of March 15, 2001 was approximately$4,120,244,090.

	    As of March 15, 2001, 120,257,255 shares of theregistrant's common stock were outstanding.

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                                   TABLE OF CONTENTSPagePART IItem 1   Business...............................................................  4Item 2   Properties............................................................. 18Item 3   Legal Proceedings...................................................... 19Item 4   Submission of Matters to a Vote of Security Holders.................... 19PART IIItem 5   Market for Registrant's Common Equity and Related Stockholder Matters.. 19Item 6   Selected Financial Data................................................ 20Item 7   Management's Discussion and Analysis of Financial Condition and         Results of Operations.................................................. 21Item 7A  Quantitative and Qualitative Disclosures About Market Risk............. 26Item 8   Financial Statements and Supplementary Data............................ 27Item 9   Changes in and Disagreements with Accountants on Accounting         and Financial Disclosure............................................... 53PART IIIItem 10  Directors and Executive Officers of the Registrant..................... 54Item 11  Executive Compensation................................................. 55Item 12  Security Ownership of Certain Beneficial Owners and Management......... 55Item 13  Certain Relationships and Related Transactions......................... 55PART IVItem 14  Exhibits, Financial Statement Schedules and Reports on Form 8-K........ 55Signatures...................................................................... 56Index to Financial Statement Schedules.......................................... 57Exhibit Index................................................................... 57
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**DOCUMENTS INCORPORATED BY REFERENCE**

The documents incorporated by reference into this Form 10-K and the Partshereof into which such documents are incorporated are listed below:

**Document ****Part **
Those portions of the registrant's proxy        statement for the registrant's 2001 Annual Meeting of Stockholders (the        "Proxy Statement") that are specifically identified herein as        incorporated by reference into this Form 10-K.III
 

**DEFINITIONS**

    As used in this Report, unless the context requires otherwise, the"Company" means Jones Apparel Group, Inc. and consolidatedsubsidiaries, "Sun" means Sun Apparel, Inc. (acquired October 2,1998), "Nine West" means Nine West Group Inc. (acquired June 15,1999), and "Victoria" means Victoria + Co Ltd. (acquired July 31,2000).  The results of Sun, Nine West and Victoria are included in theCompany's operating results from the respective dates of acquisition and,therefore, the Company's operating results for all periods presented are notcomparable.

 

**STATEMENT REGARDING FORWARD-LOOKING DISCLOSURE**

    This Report includes, and incorporates by reference, "forward-lookingstatements" within the meaning of the Private Securities Litigation ReformAct of 1995.  All statements regarding the Company's expected financialposition, business and financing plans are forward-looking statements.  Thewords "believes," "expects," "plans,""intends," "anticipates" and similar expressions identifyforward-looking statements.  Forward-looking statements also includerepresentations of the Company's expectations or beliefs concerning futureevents that involve risks and uncertainties, including those associated with theeffect of national and regional economic conditions, the overall level ofconsumer spending, the performance of the Company's products within theprevailing retail environment, customer acceptance of both new designs andnewly-introduced product lines, financial difficulties encountered by customers,the effects of vigorous competition in the markets in which the Companyoperates, the integration of acquired businesses into the Company's existingoperations, the termination or non-renewal of the licenses with Polo RalphLauren Corporation, the Company's extensive foreign operations andmanufacturing, pending litigation and investigations, changes in the costs ofraw materials, labor and advertising, and the Company's ability to secure andprotect trademarks and other intellectual property rights.  All statementsother than statements of historical facts included in this Report, including,without limitation, the statements under "Management's Discussion andAnalysis of Financial Condition and Results of Operations," areforward-looking statements.  Although the Company believes that theexpectations reflected in such forward-looking statements are reasonable, suchexpectations may prove to be incorrect.  Important factors that could causeactual results to differ materially from the Company's expectations("Cautionary Statements") are disclosed in this Report in conjunctionwith the forward-looking statements.  All subsequent written and oralforward-looking statements attributable to the Company or persons acting on itsbehalf are expressly qualified in their entirety by the Cautionary Statements.

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**PART I**

**ITEM 1.  BUSINESS**

**General**

    Jones Apparel Group, Inc. is a leading designer and marketer of a broad rangeof women's collection sportswear, suits and dresses, casual sportswear andjeanswear for men, women and children, women's shoes and accessories, andcostume jewelry.  The Company has pursued a multi-brand strategy bymarketing its products under several nationally known brands, including *JonesNew York, Evan-Picone, Rena Rowan, Nine West, Easy Spirit, Enzo Angiolini,Bandolino* and *Todd Oldham* and the licensed brands *Lauren by Ralph Lauren, Ralphby Ralph Lauren* and *Polo Jeans Company*.  Each brand is differentiated byits own distinctive styling and pricing strategy, and together they target awide range of consumers.  The Company primarily contracts for themanufacture of its products through a worldwide network of qualitymanufacturers.  The Company has capitalized on its nationally known brandnames by entering into various licenses for the *Jones New York, Evan-Picone* and*Nine West* brand names with select manufacturers of women's and men's productswhich the Company does not manufacture.

    On July 31, 2000, the Company acquired 100% of the capital stock of Victoria+ Co Ltd. Victoria is a leading designer and marketer of branded and privatelabel costume jewelry sold to better department and specialty stores. Victoriamarkets its products under the national brand names *Napier* and *Richelieu* andunder several licensed brands, including *Tommy Hilfiger* and *Givenchy*, as well asprivate labels.  In addition, Victoria markets jewelry under the Company's *Nine West* label.**Operating Segments**

    The Company's operations are comprised of wholesale apparel, wholesalefootwear and accessories, and retail segments.  The Company identifiesoperating segments based on, among other things, the way that the Company'smanagement organizes the components of the Company's business for purposes ofallocating resources and assessing performance.  Segment revenues aregenerated from the sale of apparel, footwear and accessories through wholesalechannels and the Company's own retail locations.  See "BusinessSegment and Geographic Area Information" in the Notes to ConsolidatedFinancial Statements.***Wholesale Apparel***

    The Company's brands cover a broad array of categories for the women's and,to a lesser extent, the men's markets.  Within those brands, variousproduct classifications include career and casual sportswear, jeanswear,dresses, suits, and a combination of all components termed lifestylecollection.  Career and casual sportswear are marketed as groups of skirts,pants, jackets, blouses, sweaters and related accessories which, while sold asseparates, are coordinated as to styles, color schemes and fabrics, and aredesigned to be worn together.  New collections are introduced in four ofthe principal selling seasons - Spring, Summer, Fall and Holiday.  Eachseason is comprised of a series of groups which have systematically spacedshipment dates to ensure a fresh flow of goods to the retail floor.

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    The following table summarizes selected aspects of the products sold underboth Company-owned and licensed brands:
                                                       Product                   Market      Retail                               LabelClassificationSegmentPrice Points**Jones New York Labels**          Jones New York          Collection Sportswear     Better     $24 - $350   Skirts, blouses, pants,     Jones New York Sport    Casual Sportswear         Better   jackets, sweaters,          Jones Jeans             Casual Sportswear         Better   jeanswear, suits,           Jones New York Country  Lifestyle                 Better   dresses, casual tops        Jones New York Dress    Dresses                   Better                               Jones New York Suit     Suits                     Better                               Jones Wear              Collection Sportswear     Moderate                               Jones Wear Sport        Casual Sportswear         Moderate**Evan-Picone Labels**             Evan-Picone             Lifestyle                 Moderate   $18 - $129   Skirts, blouses, pants,     Evan-Picone Dress       Dresses                   Moderate   jackets, sweaters,   jeanswear, dresses,   casual tops**Nine West Labels**               Nine West               Lifestyle                 Better     $24 - $269   Skirts, blouses, pants,     Nine and Company        Lifestyle                 Moderate   jackets, sweaters, dresses,   outerwear, shorts,   casual tops**Other Labels**                   Rena Rowan              Collection Sportswear     Better     $23 - $159   Skirts, blouses, pants,     Todd Oldham             Casual Sportswear         Better   jackets, sweaters,   jeanswear, dresses,   casual tops**Labels Under License**           Lauren by Ralph Lauren  Lifestyle                 Better     $20 - $450   Skirts, blouses,            Ralph by Ralph Lauren   Lifestyle                 Better   pants, jackets,             Lauren Jeans Company    Lifestyle                 Better   sweaters, jeanswear,        Polo Jeans Company      Casual Sportswear         Better   suits, dresses,             Lauren Dress            Lifestyle                 Better   casual tops, coats 
***Wholesale Footwear and Accessories***

    The Company's wholesale footwear and accessories operations include the saleof both brand name and private label footwear, handbags, small leather goods andcostume jewelry.  The following table summarizes selected aspects of theproducts sold under both Company-owned and licensed brands:

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                  Product             Market                 Retail Price PointsLabelClassificationSegmentsShoesBoots**Footwear**  Nine West       Contemporary        Better             $59 to $75        $79 to $159  Bandolino       Modern Classics     Moderate           $39 to $59        $69 to $139  Easy Spirit     Comfort/Fit         Upper Moderate     $39 to $75        $59 to $140                  Active                  Sport/Casuals  Enzo            Sophisticated       Better             $69 to $85       $120 to $169  Angiolini       Classics  Specialty       Traditional/        Moderate/Lower     $30 to $40        $45 to $65  Marketing       Contemporary        Moderate**Accessories**Accessories  Nine West,      Handbags and Small  Upper Moderate/             $25 to $120  Enzo Angiolini  Leather Goods       Better  and Easy Spirit  Jones New York  Handbags            Better                      $35 to $160  Napier, Nine    Costume and         Better                       $7 to $250  West, Tommy     Fashion Jewelry  Hilfiger and  Givenchy  Richelieu       Costume Jewelry     Moderate                     $8 to $90   
***Retail***

    The Company markets apparel, footwear and accessories directly to consumersthrough the Company's specialty retail stores operating in malls and urbanretail centers throughout the world as well as the Company's various value-based("outlet") stores.

    The Company's ongoing evaluation of its retail operations has led to adecision to close many of its underperforming locations.  The Company plansto open 10 to 15 and close 35 to 50 retail locations in 2001, including theremaining *9 & Co.* and *cK/Calvin Klein* retail locations in operation as ofDecember 31, 2000, which were closed during the first quarter of 2001.

   *Specialty Retail Stores.*  At December 31, 2000, the Company operated atotal of 471 specialty retail stores (excluding 208 stores sold in January 2001as part of Nine West's divestiture of operations in the United Kingdom). These stores sell either footwear and accessories or apparel (or a combinationof these products) primarily under their respective brand names.  TheCompany's *Nine West, Easy Spirit* and *Enzo Angiolini* retail stores offerselections of exclusive products not marketed to the Company's wholesalecustomers.  Certain of the Company's specialty retail stores also sellproducts licensed by the Company, including belts, legwear, outerwear, watchesand sunglasses.

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    The following table summarizes selected aspects of the Company's specialtyretail stores at December 31, 2000 (excluding the 208 stores sold in January2001).  Of these stores, 441 are located within the United States with theremainder located primarily in Australia.
       Retail Price Range                               Average                                         Shoes                                               store size            Number of  Brands             and                           Type of               (square            locationsofferedBootsAccessoriesApparellocationsfeet)Nine West      234     Primarily       $50-$170   $18-$100       -      Upscale and             1,588                       Nine West                                        regional malls and                                                                        urban retail centersEasy Spirit    167     Easy Spirit     $40-$150   $18-$120       -      Upscale and             1,369                       and Selby                                        regional malls and                                                                        urban retail centersEnzo Angiolini  57     Primarily       $65-$165   $15-$200       -      Upscale malls and       1,365                       Enzo Angiolini                                   urban retail centersOther footwear   4     Various         $30-$295   $12-$200       -      Various                 1,584Apparel          9     Various            -          -      $6-$2,500   Urban retail            4,077                                                                        locations and                                                                        regional malls    ***Outlet Stores.*  At December 31, 2000, the Company operated a total of 528 outlet stores.  The Company's shoe stores focus on breadth of product line as well as value pricing and offer a distribution channel forthe Company's residual inventories.  The majority of the shoe stores' merchandise consists of new production of current and proven prior season's styles, with the remainder of the merchandise consisting of discontinued styles from the Company'sspecialty retail footwear stores and wholesale divisions.  The apparel stores focus on breadth of product line, customer service and value pricing.  The apparel merchandise is all first-quality new production styles.  In addition to its ownbrand name merchandise, these stores also sell merchandise produced by licensees of the Company.  The Company's jewelry stores focus on breadth of product line and value pricing and offer a distribution channel for the Company's residual anddiscontinued wholesale inventories.
    The following table summarizes selected aspects of the Company's outletstores at December 31, 2000.  Of these stores, 513 are located within theUnited States with the remainder located primarily in Canada.

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                                                                            Average                     Number of  Brands                 Type of            store size                     locationsofferedlocations(square feet)Nine West               136     Primarily              Manufacturer           2,657                                Nine West              outlet centersBanister/Easy Spirit    119     Primarily Easy Spirit  Manufacturer           4,292                                                       outlet centersStein Mart (leased       86     All Company            Strip                  2,743footwear departments)           footwear brands        centersJones New York           80     Primarily              Manufacturer           4,032                                Jones New York         outlet centersJones New York Sport     22     Primarily Jones        Manufacturer           2,673                                New York Sport         outlet centersJones New York Country   46     Jones New              Manufacturer           2,817                                York Country           outlet centersOthers                   39     Various                Manufacturer           2,933                                                       outlet centers 
**Licensed Brands**

    The Company licenses three major brands from Polo Ralph Lauren Corporation:*Lauren by Ralph Lauren, Ralph by Ralph Lauren* and *Polo Jeans Company* and alsolicenses the *Polo Ralph Lauren* brand in Canada.

    In October 1995, the Company acquired an exclusive license to manufacture andmarket women's shirts, blouses, skirts, jackets, suits, sweaters, pants, vests,coats, outerwear and hats under the *Lauren by Ralph Lauren* trademark in theUnited States and Canada, pursuant to license and design service agreements withPolo Ralph Lauren Corporation.  The initial term of the license and designservice agreements expires December 31, 2001.  The Company has exercisedits option to renew the *Lauren by Ralph Lauren* agreements through December 31,2006.  The agreements provide for the payment by the Company of apercentage of net sales against guaranteed minimum royalty and design servicepayments as set forth in the agreements.

    In May 1998, the Company acquired an exclusive license to manufacture andmarket women's dresses, shirts, blouses, skirts, jackets, suits, sweaters,pants, vests, coats, outerwear and hats under the *Ralph by Ralph Lauren*trademark in the United States and Canada, pursuant to license and designservice agreements with Polo Ralph Lauren, which expire on December 31,2003.  Upon expiration of the initial term, the Company has the right torenew the license for an additional three-year period, provided that it meetscertain minimum sales levels.  The agreements provide for the payment bythe Company of a percentage of net sales against guaranteed minimum royalty anddesign service payments as set forth in the agreements.

    As a result of the acquisition of Sun, the Company obtained the right to sell*Polo Jeans Company* products under long-term license and design agreements whichSun entered into with Polo Ralph Lauren in 1995 (collectively, the "*PoloJeans* License").  Under the *Polo Jeans* License, Polo Ralph Lauren hasgranted the Company an exclusive license for the design, manufacture and sale ofmen's and women's jeanswear, sportswear, and related apparel under the *PoloJeans Company by Ralph Lauren* trademarks in the United States and itsterritories.  The agreements expire on December 31, 2005 and may be renewedby the Company in five-year increments for up to 25 additional years if certainsales requirements are met.  Renewal of the *Polo Jeans* Licenseafter 2010 requires a one-time payment by the Company of $25.0 million or, atthe Company's option, a transfer of a 20% interest in its *Polo Jeans Company*business to Polo Ralph Lauren (with no fees required for subsequentrenewals).  Polo Ralph Lauren also has an option, exercisable on or before

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 June 1, 2010, to purchase the Company's *Polo Jeans Company* business at the endof 2010 for a purchase price, payable in cash, equal to 80% of the then fairvalue of the business as a going concern, assuming continuation of the *PoloJeans* License through 2030.  The agreements provide for the payment by theCompany of a percentage of net sales against guaranteed minimum royalty anddesign service payments as set forth in the agreements.

    In June 2000, the Company acquired an exclusive license to manufacture andmarket in Canada certain products under the *Polo Jeans Company* and *Polo RalphLauren* trademarks pursuant to license and design service agreements with PoloRalph Lauren Corporation.  The agreements expire on December 31, 2005 andare renewable for an additional five years provided that the Company achievescertain minimum sales levels.  The agreements provide for the payment bythe Company of a percentage of net sales against guaranteed minimum royalty anddesign service payments as set forth in the agreements.

    As result of the acquisition of Nine West, the Company obtained the exclusiveright and license in perpetuity to produce women's footwear under the *Capezio*trademark and obtained rights in perpetuity under license agreements for theproduction of various other products under the *Capezio* trademark, some of whichare sub-licensed to independent licensees (see "Licensing of CompanyBrands").

    As a result of the acquisition of Victoria, the Company obtained theexclusive license to produce and sell costume jewelry in the United States andCanada under the *Tommy Hilfiger* trademark, which expires on December 31,2004.  Upon expiration, the Company has the right to renew the license foran additional three-year period, provided that it meets certain minimum saleslevels.  The agreement provides for payment by the Company of a percentageof net sales against guaranteed minimum royalty and advertising payments as setforth in the agreement.  The Company also obtained the exclusive, worldwidelicense to produce, market and distribute costume jewelry under the *Givenchy*mark, which expires on December 31, 2002.

**Design**

    Each apparel product line of the Company has its own design team which isresponsible for the creation, development and coordination of the product groupofferings within each line.  The Company believes its design staff isrecognized for its distinctive styling of garments and its ability to updatefashion classics with contemporary trends.  The Company's apparel designerstravel throughout the world for fabrics and colors, and attempt to staycontinuously abreast of the latest fashion trends.  In addition, theCompany actively monitors the retail sales of its products to determine changesin consumer trends.

    For most sportswear lines, the Company will develop several groups in aseason.  A group typically consists of an assortment of skirts, pants,jackets, blouses, sweaters and various accessories.  The Company believesthat it is able to minimize design risks because the Company often will not havestarted cutting fabrics until the first few weeks of a major sellingseason.  Since different styles within a group often use the same fabric,the Company can redistribute styles and, in some cases, colors, to fit currentmarket demand.

    The Company's footwear brands are developed by separate design teams whichindependently interpret global lifestyle, clothing, footwear and accessoriestrends.  To research and confirm such trends, the teams  travelextensively in Asia, Europe and major American markets, conduct extensive marketresearch on retailer and consumer preferences, and subscribe to fashion andcolor information services.  Each team presents styles that maintain eachbrand's distinct personality.  Samples are refined and then produced. After the samples are evaluated, lines are modified further for presentation ateach season's shoe shows.

    The Company's jewelry brands are developed by separate design teams. Each team presents styles that maintain each brand's distinct personality. A prototype is developed for each new product where appropriate.  Mostprototypes are produced in-house and samples are sent to vendors for costestimates.  After samples are evaluated and cost estimates are received,the lines are modified as needed for presentation for each selling season.

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    In accordance with standard industry practices for licensed products, theCompany has the right to approve the concepts and designs of all productsproduced and distributed by the Company's licensees.  Similarly, Polo RalphLauren provides design services to the Company for its licensed products and hasthe right to approve the Company's designs for the *Lauren by Ralph Lauren, Ralphby Ralph Lauren* and *Polo Jeans Company* product lines.

**Manufacturing and Quality Control**

*Apparel*

    Apparel sold by the Company is produced in accordance with its design,specification and production schedules.  The Company contracts for thecutting and sewing of the majority of its garments with approximately 64contractors located in the United States, approximately 134 in Mexico andapproximately 806 in overseas locations.  The Company also operates severalmanufacturing facilities of its own.  Approximately 27% of the Company'sapparel products were manufactured in the United States and Mexico and 73% inother parts of the world (primarily Asia) during 2000.

    The Company believes that outsourcing a majority of its products allows it tomaximize production flexibility, while avoiding significant capitalexpenditures, work-in-process inventory build-ups and costs of managing a largerproduction work force.  The Company's fashion designers, production staffand quality control personnel closely examine garments manufactured bycontractors to ensure that they meet the Company's high standards.

    The Company's comprehensive quality control program is designed to ensurethat purchased raw materials and finished goods meet the Company's exactingstandards.  Substantially all of the fabric purchases for garmentsmanufactured domestically and in Mexico are inspected upon receipt in either theCompany's warehouse facilities (where they are stored prior to shipment forcutting) or at the contractor's warehouse.  Fabrics for garmentsmanufactured offshore are inspected by the Company's contractors upon receipt intheir warehouses.  The Company's quality control program includesinspection of prototypes of each garment prior to cutting by the contractors toensure compliance with the Company's specifications.

    Domestic contractors are supervised by the Company's quality control staffbased primarily in Pennsylvania, while foreign manufacturers' operations aremonitored by both Company personnel and buying agents located in othercountries.  All finished goods are shipped to the Company's warehouses forfinal inspection and distribution.

    For its sportswear business, the Company generally supplies the raw materialto its domestic manufacturers and occasionally to foreign manufacturers. Otherwise, the raw materials are purchased directly by the manufacturer inaccordance with the Company's specifications.  Raw materials, which are inmost instances made and/or colored especially for the Company, consistprincipally of piece goods and yarn and are purchased by the Company from anumber of domestic and foreign textile mills and converters.  The Company'sforeign finished goods purchases are generally purchased on a letter of creditbasis, while its domestic purchases are generally purchased on open account.

    The Company's primary raw material in its jeanswear business is denim, ofwhich approximately 98% is purchased from leading mills located in the UnitedStates and Mexico.  Denim purchasecommitments and prices are negotiated on a quarterly or semi-annual basis. The Company performs its own extensive testing of denim, cotton twill and otherfabrics to ensure consistency and durability.

    The Company does not have long-term formal arrangements with any of itssuppliers.  The Company has experienced little difficulty in satisfying itsraw material requirements and considers its sources of supply adequate.

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    The Company's apparel products are manufactured according to plans preparedeach year which reflectprior years' experience, current fashion trends, economic conditions andmanagement estimates of a line's performance.  The Company orders piecegoods concurrently with concept board development.  The purchase of piecegoods is controlled and coordinated on a divisional basis.  When possible,the Company limits its exposure to specific colors and fabrics by committing topurchase only a portion of total projected demand with options to purchaseadditional volume if demand meets the plan.

    The Company believes its extensive experience in logistics and productionmanagement underlies its success in coordinating with contractors whomanufacture different garments included within the same product group.  TheCompany has had long-term mutually satisfactory business relationships with manyof its contractors but does not have long-term written agreements with any ofthem.

    The Company has an active program in place to monitor compliance by itscontract manufacturers with applicable laws relating to the payment of wages andworking conditions.  In 1996, the Company became a participant in theUnited States Department of Labor's Apparel Manufacturers Compliance Program forthat purpose.  Under that program, and through the Company's independentagreements with each of its domestic and foreign manufacturers, the Companyregularly audits such compliance and requires corrective action whenappropriate.

*Footwear and Accessories*

    To provide a steady source of footwear and accessories inventory, the Companyrelies on long-standing relationships developed by Nine West with Brazilian andChinese manufacturers, working through independent buying agents, and thirdparty manufacturers in other countries and long-standing relationships developedby Victoria with third-party Asian manufacturers.  Allocation of productionamong the Company's footwear and accessories manufacturing resources isdetermined based upon a number of factors, including manufacturing capabilities,delivery requirements and pricing.

    During 2000, approximately 50% of the Company's footwear products weremanufactured by 14 independently owned footwear manufacturers in Brazil. As a result of the number of entrepreneurial factory owners, the highly skilledlabor force, the modern, efficient vertically-integrated factories and theavailability of high-quality raw materials, the Brazilian manufacturers are ableto produce significant quantities of moderately priced, high-quality leatherfootwear.  The largest of these Brazilian factories operate tanneries forprocessing leather and produce lasts, heels and other footwear components aswell as finished goods, and source raw materials worldwide based on input fromthe Company.  The Company believes that its relationships with itsBrazilian manufacturers provide it with a responsive and active source of supplyof its products and, accordingly, give the Company a significant competitiveadvantage.  The Company also believes that purchasing a significantpercentage of its products in Brazil allows it to maximize productionflexibility while limiting its capital expenditures, work-in-process inventoryand costs of managing a larger production work force.  Because of thesophisticated manufacturing techniques and vertical integration of thesemanufacturers, individual production lines can be quickly changed from one styleto another, and production of certain styles can be completed in as few as fourhours, from uncut leather to boxed footwear.

    Historically, instability in Brazil's political and economic environment hasnot had a material adverse effect on Nine West's financial condition or resultsof operations.  The Company cannot predict, however, the effect that futurechanges in economic or political conditions in Brazil could have on theeconomics of doing business with its Brazilian manufacturers.  Although theCompany believes that it could find alternative manufacturing sources for thoseproducts which it currently sources in Brazil, the establishment of newmanufacturing relationships would involve various uncertainties, and the loss ofa substantial portion of its Brazilian manufacturing capacity before thealternative sourcing relationships were fully developed could have a materialadverse effect on the Company's financial condition or results of operations.

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    During 2000, approximately 46% of the Company's footwear products (primarilyfabric footwear) were manufactured by independent third parties located inChina, with the remainder of footwear production (approximately 4%) originatingprimarily in Italy.  The Company's handbags and small leather goods aresourced through the Company's own buying offices in Korea and Hong Kong, whichutilize independent third party manufacturers in China.  Products havehistorically been purchased from the Brazilian and Asian manufacturers inpre-set United States dollar prices, and therefore, the Company generally hasnot been adversely affected by fluctuations in exchange rates.

    The Company places its projected orders for each season's styles with itsmanufacturers prior to the time the Company has received all of its customers'orders.  Because of the Company's close working relationships with itsthird party manufacturers (which allow for flexible production schedules andproduction of large quantities of footwear within a short period of time), mostof the Company's orders are finalized only after it has received orders from amajority of its customers.  As a result, the Company believes that, incomparison to its competitors, it is better able to meet sudden demands forparticular designs, more quickly exploit market trends as they occur, reduceinventory risk and more efficiently fill reorders booked during a particularseason.

    The Company does not have any contracts with any of its footwear, handbag orsmall leather goods manufacturers but, with respect to footwear imported fromBrazil, relies on long-standing relationships with its Brazilian manufacturersdirectly and through its independent buying agent, Bentley Services Inc. (the"Agent").  The Agent and its affiliates have overseen theactivities of the Brazilian manufacturers for more than 15 years.  Inconsultation with the Company, the Agent selects the proper manufacturer for thestyle being produced, monitors the manufacturing process, inspects finishedgoods and coordinates shipments of finished goods to the United States. Nine West entered into a five-year contract with the Agent effective January 1,1992, which has been extended for an additional five years, which provides thatthe Agent, its owners, employees, directors and affiliates will not act as abuying agent for, or sell leather footwear manufactured in Brazil to, otherimporters, distributors or retailers for resale in the United States, Canada orthe United Kingdom.  As compensation for services rendered, the Agentreceives a percentage of the sales price of the merchandise shipped to theCompany.

    The Company does not have any contracts with any of its jewelry manufacturersbut relies on long-standing relationships developed by Victoria, principallywith third-party Asian manufacturers.  The Company also has its ownmanufacturing facility to satisfy demand for products manufactured domestically(such as cosmetic containers) and to provide sufficient production capacity inthe event of disruption in its outsourced manufacturing.  Victoria hashistorically experienced little difficulty in satisfying finished goodsrequirements and considers its source of supplies adequate.  Products havehistorically been purchased from Asian manufacturers in preset U. S. dollarprices, effectively minimizing the effects of adverse fluctuations in exchangerates.

    During 2000, approximately 87% of jewelry products were manufactured byindependently-owned jewelry manufacturers in Asia, with the remainder producedprimarily in the United States and Austria.  The Company believes that thequality and cost of products manufactured by its suppliers provide it with theability to remain competitive.  Sourcing the majority of its productsenables the Company to better control costs and avoid significant capitalexpenditures, work in process inventory, and costs of managing a largerproduction workforce.  Victoria's history as a manufacturer gives it therequisite experience and knowledge to manage its vendors effectively.

    Forecasts for basic jewelry products are produced on a rolling 12-week basisand are adjusted based on point of sale information from retailers. Manufacturing of fashion jewelry products is based on marketing forecasts andsales plans; actual orders are received several weeks after such forecasts areproduced.  Quality control testing is performed on-site by domesticemployees or private firms in the country of manufacture and quality assurancechecks are also performed upon receipt of finished goods at Company distributionfacilities.

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**Marketing**

    During 2000, no single customer accounted for more than 10% of sales;however, certain of the Company's customers are under common ownership. When considered together as a group under common ownership, sales to eightdepartment store customers currently owned by The May Department Stores Company("May") accounted for approximately 14% of 2000 sales, and sales toten department store customers currently owned by Federated Department Stores,Inc. ("Federated") also accounted for approximately 14% of 2000sales.  The Company's ten largest customer groups accounted forapproximately 56% of sales in 2000.  While the Company believes thatpurchasing decisions are generally made independently by each department storecustomer (including the stores in the May and Federated groups), in some casesthe trend is toward more centralized purchasing decisions.  The Companyattempts to minimize its credit risk from its concentration of customers byclosely monitoring accounts receivable balances and shipping levels and theongoing financial performance and credit status of its customers.

    Sportswear products are marketed to department stores and specialty retailingcustomers during "market weeks," which are generally four to sixmonths in advance of the five corresponding industry selling seasons. While the Company typically will allocate a six-week period to market asportswear line, most major orders are written within the first three weeks ofany market period.

    As one of the primary apparel resources for many of its customers, theCompany is able to influence the mix, quantity and timing of orders placed byits retail accounts, enabling the Company to market complete lines of sportswearand minimize excess inventory.  The Company's close relationships with itsretail accounts allow it to efficiently monitor production schedules andinventories.

    The Company believes retail demand for its apparel products is enhanced bythe Company's ability to provide its retail accounts and consumers withknowledgeable sales support.  In this regard, the Company has anestablished program to place retail sales specialists in many major departmentstores.  These individuals have been trained by the Company to support thesale of its products by educating other store personnel and consumers about theCompany's products and by coordinating the Company's marketing activities withthose of the stores.  In addition, the retail sales specialists provide theCompany with firsthand information concerning consumer reactions to theCompany's products.  In addition, the Company has a program of designatedsales personnel in which a store agrees to designate certain sales personnel whowill devote a substantial portion of their time to selling the Company'sproducts in return for certain benefits.

    The Company introduces new collections of footwear at industry-wide shoeshows, held four times yearly in New York City and semi-annually in Las Vegas,and at regional shoe shows throughout the year.  The Company introduces newhandbag and small leather goods collections at market shows that occur fourtimes each year in New York City.  Jewelry products are marketed in NewYork City showrooms through individual customer appointments and at fiveindustry-wide market shows each year.  Retailers visit Company showrooms atthese times to view various product lines and merchandise.

    The Company promotes its footwear, handbag and small leather goods businesseswith certain department stores and specialty retail stores by bringing itsretail and sales planning expertise to those retailers.  Under thisprogram, members of branded division management who have extensive retailbackgrounds work with the retailer to create a "focus area" or"concept shop" within the store that displays the full collection ofan entire brand in one area.  These individuals assist the department andspecialty retail stores by: providing advice about appropriate productassortment and product flow; making recommendations about when a product shouldbe re-ordered; providing sales guidance, including the training of storepersonnel; and developing advertising programs with the retailer to promotesales of the Company's products.  In addition, the Company's sales forceand, for handbags and small leather goods, field merchandising associatesrecommend how to display the Company's products and educate store personnelabout the Company and its products.  The goal of this approach is topromote high retail sell-throughs of the Company's products.  With thisapproach, customers are encouraged to devote greater 

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 selling space to theCompany's products, and the Company is better able to assess consumerpreferences, the future ordering needs of its customers, and inventoryrequirements.

    Most wholesale jewelry customers outsource product management andmerchandising to the Company.  The Company works closely with theseretailers to create long-term sales programs, which include choosing among theCompany's diverse product lines and implementing sales programs at the storelevel.  A team of sales representatives and sales managers monitor productperformance against plan and are responsible for inventory management, usingpoint-of-sale information to respond to shifts in consumer preferences. Management uses this information to adjust product mix and inventoryrequirements.  Retailers are also provided with customized displays andstore-level merchandising designed to maximize sales and inventoryturnover.  By providing retailers with in-store product management, theCompany establishes close relationships with retailers, allowing it to maximizeproduct sales and increase floor space allocated to its product lines.

**Advertising and Promotion**

    The Company employs a cooperative advertising program for its brandedproducts, whereby it shares the cost of its wholesale customers' advertising andpromotional expenses in newspapers, magazines and other media up to a presetmaximum percentage of the customer's purchases.  An important part of themarketing program includes prominent displays of the Company's products inwholesale customers' sales catalogs as well as in-store shop displays.

    National advertising campaigns have existed for the *Lauren by Ralph Lauren,Ralph by Ralph Lauren* and *Polo Jeans Company* products since theirinception.  The Company also has national advertising campaigns for *JonesNew York* (primarily in the print media encompassing both Company products andproducts of its licensees), *Nine West* (footwear, apparel, jewelry and licensedproducts, primarily in fashion magazines), *Easy Spirit* (advertised on televisionand in fashion, lifestyle, health and fitness magazines), *Enzo Angiolini* (infashion magazines), *Napier* (in fashion magazines), and the licensed *TommyHilfiger* and *Givenchy* jewelry lines.  Given the strong recognition andbrand loyalty already afforded its brands, the Company believes these campaignswill serve to further enhance and broaden its customer base.  The Company'sin-house creative services departments oversee the conception, production andexecution of virtually all aspects of these activities.  The Company alsobelieves that its retail network promotes brand name recognition and supportsthe merchandising of complete lines by, and the marketing efforts of, itswholesale customers.

**Licensing of Company Brands**

    The Company has entered into various license agreements under whichindependent licensees produce and sell certain products under the Company's *Jones New York* (and related) trademarks in accordance with designs furnished orapproved by the Company in the United States, Canada and various otherterritories.  Current licenses cover products including men's tailoredclothing and overcoats, women's intimate apparel, women's rainwear, men's andwomen's outerwear, leather outerwear and woolen coats, belts, women's swimwear,umbrellas, costume jewelry, hair accessories, legwear, women's slippers, women'ssleepwear, men's small leather goods, men's formal wear and men's and women'ssunglasses and optical eyewear.  These licenses provide for the payment tothe Company of a percentage of the licensee's net sales of the licensed productsagainst guaranteed minimum royalty payments which typically increase over theterm of the agreement.  During 2000, the Company received $11.5 million ofgross licensing revenues under these agreements.

    The Company has entered into various license agreements under whichindependent licensees produce and sell certain products under the Company's *Evan-Picone* trademarks in accordance with designs furnished or approved by theCompany in the United States, Canada and various other territories.  Theselicenses cover products including men's tailored clothing, women's sunglasses,women's optical wear and women's hosiery.  These licenses provide for thepayment to the Company of a percentage of the licensee's net sales 

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 of thelicensed products against guaranteed minimum royalty payments which typicallyincrease over the term of the agreement.  During 2000, the Company received$2.5 million of gross licensing revenues under these agreements.

    The Company has entered into various license agreements, primarily under the*Nine West* trademark, with independent licensees with respect to the manufactureand marketing of footwear and non-footwear products, including legwear,outerwear, belts, slippers, watches, sunglasses and optical eyewear.  Theselicenses provide for the payment to the Company of a percentage of thelicensee's net sales of the licensed products against guaranteed minimum royaltypayments which typically increase over the term of the agreement.

    The Company has also entered into foreign distribution and license agreementsunder which independent licensees have the exclusive right to distribute andsell at retail (and, in some cases, at wholesale) footwear, handbags and smallleather goods under the Nine West trademark and to own and operate *Nine West*retail stores in certain countries.  These licenses provide for the paymentto the Company of commissions on the sale to the licensees of certain licensedproducts, as well as a percentage of the licensee's net sales of all licensedproducts against guaranteed minimum royalty payments which typically increaseover the term of the agreement.  The Company has entered into such licensesfor Turkey, Israel, Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, the United ArabEmirates, portions of South America and Asia, Mexico, Canada, the UnitedKingdom, Ireland and the Channel Islands.

    Under rights obtained in perpetuity under license agreements for theproduction of various non-footwear products under the *Capezio* trademark, theCompany has entered into various sub-license agreements under the *Capezio*trademark with independent licensees with respect to the manufacture andmarketing of products including watches, knitwear and cold weather accessories,rainwear, handbags, belts and hair accessories.

    During 2000, the Company received $12.0 million of gross licensing revenuesunder the *Nine West* licenses and other similar agreements, including revenuesfrom the sub-licensing of the *Capezio* trademark.

**Trademarks**

    The Company utilizes a variety of trademarks which it owns, including*JonesNew York, Jones New York Sport, Jones Wear, Jones New York Country, Jones Jeans,Rena Rowan, Evan-Picone, Todd Oldham, Code Bleu, Executive Suite, Nine West,Easy Spirit, Enzo Angiolini, Bandolino, Banister, Calico, 9 & Co., Westies,Napier* and *Richelieu*.  The Company has registered or applied forregistration for these and other trademarks for use on a variety of items ofapparel, footwear, accessories and related products and, in some cases, forretail store services, in the United States and certain other countries. The expiration dates of the United States trademark registrations for theCompany's material registered trademarks are as follows, with its otherregistered foreign and domestic trademarks expiring at various dates through2018, all of which are subject to renewal if, in the case of domestic andcertain foreign registrations, the marks are still in use for the goods andservices covered by such registrations.
TrademarkExpires inTrademarkExpires in*Jones New York*           2006       *Jones New York Sport*    2004          *Rena Rowan*               2005       *Evan-Picone*             2003          *Nine West*                2003       *Enzo Angiolini*          2005          *Easy Spirit*              2007       *Bandolino*               2001          *Napier*                   2009
    The Company carefully monitors trademark expiration dates to ensureuninterrupted registration of its material trademarks.  The Company alsolicenses the *Lauren by Ralph Lauren, Ralph by Ralph Lauren, Polo Jeans*  

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*Companyby Ralph Lauren, Polo Ralph Lauren, Capezio, Givenchy* and *Tommy Hilfiger*trademarks (see "Licensed Brands" above). 

    The Company also holds numerous patents and has several patent applicationspending in the United States Patent and Trademark Office and in certain othercountries.  The Company regards its trademarks and other proprietary rightsas valuable assets which are critical in the marketing of its products. The Company vigorously protects its trademarks and patents against infringement.

**Imports and Import Restrictions**

    The Company's transactions with its foreign manufacturers and suppliers aresubject to the risks of doing business abroad.  Imports into the UnitedStates are affected by, among other things, the cost of transportation and theimposition of import duties and restrictions.  The United States, China,Brazil and other countries in which the Company's products might be manufacturedmay, from time to time, impose new quotas, duties, tariffs or otherrestrictions, or adjust presently prevailing quotas, duty or tariff levels,which could affect the Company's operations and its ability to import productsat current or increased levels.  The Company cannot predict the likelihoodor frequency of any such events occurring.

    The Company's import operations are subject to constraints imposed bybilateral textile agreements between the United States and a number of foreigncountries, including Hong Kong, Taiwan and Korea.  These agreements imposequotas on the amount and type of goods which can be imported into the UnitedStates from these countries.  Such agreements also allow the United Statesto impose, at any time, restraints on the importation of categories ofmerchandise that, under the terms of the agreements, are not subject tospecified limits.  The Company's imported products are also subject toUnited States customs duties and, in the ordinary course of business, theCompany is from time to time subject to claims by the United States CustomsService for duties and other charges.

    The Company monitors duty, tariff and quota-related developments andcontinually seeks to minimize its potential exposure to quota-related risksthrough, among other measures, geographical diversification of its manufacturingsources, the maintenance of overseas offices, allocation of overseas productionto merchandise categories where more quota is available and shifts of productionamong countries and manufacturers.

    Because the Company's foreign manufacturers are located at greater geographicdistances from the Company than its domestic manufacturers, the Company isgenerally required to allow greater lead time for foreign orders, which reducesthe Company's manufacturing flexibility.  Foreign imports are also affectedby the high cost of transportation into the United States.

    In addition to the factors outlined above, the Company's future importoperations may be adversely affected by political instability resulting in thedisruption of trade from exporting countries, any significant fluctuation in thevalue of the dollar against foreign currencies and restrictions on the transferof funds.

**Backlog**

    On December 31, 2000, the Company had unfilled customer orders ofapproximately $1.0 billion, compared to approximately $1.1 billion of suchorders at December 31, 1999.  These amounts include both confirmed andunconfirmed orders which the Company believes, based on industry practice andpast experience, will be confirmed.  The amount of unfilled orders at aparticular time is affected by a number of factors, including the mix ofproduct, the timing of the receipt and processing of customer orders andscheduling of the manufacture and shipping of the product, which in someinstances is dependent on the desires of the customer.  Backlog is alsoaffected by a continuing trend among customers to reduce the lead time on theirorders.  Due to these factors, as well as the acquisition of Victoriaduring 2000, a comparison 

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 of unfilled orders from period to period is notnecessarily meaningful and may not be indicative of eventual actual shipments.

**Competition**

    Competition is intense in the sectors of the apparel, footwear and accessoryindustries in which the Company participates.  The Company competes withmany other manufacturers and retailers, some of which are larger and havegreater resources than the Company.

    The Company competes primarily on the basis of fashion, price andquality.  The Company believes its competitive advantages include itsability to anticipate and respond quickly to changing consumer demands, itsbrand names and range of products and its ability to operate within theindustries' production and delivery constraints.  Furthermore, theCompany's established brand names and relationships with retailers have resultedin a loyal following of customers.

    The Company considers the risk of formidable new competitors to be minimaldue to barriers to entry, such as significant startup costs and the long-termnature of supplier and customer relations.  The Company believes that,during the past few years, major department stores and specialty retailers havebeen increasingly sourcing products from suppliers who are well capitalized orhave established reputations for delivering quality merchandise in a timelymanner.  However, there can be no assurance that significant newcompetitors will not develop in the future.

**Employees**

    At December 31, 2000, the Company had approximately 13,860 full-timeemployees.  This total includes approximately 7,845 in quality control,production, design and distribution positions, approximately 1,820 inadministrative, sales, clerical and office positions and approximately 4,195 inthe Company's retail stores.  The Company also employs approximately 4,760part-time employees, of which approximately 4,300 work in the Company's retailstores.

    Approximately 250 of the Company's employees located in Bristol, Pennsylvaniaare members of the Teamsters Union, which has a collective bargaining agreementwith the Company expiring in March 2002.  Approximately 80 of the Company'semployees located in Vaughan, Ontario are members of the Laundry and LinenDrivers and Industrial Workers Union, which has a collective bargainingagreement with the Company expiring in March 2003.  Nine of the Company'semployees located in El Paso, Texas are represented by the Union of Needletrades,Industrial and Textile Employees, AFL-CIO, which had a collective bargainingagreement which expired on December 31, 1999.  Approximately 1,985 of theCompany's employees located in Mexico are members of an affiliate of theCofederacion de Trabajadores Mexicanos, which has a collective bargainingagreement expiring on January 1, 2002.  The Company considers its relationswith its employees to be satisfactory.  

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**ITEM 2.  PROPERTIES**

    The general location, use and approximate size of the Company's principalproperties are set forth below:
                               Owned/                                             Approximate Area          Location       leased                  Use                   in Square Feet   Bristol, Pennsylvania       leased   Headquarters and distribution warehouse         453,057   Bristol, Pennsylvania       leased   Administrative and computer services            112,422   New York, New York          leased   Administrative, executive and sales offices     415,787   Vaughan, Canada             leased   Canadian headquarters and                       125,000                                          distribution warehouse   Lawrenceburg, Tennessee     leased   Distribution warehouses                       1,199,100   South Hill, Virginia        owned    Distribution warehouses                         533,500   Rural Hall, North Carolina  leased   Materials and distribution warehouse            437,310   El Paso, Texas              owned    Administrative, warehouse and                                          preproduction facility                        165,000   El Paso, Texas              owned    Distribution warehouse                          110,000   El Paso, Texas              leased   Distribution warehouses                         400,500   Ciudad Juarez, Mexico       owned    Production                                       66,850   Durango, Mexico             owned    Finishing, assembly and warehouse facilities    553,760   White Plains, New York      leased   Administrative and computer services            366,460   West Deptford, New Jersey   leased   Distribution warehouses                         831,725   Providence, Rhode Island    leased   Distribution warehouses and                                          product development                            92,500
    The Company has signed a lease for an additional 620,000 square footdistribution facility in El Paso, Texas, which is under construction and isexpected to become operational during 2001. This distribution facility willreplace the existing 400,500 square feet of leased warehouse facilities locatedin El Paso, Texas. The Company's joint venture company leases office anddistribution facilities in Australia.

    The Company subleases approximately 200,000 square feet of its White Plainsfacilities to an independent company.  The Company owns a 105,000 squarefoot closed factory in Meriden, Connecticut, and a 150,000 square foot finishingfacility in El Paso, Texas, both of which it intends to sell.

    The Company's retail stores are leased pursuant to long-term leases,typically five to seven years for apparel stores and ten years for footwear andaccessories stores.  Certain leases allow the Company to terminate itsobligations after a predetermined period (generally one to three years) in theevent that a particular location does not achieve specified sales volume. Many leases include clauses that provide for contingent payments based on salesvolumes, and many leases contain escalation clauses for increases in operatingcosts and real estate taxes.

    The Company believes that its existing facilities are well maintained, ingood operating condition and that its existing and planned facilities will beadequate for its operations for the foreseeable future. 

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**ITEM 3.  LEGAL PROCEEDINGS**

    The Company has been named as a defendant in various actions and proceedings,including actions brought by certain employees whose employment has beenterminated arising from its ordinary business activities.  Although theamount of any liability that could arise with respect to these actions cannot beaccurately predicted, in the opinion of the Company, any such liability will nothave a material adverse financial effect on the Company.

**ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

    Not Applicable.

**PART II**

**ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDERMATTERS**
              First      Second     Third      Fourth              QuarterQuarterQuarterQuarterPrice range of common stock:2000  High        $31.875    $32.5625   $29.1875   $35.00  Low         $20.125    $21.25     $22.0625   $23.31251999  High        $32.50     $35.875    $34.875    $33.00  Low         $21.50     $27.50     $24.75     $24.8125
    The Company's common stock is traded on the New York Stock Exchange under thesymbol "JNY."  The above figures set forth, for the periodsindicated, the high and low sale prices per share of the Company's common stockas reported on the New York Stock Exchange Composite Tape.  The lastreported sale price per share of the Company's common stock on March 15, 2001was $37.15, and on that date there were 365 holders of record of the Company'scommon stock.  However, many shares are held in "street name;"therefore, the number of holders of record may not represent the actual numberof shareholders.  To date, the Company has not paid any cash dividends onshares of its common stock.  The Company anticipates that all of its futureearnings will be retained for its financial requirements and does not anticipatepaying cash dividends on its common stock in the foreseeable future.

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**ITEM6.  SELECTED FINANCIAL DATA**

    The following financial information is qualified by reference to, and shouldbe read in conjunction with, the Company's Consolidated Financial Statements andNotes thereto and "Management's Discussion and Analysis of FinancialCondition and Results of Operations" contained elsewhere in thisReport.  The selected consolidated financial information presented below isderived from the Company's audited Consolidated Financial Statements for each ofthe five years in the period ended December 31, 2000. The Company completed itsacquisitions of Sun, Nine West and Victoria on October 2, 1998, June 15, 1999,and July 31, 2000, respectively.  The results of operations of Sun, NineWest and Victoria are included in the Company's operating results from therespective dates of acquisition.

(All amounts in millions except net income per share data)
Year Ended December 31,                   2000       1999       1998       1997       1996------------------------------------------------------------------------------------------**Income Statement Data**  Net sales                           $4,120.5   $3,129.8   $1,669.4   $1,372.5   $1,021.0  Licensing income (net)                  22.2       20.9       15.8       15.0       13.1                                      ----------------------------------------------------    Total revenues                     4,142.7    3,150.7    1,685.2    1,387.5    1,034.1  Cost of goods sold                   2,433.4    1,876.9    1,098.3      940.2      717.3  Purchase accounting adjustments    to cost of goods sold(1)               3.1       84.6        2.4          -          -                                      ----------------------------------------------------  Gross profit                         1,706.2    1,189.2      584.5      447.3      316.8  Selling, general and    administrative expenses            1,064.7      788.7      320.0      250.7      186.5  Amortization of goodwill                36.9       22.3        2.7          -          -                                      ----------------------------------------------------  Operating income                       604.6      378.2      261.8      196.6      130.3  Interest expense and financing costs   103.8       66.9       11.8        3.6        3.0  Interest income                         (2.3)      (3.3)      (1.8)      (1.6)      (0.5)                                      ----------------------------------------------------  Income before provision    for income taxes                     503.1      314.6      251.8      194.6      127.8  Provision for income taxes             201.2      126.2       96.9       72.9       46.9                                      ----------------------------------------------------  Net income                          $  301.9   $  188.4   $  154.9   $  121.7   $   80.9                                      ====================================================**Per Share Data (2)**  Net income per share      Basic                              $2.54      $1.65      $1.52      $1.17      $0.77      Diluted                            $2.48      $1.60      $1.47      $1.13      $0.75  Dividends paid per share                   -          -          -          -          -  Weighted average common    shares outstanding      Basic                              119.0      114.1      101.6      103.8      104.7      Diluted                            121.9      118.0      105.1      107.8      107.3December 31,                              2000       1999       1998       1997       1996------------------------------------------------------------------------------------------**Balance Sheet Data**  Working capital                     $  294.9   $  469.2   $  457.9   $  330.6   $  294.0  Total assets                         2,979.2    2,792.0    1,188.7      580.8      488.1  Short-term debt and current    portion of long-term debt    and capital lease obligations        499.8      266.9        6.5        4.2        3.1  Long-term debt, including    capital lease obligations            576.2      834.2      414.6       27.3       12.1  Stockholders' equity                 1,477.2    1,241.0      594.4      435.6      376.7
(1) Reflects a non-cash increase in cost of goods sold attributable to thefair value of inventory over cost, recorded as a result of the acquisitions ofVictoria, Nine West and Sun as required by the purchase method of accounting.

(2) All share and per share amounts have been restated to retroactivelyreflect 2-for-1 stock splits in 1998 and 1996.

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**ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS**

STATEMENTS OF INCOME EXPRESSED AS A PERCENTAGE OF TOTAL REVENUES
  Year Ended December 31,                        2000      1999      1998  -----------------------------------------------------------------------  Net sales                                     99.5%     99.3%     99.1%  Licensing income (net)                         0.5%      0.7%      0.9%                                               --------------------------    Total revenues                             100.0%    100.0%    100.0%  Cost of goods sold                            58.7%     59.6%     65.2%                                               --------------------------    Gross profit before purchase      accounting adjustments                    41.3%     40.4%     34.8%  Purchase accounting adjustments                0.1%      2.7%      0.1%                                               --------------------------    Gross profit                                41.2%     37.7%     34.7%  Selling, general and administrative expenses  25.7%     25.0%     19.0%  Amortization of goodwill                       0.9%      0.7%      0.2%                                               --------------------------    Operating income                            14.6%     12.0%     15.5%  Interest expense and financing costs           2.5%      2.1%      0.7%  Interest income                               (0.1%)    (0.1%)    (0.1%)                                               --------------------------    Income before provision for income taxes    12.1%     10.0%     14.9%  Provision for income taxes                     4.9%      4.0%      5.7%                                               --------------------------    Net income                                   7.3%      6.0%      9.2%                                               ==========================                                    *Totals may not agree due to rounding.*
GENERAL

    The following discussion provides information and analysis of the Company'sresults of operations from 1998 through 2000, and its liquidity and capitalresources.  The following discussion and analysis should be read inconjunction with the Company's Consolidated Financial Statements includedelsewhere herein.

    The Company completed its acquisitions of Sun, Nine West and Victoria onOctober 2, 1998, June 15, 1999, and July 31, 2000, respectively.  Theresults of operations of the acquired companies are included in the Company'soperating results from the respective dates of acquisition.  Accordingly,the financial position and results of operations presented and discussed hereinare not directly comparable between years.

    The Company operates in three reportable segments: wholesale apparel,wholesale footwear and accessories, and retail.

    The Company has achieved compound annual growth rates of 56.8% for totalrevenues and 52.0% for operating income from 1998 to 2000.  Total revenuesand operating income in 2000 increased 31.5% and 59.9%, respectively, over 1999.

    The Company believes that it has achieved this growth by enhancing the brandequity of its labels through its focus on design, quality and value, and throughstrategic moves which provide significant diversification to the business bysuccessfully adding new labels, such as licensing the *Lauren by Ralph Lauren*brand and obtaining the *Polo Jeans Company, Nine West* and *Napier* brands throughacquisitions.  Through this diversification, the Company has evolved into amultidimensional resource in apparel, footwear and accessories.  TheCompany has leveraged the strength of its brands to increase both the number oflocations and amount of selling space in which its products are offered, as wellas to introduce new product 

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 extensions, such as the *Nine West* apparel and the *Jones New York* accessory labels introduced for Fall 2000 and the repositioningof the *Bandolino* and *Evan-Picone* labels to the moderate market segment. The Company has also benefitted from a trend among its major retail accounts toconcentrate their women's apparel, footwear and accessories buying among anarrowing group of vendors.

RESULTS OF OPERATIONS2000 Compared to 1999

    The Company sold its Asian operations in August 2000 and its United Kingdomoperations in January 2001.  The Asian and United Kingdom operationsprovided $0.7 million and $165.7 million in revenues, respectively, during 2000,with losses on disposal in the amounts of $1.0 million and $12.1 million,respectively, recorded in the retail segment.  Offsetting these losses wasa gain on the sale of an unused Company trademark during 2000 for a gain of$10.5 million, which was recorded under "other" for segment reporting.

    *Revenues.*  Total revenues for 2000 increased 31.5%, or $992.0 million,to $4.1 billion, compared to $3.2 billion for 1999.  The revenue growthresulted primarily from the net sales of product lines added as a result of theNine West and Victoria acquisitions ($790.4 million and $61.8 million of theincrease, respectively).  The breakdown of total revenues for both periodsis as follows:
                                                                 Percent  (In millions)                2000         1999     Increase     Change                           ---------------------------------------------  Wholesale apparel        $2,168.0     $1,994.7       $173.3       8.7%  Wholesale footwear    and accessories           940.0        464.5        475.5     102.4%  Retail                    1,012.5        670.6        341.9      51.0%  Other                        22.2         20.9          1.3       6.2%                           ---------------------------------------------    **Total revenues         $4,142.7     $3,150.7       $992.0      31.5%**                           =============================================
    Wholesale apparel revenues increased as a result of increases in shipments ofthe licensed Polo Ralph Lauren products, including *Lauren by Ralph Lauren, Ralphby Ralph Lauren* and *Polo Jeans Company*.  These increases were partiallyoffset by lower shipments of *Rena Rowan* products.  The increases inwholesale footwear and accessories and retail revenues are primarily the resultof Nine West results being included for the full year 2000 compared to onlyapproximately 29 weeks during 1999, and product lines added as a result of theVictoria acquisition. 

    *Gross Profit.*  The gross profit margin increased to 41.2% in 2000compared to 37.7% in 1999.  Gross profit was negatively impacted during2000 and 1999 by adjustments of $3.1 million and $84.6 million required underpurchase accounting to write up acquired Victoria and Nine West inventories,respectively, to market value upon acquisition; without these charges, the grossprofit margins for 2000 and 1999 would have been 41.3% and 40.4%,respectively.  Wholesale apparel gross profit margins decreased to 34.7% in2000 compared to 37.0% in 1999 resulting from clearing excess inventoriesthrough off-price channels and additional air freight charges to ensure on-timedelivery caused by concerted merchandising changes made to certain productlines.  Wholesale footwear and accessories gross profit margins increasedto 37.4% from 16.6%, primarily due to solid performance by the core brands andthe discontinuance of marginally-performing brands and the effects ofhigher-margin product lines obtained from the Victoria acquisition.  Retailgross profit margins also increased to 53.5% from 50.2%, primarily due to theclosing of underperforming domestic stores and certain international operationsas part of the restructuring of Nine West in 2000 and the clearance of excessNine West inventory in 1999.

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     *SG&A Expenses.*  Selling, general and administrative ("SG&A")expenses of $1.1 billion in 2000 represented an increase of $0.3 billion over1999, primarily the result of Nine West results being included for the full year2000 compared to only approximately 29 weeks during 1999 ($259.8 million of theincrease).  As a percentage of total revenues, SG&A expenses increasedto 25.7% in 2000 from 25.0% in 1999.

    *Operating Income.*  The resulting 2000 operating income of $604.6 millionincreased 59.9%, or $226.4 million, over the $378.2 million for 1999.  Theoperating margin increased to 14.6% in 2000 from 12.0% in 1999 due to thefactors discussed above, partially offset by the amortization of goodwillresulting from the Nine West and Victoria acquisitions.  Excluding the costof sales purchase accounting adjustments, the operating margins would have been14.7% for both years.

    *Net Interest Expense.*  Net interest expense was $101.5 million in 2000compared to $63.6 million in 1999, primarily as a result of the debt incurred tofinance the Nine West and Victoria acquisitions and the repurchase of theCompany's common stock during 2000.

    *Provision for Income Taxes.*  The effective income tax rate was 40.0% for2000 compared to 40.1% for 1999. 

    *Net Income.*  Net income increased 60.2% to $301.9 million in 2000, anincrease of $113.5 million over the net income of $188.4 million earned in1999.  Net income as a percentage of total revenues was 7.3% in 2000 and6.0% in 1999.  Excluding the amortization of goodwill and the cost of salespurchase accounting adjustments, net income for 2000 and  1999 would havebeen $340.7 million ($2.79 per diluted share) and  $260.6 million ($2.21per diluted share), respectively.

1999 Compared to 1998

    *Revenues.*  Total revenues for 1999 increased 87.0%, or $1.5 billion, to$3.2 billion, compared to $1.7 billion for 1998.  The revenue growthresulted primarily from the net sales of product lines added as a result of theSun and Nine West acquisitions ($475.9 million and $957.2 million of theincrease, respectively).  The breakdown of total revenues for both periodsis as follows:
                                                                 Percent  (In millions)                1999         1998     Increase     Change                           ---------------------------------------------  Wholesale apparel        $1,994.7     $1,500.3     $  494.4      33.0%  Wholesale footwear    and accessories           464.5            -        464.5         -  Retail                      670.6        169.1        501.5     296.6%  Other                        20.9         15.8          5.1      32.3%                           ---------------------------------------------    **Total revenues         $3,150.7     $1,685.2     $1,465.5      87.0%**                           =============================================
    Wholesale apparel revenues increased primarily as a result of the acquisitionof Sun, increases in shipments of *Lauren by Ralph Lauren* products and initialshipments of the *Ralph by Ralph Lauren* line, partially offset by planned lowershipments of *Jones New York* collection products.  The wholesale footwearand accessories revenues and the increases in retail and other revenues are theresult of the acquisition of Nine West.

    *Gross Profit.*  The gross profit margin increased to 37.7% in 1999compared to 34.7% in 1998.  Wholesale apparel gross profit marginsincreased to 37.0% in 1999 compared to 32.4% in 1998, resulting from loweroverseas production costs and continued improvement in inventorymanagement.  Retail gross profit margins also increased to 50.2% from48.9%, primarily due to the acquisition of Nine West.  Gross profit wasnegatively impacted during 1999 by an $84.6 million adjustment required underpurchase accounting to

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mark up acquired Nine West inventory to market value uponacquisition; without this charge, the gross profit margin for 1999 would havebeen 40.4%.

     *SG&A Expenses.*  SG&A expenses of $788.7 million in 1999represented an increase of $468.7 million over 1998.  As a percentage oftotal revenues, SG&A expenses increased to 25.0% in 1999 from 19.0% for1998.  Sun and Nine West accounted for $107.6 million and $318.3 million,respectively, of the increase, with the remainder primarily due to increasedroyalty and advertising expenses.

    *Operating Income.*  The resulting 1999 operating income of $378.2 millionincreased 44.4%, or $116.4 million, over the $261.8 million for 1998.  Theoperating margin decreased to 12.0% in 1999 from 15.5% in 1998 due to thefactors discussed above and the amortization of goodwill resulting from the Sunand Nine West acquisitions.  Excluding the cost of sales purchaseaccounting adjustment, the operating margin for 1999 would have been 14.7%.

    *Net Interest Expense.*  Net interest expense was $63.6 million in 1999compared to $10.0 million in 1998, primarily as a result of the debt incurred tofinance the Sun and Nine West acquisitions.

    *Provision for Income Taxes.*  The effective income tax rate was 40.1% for1999 compared to 38.5% for 1998.  The increase was primarily due to thenondeductibility of goodwill amortization in 1999.

    *Net Income.*  Net income increased 21.6% to $188.4 million in 1999, anincrease of $33.5 million over the net income of $154.9 million earned in1998.  Net income as a percentage of total revenues was 6.0% in 1999 and9.2% in 1998.  Excluding the amortization of goodwill resulting from theSun and Nine West acquisitions and the cost of sales purchase accountingadjustment, net income for 1999 and 1998 would have been $260.6 million ($2.21per diluted share) and $159.1 million ($1.51 per diluted share), respectively.

LIQUIDITY AND CAPITAL RESOURCES

    The Company's principal capital requirements have been to fund acquisitions,working capital needs, capital expenditures and repurchases of the Company'scommon stock on the open market.  The Company has historically reliedprimarily on internally generated funds, trade credit, bank borrowings and theissuance of notes to finance its operations and expansion.  As of December31, 2000, total cash and cash equivalents were $60.5 million, an increase of$13.5 million from the $47.0 million reported as of December 31, 1999. 

    *Cash Provided by Operations.*  Net cash provided by operations was $339.2million in 2000, $247.8 million in 1999 and $224.9 million in 1998.  Thechange in 2000 from the prior period was primarily due to higher net incomebefore depreciation and amortization, offset by a larger increase in accountsreceivable, including a $67.0 million payment in the first quarter of 2000 todiscontinue Nine West's five-year Receivables Facility (see "Cash (Used in)Provided by Financing Activities").  The increase for 1999 wasprimarily due to higher net income before depreciation and amortization charges,with increases in trade receivables and decreases in accrued expenses and otherliabilities offset by decreases in inventories, prepaid expenses and othercurrent assets and increases in accounts payable. 

    *Cash Used in Investing Activities.*  Net cash used in investingactivities was $134.7 million in 2000, $506.4 million in 1999 and $157.7 millionin 1998, with the decrease for 2000 and the increase for 1999 primarily due tothe acquisition of Nine West in 1999.

    During 2000, $20.0 million in loans were made to company officers, of which$18.0 million was loaned to the Company's Chairman and Chief Executive Officerfor his purchase of a residence in New York City.  This loan, whichreplaced an arrangement under which the Chairman has been provided the use of aCompany-owned apartment, is secured by the residence and bears interest at theapplicable federal rate under Internal Revenue Service ("IRS")regulations.

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    *Cash (Used in) Provided by Financing Activities.*  Financing activitiesused $190.7 million of cash in 2000, primarily due to purchases of the Company'scommon stock and the refinancing of $71.0 million of acquired Victoria debt. 

    Financing activities provided $176.9 million of cash in 1999, primarily fromthe issuance of $400.0 million of senior notes as well as a $136.3 millionincrease in bank borrowings, offset by $356.9 million in payments related to therepurchase of a portion of Nine West's outstanding notes.  In connectionwith the Nine West acquisition, the Company issued $175.0 million of 7.50%Senior Notes due 2004 and $225.0 million of 7.875% Senior Notes due 2006. In addition to financing the cash portion of the acquisition, the proceeds ofthese notes and the increase in bank borrowings were also used to repurchase$93.9 million of Nine West's 9% Series B Senior Subordinated Notes due 2007,$185.2 million of Nine West's 5.5% Convertible Subordinated Notes Due 2003 (the"Nine West Convertible Notes") and $64.9 million of Nine West's 8.375%Series B Senior Notes due 2005 (the "Nine West Senior Notes"). The Company has assumed all obligations under the Nine West Convertible Notesand the Nine West Senior Notes, of which $130.1 million remained outstanding onDecember 31, 2000.  All the Company's notes pay interest semiannually andcontain certain covenants, including, among others, restrictions on liens,sale-leaseback transactions, and additional secured debt.

    Financing activities provided $21.9 million of cash in 1998, the result oflong-term debt issued for the acquisition and debt refinancing of Sun andadditional repurchases of the Company's common stock.

    The Company repurchased $121.9 million, $2.8 million and $108.1 million ofits common stock on the open market for 2000, 1999 and 1998, respectively. As of December 31, 2000, a total of $356.9 million has been expended underannounced programs to acquire up to $500.0 million of such shares.  TheCompany may authorize additional share repurchases in the future depending on,among other things, market conditions and the Company's financialcondition.  Proceeds from the issuance of common stock to employeesexercising stock options amounted to $27.6 million, $14.1 million and $9.4million in 2000, 1999 and 1998, respectively.

    The terms of the acquisition agreement for Sun require the Company to pay theformer Sun shareholders additional consideration of $2.00 for each $1.00 ofSun's earnings before interest and taxes (as defined in the merger agreement)for each of the years 1998 through 2001 that exceed certain targetedlevels.  This additional consideration is to be paid 59% in cash and 41% inthe Company's common stock, the value of which will be determined by the pricesat which the common stock trades in a defined period preceding delivery in eachyear.  On April 5, 2000, the Company paid $26.6 million in cash and issued669,323 shares of common stock (valued at $18.3 million) as additionalconsideration for the Sun acquisition related to 1999 earnings, which wasrecorded as additional goodwill in the second quarter of 2000.  Thecalculation for 2000 has not been finalized and will be paid and recorded asadditional goodwill in the second quarter of 2001.

    The terms of the acquisition agreement for Victoria require the Company topay the former Victoria shareholders additional consideration of $3.00 for each$1.00 of Victoria's earnings before interest and taxes (as defined in thesecurities purchase agreement) for each of the 12-month periods ending June 30,2001 through 2003 that exceed certain targeted levels.  This additionalconsideration is to be paid 50% in cash and 50% in the Company's common stock,the value of which will be determined by the prices at which the common stocktrades in a defined period preceding delivery in each year.

    During the first quarter of 2000, the Company terminated a five-yearReceivables Facility (created in 1995 and amended in 1998) which permitted NineWest to obtain up to $132.0 million of funding based on the sale, withoutrecourse, of eligible Nine West accounts receivable.  As a result of thistermination, reported net accounts receivable will no longer be reduced byproceeds received under the Receivables Facility.  This termination did notaffect the Company's liquidity.

    At December 31, 2000, the Company had credit agreements with several lendinginstitutions to borrow an aggregate principal amount of up to $1.45 billionunder Senior Credit Facilities.  These facilities, of which 

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 the entireamount is available for letters of credit or cash borrowings, provide for a$750.0 million 364-Day Revolving Credit Facility (increased from $500.0 millionduring the second quarter of 2000) and a $700.0 million Five-Year RevolvingCredit Facility.  At December 31, 2000, $283.4 million in letters of creditwas outstanding under the 364-Day Revolving Credit Facility and $225.0 millionin cash borrowings was outstanding under the Company's Five-Year RevolvingCredit Facility.  Borrowings under the Senior Credit Facilities may also beused for working capital and other general corporate purposes, includingpermitted acquisitions and stock repurchases.  The Senior Credit Facilitiesare unsecured and require the Company to satisfy both a net worth maintenancecovenant and a coverage ratio of earnings before interest, taxes, depreciation,amortization and rent to interest expense plus rents, as well as otherrestrictions, including (subject to exceptions) limitations on the Company'sability to incur additional indebtedness, prepay subordinated indebtedness, makeacquisitions, enter into mergers, and pay dividends.

    The Company also has a total of approximately $20.2 million of unsecuredforeign lines of credit in  Australia and Canada under which $3.3 millionwas outstanding at December 31, 2000.

    In February 2001, the Company issued 20-year, zero coupon convertible seniordebt securities. Gross proceeds of the offering were $402.5 million. Thesecurities carry a 3.5% yield to maturity with a face value of $805.6 millionand are convertible into common stock initially at $50.925 per share.  Theproceeds were  used to repay amounts then outstanding under the SeniorCredit Facilities and for general corporate purposes.

    The Company believes that funds generated by operations, proceeds fromissuance of the various notes discussed above, the Senior Credit Facilities andthe foreign lines of credit will provide the financial resources sufficient tomeet its foreseeable working capital, letter of credit, capital expenditure andstock repurchase requirements and any ongoing obligations to the former Sun andVictoria shareholders.

NEW ACCOUNTING STANDARDS

    In June 1998, the Financial Accounting Standards Board issued Statement ofFinancial Accounting Standards ("SFAS") No. 133, "Accounting forDerivative Instruments and Hedging Activities," which requires entities torecognize all derivatives as either assets or liabilities in the statement offinancial position and measure those instruments at fair value.  SFAS No.133, as amended by SFAS Nos. 137 and 138, is effective for all fiscal yearsbeginning after June 15, 2000.  The adoption of SFAS No. 133 will not havea material impact on operating results or financial statement disclosures. 

    In December 1999, the Securities and Exchange Commission ("SEC")issued Staff Accounting Bulletin No. 101 ("SAB 101"), "RevenueRecognition in Financial Statements."  SAB 101 summarizes certain ofthe SEC's views in applying accounting principles generally accepted in theUnited States to revenue recognition in financial statements.  SAB 101 wasadopted in 2000 and had no material impact on the Company's revenue recognitionpolicy.

**ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

MARKET RISK SENSITIVE INSTRUMENTS

    The market risk inherent in the Company's financial instruments representsthe potential loss in fair value, earnings or cash flows arising from adversechanges in interest rates or foreign currency exchange rates. The Companymanages this exposure through regular operating and financing activities and,when deemed appropriate, through the use of derivative financialinstruments.  Company policy allows the use of derivative financialinstruments for identifiable market risk exposures, including interest rate andforeign currency fluctuations.  The Company does not enter into derivativefinancial contracts for trading or other speculative purposes.  Thefollowing quantitative disclosures were derived using quoted market prices, 

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yields and theoretical pricing models obtained through independent pricingsources for the same or similar types of financial instruments, taking intoconsideration the underlying terms, such as the coupon rate, term to maturityand imbedded call options.  Certain items such as lease contracts,insurance contracts, and obligations for pension and other post-retirementbenefits were not included in the analysis.

INTEREST RATES

    The Company's primary interest rate exposures relate to its fixed andvariable rate debt and interest rate swaps.  The potential decrease in fairvalue of the Company's fixed rate long-term debt instruments resulting from ahypothetical 10% adverse change in interest rates was approximately $74.8million at December 31, 2000.  The Company employs an interest rate hedgingstrategy utilizing swaps to effectively float a portion of its interest rateexposure on its fixed rate financing arrangements.

    The primary interest rate exposures on floating rate financing arrangementsand interest rate swaps are with respect to United States, Canadian andAustralian short-term rates.  The Company had approximately $1.5 billion invariable rate financing arrangements at December 31, 2000.  As of December31, 2000, a hypothetical immediate 10% adverse change in interest rates, as theyrelate to the Company's outstanding variable rate financial instruments, wouldhave had a $1.5 million unfavorable impact over a one-year period on theCompany's earnings and cash flows. 

FOREIGN CURRENCY EXCHANGE RATES

    The Company is exposed to market risk related to changes in foreign currencyexchange rates.  The Company has assets and liabilities denominated incertain foreign currencies related to international subsidiaries, but has nothedged translation risk on these assets and liabilities due to the ability tohold them for an indefinite period.  The Company does not expect that asudden or significant change in foreign exchange rates would have a materialimpact on results of operations, financial position, or cash flows.

**ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

STATEMENT OF MANAGEMENT RESPONSIBILITY

To the Stockholders of Jones Apparel Group, Inc.

    The management of Jones Apparel Group, Inc. is responsible for thepreparation, integrity and objectivity of the consolidated financial statementsand other financial information presented in this report.  The accompanyingconsolidated financial statements have been prepared in conformity withaccounting principles generally accepted in the United States and properlyreflect the effects of certain estimates and judgements made by management.

    The Company's management maintains an effective system of internal controlthat is designed to provide reasonable assurance that assets are safeguarded andtransactions are properly recorded and executed in accordance with management'sauthorization.  The system is continuously monitored by direct managementreview, the independent accountants and by internal auditors who conduct anextensive program of audits throughout the Company.

    The Company's consolidated financial statements have been audited by BDOSeidman, LLP, independent accountants.  Their audits were conducted inaccordance with auditing standards generally accepted in the United States, andincluded a review of financial controls and tests of accounting records andprocedures as they considered necessary in the circumstances.

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    The Audit Committee of the Board of Directors, which consists of independent,non-executive directors, meets regularly with management, the internal auditorsand the independent accountants to review accounting, reporting, auditing andinternal control matters.  The committee has direct and private access toboth internal and external auditors.

/s/ Sidney Kimmel                             /s/ Wesley R. Card

Sidney Kimmel                                 Wesley R. CardChairman                                          Chief Financial Officer

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Board of Directors and Stockholders of Jones Apparel Group, Inc.

    We have audited the accompanying consolidated balance sheets of Jones ApparelGroup, Inc. and subsidiaries as of December 31, 2000 and 1999, and the relatedconsolidated statements of income, stockholders' equity and cash flows for eachof the three years in the period ended December 31, 2000.  These financialstatements are the responsibility of the Company's management.  Ourresponsibility is to express an opinion on these financial statements based onour audits.

    We conducted our audits in accordance with auditing standards generallyaccepted in the United States.  Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement.  An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in thefinancial statements.  An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation.  We believe thatour audits provide a reasonable basis for our opinion.

    In our opinion, the consolidated financial statements referred to abovepresent fairly, in all material respects, the financial position of JonesApparel Group, Inc. and subsidiaries as of December 31, 2000 and 1999, and theresults of their operations and their cash flows for each of the three years inthe period ended December 31, 2000, in conformity with accounting principlesgenerally accepted in the United States.

/s/ BDO Seidman, LLP

BDO Seidman, LLPNew York, New YorkFebruary 2, 2001

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Jones Apparel Group, Inc.Consolidated Balance Sheets(All amounts in millions except per share data)
December 31,                                                      2000       1999---------------------------------------------------------------------------------ASSETSCURRENT ASSETS:  Cash and cash equivalents                                   $   60.5	 $   47.0  Accounts receivable                                            398.0      271.1  Inventories                                                    557.2      619.6  Prepaid and refundable income taxes                                -       34.5  Deferred taxes                                                  70.6       98.9  Prepaid expenses and other current assets                       95.4       59.5                                                              -------------------    TOTAL CURRENT ASSETS                                       1,181.7    1,130.6PROPERTY, PLANT AND EQUIPMENT, at cost, less accumulated  depreciation and amortization                                  222.5      239.8GOODWILL, less accumulated amortization                        1,086.8      989.9OTHER INTANGIBLES, at cost, less accumulated amortization        371.6      345.4OTHER ASSETS                                                     116.6       86.3                                                              -------------------                                                              $2,979.2   $2,792.0                                                              ===================LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:  Short-term debt and current portion of long-term    debt and capital lease obligations                        $  499.8   $  266.9  Accounts payable                                               210.9      205.1  Income taxes payable                                            13.1          -  Accrued restructuring costs                                     29.5       61.1  Accrued employee compensation                                   32.8       35.0  Accrued expenses and other current liabilities                 100.7       93.3                                                              -------------------    TOTAL CURRENT LIABILITIES                                    886.8      661.4                                                              -------------------NONCURRENT LIABILITIES:  Long-term debt                                                 547.2      801.5  Obligations under capital leases                                29.0       32.7  Other                                                           39.0       55.4                                                              -------------------    TOTAL NONCURRENT LIABILITIES                                 615.2      889.6                                                              -------------------    TOTAL LIABILITIES                                          1,502.0    1,551.0                                                              -------------------COMMITMENTS AND CONTINGENCIES                                        -          -STOCKHOLDERS' EQUITY:  Preferred stock, $.01 par value - shares authorized 1.0;    none issued                                                      -          -  Common stock, $.01 par value - shares authorized 200.0;    issued 137.6 and 134.6                                         1.4        1.4  Additional paid-in capital                                     752.0      693.0  Retained earnings                                            1,084.1      782.2  Accumulated other comprehensive income                          (2.4)       0.3                                                              -------------------                                                               1,835.1    1,476.9  Less treasury stock, 17.5 and 12.0 shares, at cost            (357.9)    (235.9)                                                              -------------------    TOTAL STOCKHOLDERS' EQUITY                                 1,477.2    1,241.0                                                              -------------------                                                              $2,979.2   $2,792.0                                                              ===================
See accompanying notes to consolidated financial statements

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Jones Apparel Group, Inc.Consolidated Statements of Income(All amounts in millions except per share data)
Year Ended December 31,                            2000         1999         1998---------------------------------------------------------------------------------NET SALES                                      $4,120.5     $3,129.8     $1,669.4LICENSING INCOME (NET)                             22.2         20.9         15.8                                               ----------------------------------  Total revenues                                4,142.7      3,150.7      1,685.2COST OF GOODS SOLD                              2,433.4      1,876.9      1,098.3PURCHASE ACCOUNTING ADJUSTMENTS  TO COST OF GOODS SOLD (1)                         3.1         84.6          2.4                                               ----------------------------------  Gross profit                                  1,706.2      1,189.2        584.5SELLING, GENERAL AND ADMINISTRATIVE  EXPENSES                                      1,064.7        788.7        320.0AMORTIZATION OF GOODWILL                           36.9         22.3          2.7                                               ----------------------------------  Operating income                                604.6        378.2        261.8INTEREST EXPENSE AND FINANCING COSTS              103.8         66.9         11.8INTEREST INCOME                                    (2.3)        (3.3)        (1.8)                                               ----------------------------------  Income before provision for income taxes        503.1        314.6        251.8PROVISION FOR INCOME TAXES                        201.2        126.2         96.9                                               ----------------------------------NET INCOME                                       $301.9       $188.4       $154.9                                               ==================================EARNINGS PER SHARE  Basic                                           $2.54        $1.65        $1.52  Diluted                                         $2.48        $1.60        $1.47WEIGHTED AVERAGE COMMON SHARES OUTSTANDING  Basic                                           119.0        114.1        101.6  Diluted                                         121.9        118.0        105.1
(1) Reflects a non-cash increase in cost of goods sold attributable to thefair value of inventory over cost, recorded as a result of the acquisitions ofVictoria, Nine West and Sun as required by the purchase method of accounting.See accompanying notes to consolidated financial statements

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Jones Apparel Group, Inc.Consolidated Statements of Stockholders' Equity(All amounts in millions)
                                                        Total                                     Accumulated                                                       stock-            Additional                     other                                                     holders'   Common      paid-in   Retained  comprehensive  Treasury                                                       equity    stock      capital   earnings         income     stock-----------------------------------------------------------------------------------------------------------------------BALANCE, JANUARY 1, 1998                             $  435.6     $0.5       $122.6   $  438.9          $(1.5)  $(124.9)YEAR ENDED DECEMBER 31, 1998:  Comprehensive income:    Net income                                          154.9        -            -      154.9              -         -    Foreign currency translation adjustments             (0.8)       -            -          -           (0.8)        -                                                       ------      Total comprehensive income                        154.1                                                       ------  Amortization of deferred compensation in    connection with executive stock options               0.2        -          0.2          -              -         -  Stock issued relating to acquisition of Sun            97.3      0.1         97.2          -              -         -  Exercise of stock options                               9.4        -          9.5          -              -      (0.1)  Tax benefit derived from exercise of stock options      5.9        -          5.9          -              -         -  Effect of 2-for-1 stock split                             -      0.6         (0.6)         -              -         -  Treasury stock acquired                              (108.1)       -            -          -              -    (108.1)-----------------------------------------------------------------------------------------------------------------------BALANCE, DECEMBER 31, 1998                              594.4      1.2        234.8      593.8           (2.3)   (233.1)YEAR ENDED DECEMBER 31, 1999:  Comprehensive income:    Net income                                          188.4        -            -      188.4              -         -    Foreign currency translation adjustments              2.6        -            -          -            2.6         -                                                       ------    Total comprehensive income                          191.0                                                       ------  Amortization of deferred compensation in    connection with executive stock options               0.1        -          0.1          -              -         -  Stock issued relating to acquisition of Nine West     421.7      0.2        421.5          -              -         -  Stock issued as additional consideration for    acquisition of Sun                                   14.3        -         14.3          -              -         -  Exercise of stock options                              14.1        -         14.1          -              -         -  Tax benefit derived from exercise of stock options      8.4        -          8.4          -              -         -  Treasury stock acquired                                (2.8)       -            -          -              -      (2.8)  Other                                                  (0.2)       -         (0.2)         -              -         ------------------------------------------------------------------------------------------------------------------------BALANCE, DECEMBER 31, 1999                            1,241.0      1.4        693.0      782.2            0.3    (235.9)YEAR ENDED DECEMBER 31, 2000:  Comprehensive income:    Net income                                          301.9        -            -      301.9              -         -    Foreign currency translation adjustments             (2.7)       -            -          -           (2.7)        -                                                        -----    Total comprehensive income                          299.2                                                        -----  Amortization of deferred compensation in    connection with executive stock options               1.1        -          1.1          -              -         -  Stock issued as additional consideration for    acquisition of Sun                                   18.3        -         18.3          -              -         -  Exercise of stock options                              27.6        -         27.7          -              -      (0.1)  Tax benefit derived from exercise of stock options     11.9        -         11.9          -              -         -  Treasury stock acquired                              (121.9)       -            -          -              -    (121.9)-----------------------------------------------------------------------------------------------------------------------BALANCE, DECEMBER 31, 2000                           $1,477.2     $1.4       $752.0   $1,084.1          $(2.4)  $(357.9)=======================================================================================================================
See accompanying notes to consolidated financial statements

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Jones Apparel Group, Inc.Consolidated Statements of Cash Flows(All amounts in millions)
Year Ended December 31,                            2000         1999         1998---------------------------------------------------------------------------------CASH FLOWS FROM OPERATING ACTIVITIES:Net income                                       $301.9       $188.4       $154.9                                                 --------------------------------Adjustments to reconcile net income to net  cash provided by operating activities,  net of acquisitions:    Amortization of goodwill                       36.9         22.3          2.7    Depreciation and other amortization            72.4         53.1         18.5    Provision for losses on trade receivables         -          5.4          0.2    Deferred taxes                                 64.1         40.8          4.9    Other                                           5.4          0.1          0.5  Decrease (increase) in:    Accounts receivable, including a $67.0      payment in 2000 to terminate Nine      West's accounts receivable      securitization program                     (135.1)       (59.2)        (7.8)    Inventories                                    45.3         84.5         66.3    Prepaid expenses and other current assets      (2.2)        33.7        (10.3)    Other assets                                   (0.7)       (17.3)        (0.9)  Increase (decrease) in:    Accounts payable                                3.9         44.9        (17.0)    Taxes payable, net of prepaid and      refundable income taxes                      58.0        (41.2)        18.8    Accrued expenses and other liabilities       (110.7)      (107.7)        (5.9)                                                 --------------------------------    Total adjustments                              37.3         59.4         70.0                                                 --------------------------------    Net cash provided by operating activities     339.2        247.8        224.9                                                 --------------------------------CASH FLOWS FROM INVESTING ACTIVITIES:  Acquisitions, net of cash acquired              (29.1)      (436.2)      (121.0)  Additional consideration paid for    acquisition of Sun                            (26.6)       (20.1)           -  Capital expenditures                            (46.8)       (29.7)       (48.5)  Acquisition of intangibles                       (2.0)       (29.6)           -  Loans to officers                               (20.0)           -            -  Other                                           (10.2)         9.2         11.8                                                 --------------------------------    Net cash used in investing activities        (134.7)      (506.4)      (157.7)                                                 --------------------------------CASH FLOWS FROM FINANCING ACTIVITIES:  Issuance of Senior Notes, net of discount           -        396.4        264.7  Debt issuance costs                                 -         (5.6)        (7.6)  Repurchase of Nine West Senior Notes                -       (344.0)           -  Premiums paid on repurchase of Nine West    Senior Notes                                      -        (12.9)           -  Refinancing of acquired long-term debt          (71.0)           -       (237.8)  Net borrowings under long-term    credit facilities                             (20.9)       136.3        105.3  Principal payments on capital leases             (4.5)        (4.4)        (4.0)  Purchases of treasury stock                    (121.9)        (2.8)      (108.1)  Proceeds from exercise of stock options          27.6         14.1          9.4  Other                                               -         (0.2)           -                                                 --------------------------------    Net cash (used in) provided by      financing activities                       (190.7)       176.9         21.9                                                 --------------------------------EFFECT OF EXCHANGE RATES ON CASH                   (0.3)        (0.3)        (0.2)                                                 --------------------------------NET INCREASE (DECREASE) IN CASH  AND CASH EQUIVALENTS                             13.5        (82.0)        88.9CASH AND CASH EQUIVALENTS, BEGINNING               47.0        129.0         40.1                                                 --------------------------------CASH AND CASH EQUIVALENTS, ENDING                $ 60.5       $ 47.0       $129.0                                                 ================================
See accompanying notes to consolidated financial statements

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Jones Apparel Group, Inc.Notes to Consolidated Financial Statements

**SUMMARY OF ACCOUNTING POLICIES**

*Basis of Presentation*    The consolidated financial statements include the accounts of Jones ApparelGroup, Inc. and its wholly-owned subsidiaries (collectively, the"Company").  All significant intercompany balances andtransactions have been eliminated.

    The Company designs, contracts for the manufacture of, manufactures andmarkets a broad range of women's collection sportswear, suits and dresses,casual sportswear and jeanswear for men, women and children, and women's shoesand accessories.  The Company sells its products through a broad array ofdistribution channels, including better specialty and department stores and massmerchandisers.  The Company also operates its own network of retail andfactory outlet stores.  In addition, the Company licenses the use ofseveral of its brand names to select manufacturers of women's and men's appareland accessories.

    The preparation of financial statements in conformity with accountingprinciples generally accepted in the United States requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expensesduring the reporting period.  Actual results could differ from theseestimates.

*Credit Risk*    Financial instruments which potentially subject the Company to concentration ofcredit risk consist principally of temporary cash investments and accountsreceivable.  The Company places its cash and cash equivalents ininvestment-grade, short-term debt instruments with high quality financialinstitutions and the U.S. Government and, by policy, limits the amount of creditexposure in any one financial instrument.  The Company performs ongoingcredit evaluations of its customers' financial condition and, generally,requires no collateral from its customers.  The allowance fornon-collection of accounts receivable is based upon the expected collectibilityof all accounts receivable.

*Derivative Financial Instruments*    Derivative financial instrument contracts are used by the Company when deemedappropriate to manage exposure to changes in interest rates and foreign currencyexchange rates.  Differentials to be paid or received under interest ratecontracts are recognized in income over the life of the contracts as adjustmentsto interest expense.  Gains and losses on contracts designated as hedges ofexisting assets and liabilities denominated in foreign currencies are recognizedin income.  The Company does not use financial instruments for trading orother speculative purposes.

*Inventories*    Inventories are valued at the lower of cost or market.  Approximately 79%and 74% of inventories were determined by using the FIFO (first in, first out)method of valuation as of December 31, 2000 and 1999, respectively; theremainder were determined by the weighted average cost and retail methods. The Company makes provisions for obsolete or slow moving inventories asnecessary to properly reflect inventory value.

*Property, Plant, Equipment and Depreciation*    Depreciation and amortization are computed by the straight-line method over theestimated useful lives of the assets ranging from three to 31.5 years.

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*Leased Property Under Capital Leases*    Property under capital leases is amortized over the lives of the respectiveleases or the estimated useful lives of the assets.

*Goodwill*    Goodwill represents the excess of purchase price over the fair value of netassets acquired in business combinations accounted for under the purchase methodof accounting.  Goodwill recorded in connection with acquisitions is beingamortized using the straight-line method over 30 years.

*Other Intangibles*    Other intangibles, which include trademarks and license agreements, areamortized on a straight-line basis over the estimated useful lives of theassets.

*Foreign Currency Translation*    The financial statements of foreign subsidiaries are translated into U.S.dollars in accordance with Statement of Financial Accounting Standards ("SFAS")No. 52, "Foreign Currency Translation."  Where the functionalcurrency of a foreign subsidiary is its local currency, balance sheet accountsare translated at the current exchange rate and income statement items aretranslated at the average exchange rate for the period.  Gains and lossesresulting from translation are accumulated in a separate component ofstockholders' equity.  Where the local currency of a foreign subsidiary isnot its functional currency, financial statements are translated at eithercurrent or historical exchange rates, as appropriate.  These adjustments,along with gains and losses on currency transactions, are reflected in theconsolidated statements of income.

*Defined Benefit Plans*    The Company's funding policy is to make the minimum annual contributionsrequired by applicable regulations.

*Treasury Stock*    Treasury stock is recorded at net acquisition cost.  Gains and losses ondisposition are recorded as increases or decreases to additional paid-in capitalwith losses in excess of previously recorded gains charged directly to retainedearnings.

*Revenue Recognition*    Sales are recognized upon shipment of products or, in the case of retail sales,at the time of register receipt.  Allowances for estimated returns areprovided when sales are recorded.

*Shipping and Handling Costs*    Shipping and handling costs billed to customers are recorded as revenue. The costs associated with shipping goods to customers are recorded as a cost ofsales.

*Advertising Expense*    The Company records national advertising campaign costs as an expense when theadvertising takes place and cooperative advertising costs as incurred. Advertising expense was $50.2 million, $37.5 million and $11.3 million in 2000,1999 and 1998, respectively. 

*Income Taxes*    The Company uses the asset and liability method of accounting for incometaxes.  Current tax assets and liabilities are recognized for the estimatedFederal, foreign, state and local income taxes payable or refundable on the taxreturns for the current year.  Deferred tax assets and liabilities arerecognized for the expected future tax consequences of temporary differencesbetween the financial statement and tax bases of assets and liabilities usingenacted tax rates in effect for the year in which the differences are expectedto reverse.  Deferred income tax provisions are based on the changes to therespective assets and liabilities from period to period.

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*Stock Options*    The Company uses the intrinsic value method of accounting for employee stockoptions as permitted by SFAS No. 123, "Accounting for Stock-BasedCompensation."  Accordingly, compensation cost for stock options ismeasured as the excess, if any, of the quoted market price of the Company'sstock at the date of the grant over the amount the employee must pay to acquirethe stock.  The compensation cost is recognized over the vesting period ofthe options.

*Earnings per Share*    Basic earnings per share includes no dilution and is computed by dividing incomeavailable to common shareholders by the weighted average number of common sharesoutstanding for the period.  Diluted earnings per share reflect, in periodsin which they have a dilutive effect, the effect of common shares issuable uponexercise of stock options.  The difference between reported basic anddiluted weighted-average common shares results from the assumption that alldilutive stock options outstanding were exercised.

    The following options to purchase shares of common stock were outstandingduring a portion of each year but were not included in the computation ofdiluted earnings per share because the exercise prices of the options weregreater than the average market price of the common shares and, therefore, wouldbe antidilutive.
                                           2000       1999       1998                                         ----------------------------     Number of options (in millions)        5.8        3.3        4.4     Weighted-average exercise price     $31.51     $37.60     $24.66
*Cash Equivalents*    The Company considers all highly liquid short-term investments to be cashequivalents.

*Long-Lived Assets*    The Company reviews certain long-lived assets and identifiable intangibles(including goodwill) for impairment whenever events or changes in circumstancesindicate that the carrying amount may not be recoverable.  In that regard,the Company assesses the recoverability of such assets based upon estimatednon-discounted cash flow forecasts.

*Presentation of Prior Year Data*    Certain reclassifications have been made to conform prior year data with thecurrent presentation.

*New Accounting Standards*    In June 1998, the Financial Accounting Standards Board issued SFAS No. 133,"Accounting for Derivative Instruments and Hedging Activities," whichrequires entities to recognize all derivatives as either assets or liabilitiesin the statement of financial position and measure those instruments at fairvalue.  SFAS No. 133, as amended by SFAS Nos. 137 and 138, is effective forall fiscal years beginning after June 15, 2000.  The adoption of SFAS No.133 will not have a material impact on operating results or financial statementdisclosures. 

    In December 1999, the SEC issued SAB No. 101, "Revenue Recognition inFinancial Statements."  SAB 101 summarizes certain of the SEC's viewsin applying accounting principles generally accepted in the United States torevenue recognition in financial statements.  SAB 101 was adopted in 2000and had no material impact on the Company's revenue recognition policy.

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**ACQUISITIONS**

    On July 31, 2000, the Company purchased 100% of the outstanding securities ofVictoria, a privately-held corporation. Victoria is a leading designer andmarketer of branded and private label costume jewelry.  The total purchaseprice was $93.8 million, including $16.8 million in cash payments (of which $2.0million is payable in 2002) and the assumption of $77.0 million of Victoria'sfunded debt and accrued interest.  This funded debt was refinanced by theCompany through its existing credit facilities.  In addition, thestockholders of Victoria are entitled to receive future payments in the form ofcash and common stock of the Company if certain earnings targets are met in2001, 2002 and 2003.

    The acquisition has been accounted for under the purchase method ofaccounting for business combinations.  Accordingly, the consolidatedfinancial statements include the results of operations of Victoria from theacquisition date.  The purchase price was allocated to Victoria's assetsand liabilities, tangible and intangible (as determined by an independentappraiser), with the excess of the purchase price over the fair value of the netassets acquired of approximately $40.1 million being amortized on astraight-line basis over 30 years.

    On June 15, 1999, the Company acquired Nine West, a leading designer,developer and marketer of women's footwear and accessories.  In theacquisition, the Company purchased all the outstanding shares of Nine West'scommon stock for a total purchase price of $466.1 million in cash andapproximately 17.1 million shares of common stock, valued for financialreporting purposes at $24.35 per share (the average closing price for the weekcontaining March 1, 1999, the date the definitive Agreement and Plan of Mergerwas signed).  In addition, the Company assumed $493.7 million of NineWest's outstanding debt, a portion of which has been refinanced.

    The acquisition has been accounted for under the purchase method ofaccounting for business combinations.  Accordingly, the consolidatedfinancial statements include the results of operations of Nine West from theacquisition date.  The purchase price was allocated to Nine West's assetsand liabilities, tangible and intangible (as determined by an independentappraiser), with the excess of the purchase price over the fair value of the netassets acquired of approximately $712.5 million being amortized on astraight-line basis over 30 years.

    The following unaudited pro forma information presents a summary of theconsolidated results of operations of the Company as if both acquisitions andtheir related financing had taken place on January 1, 1999.  These proforma results have been prepared for comparative purposes only and do notpurport to be indicative of the results of operations which actually would haveresulted had the acquisition occurred on January 1, 1999, or which may result inthe future.
  Year Ended December 31,                       2000             1999  -------------------------------------------------------------------	  Total revenues (in millions)              $4,179.3         $4,033.3  Net income (in millions)                    $275.1           $186.4  Basic earnings per common share              $2.31            $1.50  Diluted earnings per common share            $2.26            $1.45
**ACCRUED RESTRUCTURING COSTS**

    In connection with the acquisitions of Nine West and Sun, the Companyassessed and formulated plans to restructure certain operations of eachcompany.  These plans involved the closure of manufacturing facilities,certain offices, foreign subsidiaries, and selected domestic and internationalretail locations.  The objectives of the plans were to eliminateunprofitable or marginally profitable lines of business and reduce overheadexpenses.  The accrual of these costs and liabilities is as follows:

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                                             Balance at        Net  Payments and         Balance at  (In millions)                       December 31, 1999  Additions    Reductions  December 31, 2000                                      -----------------  ---------  ------------  -----------------  Severance and other employee costs              $26.7      $13.5         $32.6              $ 7.6  Closing of retail stores                         15.0      (10.2)          0.2                4.6  Consolidation of facilities                      14.4        3.4           4.7               13.1  Other                                             5.0       (0.2)          0.6                4.2                                      -----------------  ---------  ------------  -----------------  Total                                           $61.1      $ 6.5         $38.1              $29.5                                      =================  =========  ============  =================
    Estimated severance payments and other employee costs of $7.6 million accruedat December 31, 2000 relate to the remaining estimated severance forapproximately 675 employees at locations to be closed.  Employee groupsaffected (totaling an estimated 4,100 employees) include retail sales personnelat closed store locations, accounting, administrative, customer service andmanagement personnel at closed facilities, manufacturing and productionpersonnel at closed plant locations and duplicate corporate headquartersmanagement and administrative personnel.  During 2000, $32.6 million of thereserve was utilized (relating to severance and related costs for approximately1,520 employees).

    Accrued liabilities for the closing of Nine West retail stores of $4.6million at December 31, 2000 relate primarily to lease obligations and otherclosing costs for the remaining 15 stores to be closed after December 31, 2000from the 250 stores originally identified to be closed.

    The $13.1 million accrued at December 31, 2000 for the consolidation offacilities relate primarily to expected costs to be incurred, including leaseobligations, for closing certain Nine West facilities in connection withconsolidating their operations into other existing Company facilities.

    The net addition of $6.5 million relating to the Nine West acquisition wasrecorded as an increase to goodwill.  Any additional costs relating to NineWest or Sun will be charged to operations in the period in which they occur.

**ACCOUNTS RECEIVABLE**

Accounts receivable consists of the following:
  December 31,                                         2000        1999  ---------------------------------------------------------------------  (In millions)  Accounts receivable                                $410.4      $176.3  Securitized interest in accounts receivable             -       121.4  Allowance for doubtful accounts                     (12.4)      (26.6)                                                     ------------------                                                     $398.0      $271.1                                                     ==================
    As of December 31, 1999, the Company had an agreement with a financialinstitution under which it could sell, without recourse, its interest in certaintrade accounts receivable.  As of December 31, 1999, the Company had sold$188.4 million of outstanding trade accounts receivable, had received proceedsof $67.0 million and had a subordinated interest in the remaining outstandingreceivables of $121.4 million.  The level of the Company's securitizedinterests in outstanding receivables sold under the agreement was capped at$132.0 million and the program had an effective interest rate of 6.5%. During the first quarter of 2000, the Company terminated this facility.

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**INVENTORIES**

    Inventories are summarized as follows:
  December 31,                                         2000        1999  ---------------------------------------------------------------------  (In millions)  Raw materials                                      $ 30.0      $ 25.6  Work in process                                      52.7        42.5  Finished goods                                      474.5       551.5                                                     ------------------                                                     $557.2      $619.6                                                     ==================
**PROPERTY, PLANT AND EQUIPMENT**

   ****Major classes of property, plant and equipment are as follows:
  December 31,                                         2000        1999  ---------------------------------------------------------------------  (In millions)  Land and buildings                                 $ 81.6      $ 80.9  Leasehold improvements                              116.3       128.4  Machinery and equipment                             151.2       132.3  Furniture and fixtures                               64.9        73.8  Construction in progress                             14.4         9.3                                                     ------------------                                                      428.4       424.7  Less: accumulated depreciation and amortization     205.9       184.9                                                     ------------------                                                     $222.5      $239.8                                                     ==================
    Depreciation and amortization expense relating to property, plant andequipment was $51.1 million, $38.0 million and $17.1 million in 2000, 1999 and1998, respectively.

    Included in property, plant and equipment are the following capitalizedleases:
  December 31,                                         2000        1999  ---------------------------------------------------------------------  (In millions)  Buildings                                          $ 48.6      $ 48.6  Machinery and equipment                               4.7         4.0                                                     ------------------                                                       53.3        52.6  Less: accumulated amortization                       13.1         9.5                                                     ------------------                                                     $ 40.2      $ 43.1                                                     ==================
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**OTHER INTANGIBLE ASSETS**

    Other intangible assets consist of the following:
                                                                             Useful                                                                              lives  December 31,                                         2000        1999      (years)  ---------------------------------------------------------------------------------  (In millions)  Trademarks                                         $358.1      $346.1     8 to 30  License agreements                                   44.9        33.3   5.5 to 19  Other                                                 2.9           -           5                                                     ------------------                                                      405.9       379.4  Less: accumulated amortization                       34.3        34.0                                                     ------------------                                                     $371.6      $345.4                                                     ==================
**FINANCIAL INSTRUMENTS**

    The Company, as a result of its global operating and financing activities, isexposed to changes in interest rates and foreign currency exchange rates whichmay adversely affect results of operations and financial condition.  Inseeking to minimize the risks and/or costs associated with such activities, theCompany manages exposure to changes in interest rates and foreign currencyexchange rates through its regular operating and financing activities and, whendeemed appropriate, through the use of derivative financial instruments. The instruments eligible for utilization include forward, option and swapagreements.  The Company does not use financial instruments for trading orother speculative purposes.

    At December 31, 2000, the Company had outstanding two fixed-to-floatinginterest rate swaps with an aggregate notional principal amount of $200.0million.  The Company's 2000 weighted average interest rate on long-termdebt of 7.3% was not significantly impacted by outstanding financialinstruments.  Differentials which occur due to changes in interest ratesare recognized in interest expense during the period to which thepayment/receipt relates.  The Company's interest rate swaps have expirationdates of June 2004 and June 2006.

    At December 31, 2000 and 1999, the fair values of cash and cash equivalents,receivables and accounts payable approximated carrying values due to theshort-term nature of these instruments. The estimated fair values of otherfinancial instruments subject to fair value disclosures, determined based onbroker quotes or quoted market prices or rates for the same or similarinstruments, and the related carrying amounts are as follows: 
  December 31,                                         2000                    1999  -----------------------------------------------------------------------------------------  (In millions)                                Carrying        Fair    Carrying        Fair                                                 Amount       Value      Amount       Value                                               --------    --------    --------    --------  Short-term borrowings                        $  228.3    $  228.3    $  256.1    $  256.1  Long-term debt, including current portion       813.7       772.5       808.2       803.2  Interest rate swaps                                 -         5.1           -        (3.9)                                               --------    --------    --------    --------                                               $1,042.0    $1,005.9    $1,064.3    $1,055.4                                               ========    ========    ========    ========
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    Gains and losses arising from foreign currency exchange contracts arerecorded when the related hedged transaction occurs.  The Company had nonet outstanding foreign exchange contracts as of December 31, 2000 or 1999.

    Financial instruments expose the Company to counterparty credit risk fornonperformance and to market risk for changes in interest and currencyrates.  The Company manages exposure to counterparty credit risk throughspecific minimum credit standards, diversification of counterparties andprocedures to monitor the amount of credit exposure.  The Company'sfinancial instrument counterparties are substantial investment or commercialbanks with significant experience with such instruments.  The Company alsohas procedures to monitor the impact of market risk on the fair value and costsof its financial instruments considering reasonably possible changes in interestand currency rates.

**SIGNIFICANT CUSTOMERS**

    A significant portion of the Company's sales are to retailers throughout theUnited States and Canada.  The Company has two significant customers in itswholesale apparel and wholesale footwear and accessories operatingsegments.  Sales to department stores owned by The May Department StoresCompany ("May") accounted for 14%, 14% and 16% of consolidated totalrevenues for the years ended December 31, 2000, 1999 and 1998,respectively.  Sales to department stores owned by Federated DepartmentStores, Inc. ("Federated") accounted for 14%, 14% and 16% ofconsolidated total revenues for the years ended December 31, 2000, 1999 and1998, respectively.  May and Federated accounted for approximately 23% ofaccounts receivable at December 31, 2000.

**CREDIT FACILITIES**

    At December 31, 2000, the Company had credit agreements with several lendinginstitutions to borrow an aggregate principal amount of up to $1.45 billionunder Senior Credit Facilities.  These facilities, of which the entireamount is available for letters of credit or cash borrowings, provide for a$750.0 million 364-Day Revolving Credit Facility (increased from $500.0 millionduring the second quarter of 2000) and a $700.0 million Five-Year RevolvingCredit Facility.  At December 31, 2000, $283.4 million in letters of creditwas outstanding under the 364-Day Revolving Credit Facility and $225.0 millionin cash borrowings was outstanding under the Company's Five-Year RevolvingCredit Facility.  Borrowings under the Senior Credit Facilities may also beused for working capital and other general corporate purposes, includingpermitted acquisitions and stock repurchases.  The Senior Credit Facilitiesare unsecured and require the Company to satisfy both a coverage ratio ofearnings before interest, taxes, depreciation, amortization and rent to interestexpense plus rents and a net worth maintenance covenant, as well as otherrestrictions, including (subject to exceptions) limitations on the Company'sability to incur additional indebtedness, prepay subordinated indebtedness, makeacquisitions, enter into mergers, and pay dividends.

    Prior to the Nine West acquisition, the Company had similar creditarrangements with several lending institutions to borrow an aggregate principalamount of up to $550.0 million under Senior Credit Facilities.

    The Company also has various unsecured foreign lines of credit in Australiaand Canada aggregating approximately $20.2 million, under which $3.3 million wasoutstanding at December 31, 2000.  The weighted-average interest rate ofthe Company's credit facilities was 7.3% at December 31, 2000.

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**LONG-TERM DEBT**

    Long-term debt consists of the following:
  December 31,                                         2000        1999  ---------------------------------------------------------------------  (In millions)  6.25% Senior Notes due 2001, net of unamortized    discount of $0.1 and $0.2                         $264.9     $264.8  5.5% Convertible Subordinated Notes due 2003           0.5        0.5  7.50% Senior Notes due 2004, net of unamortized    discount of $1.0 and $1.3                          174.0      173.7  8.375% Series B Senior Notes due 2005, net of    unamortized discount of $0.5 and $0.6              129.1      129.0  7.875% Senior Notes due 2006, net of unamortized    discount of $1.7 and $2.0                          223.3      223.0  9% Series B Senior Subordinated Notes due 2007         0.1        0.1  6.98% Industrial revenue bonds, final payment    due 2008                                            10.4       12.0  Other debt                                            11.4        5.1                                                      -----------------                                                       813.7      808.2  Less: current portion                                266.5        6.7                                                      -----------------                                                      $547.2     $801.5                                                      =================
    Long-term debt maturities for each of the next five years are $266.5 millionin 2001, $4.1 million in 2002, $3.2 million in 2003, $177.7 million in 2004 and$137.6 million in 2005.  All of the Company's notes pay interestsemiannually and contain certain covenants, including, among others,restrictions on liens, sale-leaseback transactions, and additional secured debt.

**OBLIGATIONS UNDER CAPITAL LEASES**

    Obligations under capital leases consist of the following:
  December 31,                                         2000        1999  ---------------------------------------------------------------------  (In millions)  Warehouses, office facilities and equipment       $  34.0     $  36.8  Less: current portion                                 5.0         4.1                                                    -------------------  Obligations under capital leases - noncurrent     $  29.0     $  32.7                                                    ===================
    The Company occupies warehouse and office facilities leased from the City ofLawrenceburg, Tennessee.  Four ten-year net leases run until February 2004,July 2005, May 2006 and April 2007, respectively, and require minimum annualrent payments of $0.5 million, $0.5 million, $0.5 million, and $1.0 million,respectively, plus accrued interest.  In connection with these leases, theCompany guaranteed $25.0 million of Industrial Development Bonds issued in orderto construct the facilities, $12.9 million of which remained unpaid as ofDecember 31, 2000.  The financing agreement with the issuing authorityrequires the Company to comply with the same financial covenants required by theCompany's Senior Credit Facilities (see "Credit Facilities").

    The Company also leases warehouse and office facilities in Bristol,Pennsylvania.  Two 15-year net leases run until March and October 2013,respectively, and require minimum annual rent payments of $1.2 million and $0.8million, respectively. 

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    The Company also leases various equipment under three tofive-year leases at an aggregate annual rental of $1.8 million.  Theequipment has been capitalized at its fair market value of $4.2 million, whichapproximates the present value of the minimum lease payments.

    The following is a schedule by year of future minimum lease payments undercapital leases, together with the present value of the net minimum leasepayments as of December 31, 2000:
  Year Ending December 31,  ------------------------  (In millions)  2001                                              $  9.7  2002                                                10.2  2003                                                 3.2  2004                                                 2.8  2005                                                 2.5  Later years                                         18.5                                                    ------  Total minimum lease payments                        46.9  Less: amount representing interest                  12.9                                                    ------  Present value of net minimum lease payments       $ 34.0                                                    ======
**COMMITMENTS AND CONTINGENCIES**

    (a) CONTINGENT LIABILITIES.  The Company has been named as a defendantin various actions and proceedings, including actions brought by certainemployees whose employment has been terminated arising from its ordinarybusiness activities.  Although the amount of any liability that could arisewith respect to these actions cannot be accurately predicted, in the opinion ofthe Company, any such liability will not have a material adverse effect on itsfinancial position or results of operations.

    (b) ROYALTIES.  Under exclusive licenses to manufacture certain itemsunder the *Lauren by Ralph Lauren* and *Ralph by Ralph Lauren* trademarks pursuantto license and design service agreements with Polo Ralph Lauren Corporation("Polo"), the Company is obligated to pay Polo a percentage of netsales of *Lauren by Ralph Lauren* and *Ralph by Ralph Lauren* products.  Aminimum payment of $7.0 million is due for the year  2001 under the *Laurenby Ralph Lauren* agreements and minimum payments of $5.3 million are due for eachof the years 2002 and 2003 under the *Ralph by Ralph Lauren* agreements.  TheCompany exercised its option in January 2001 to renew the *Lauren by Ralph Lauren*agreements through December 31, 2006, with minimum payments for each of theyears in this renewal period set at 90% of the actual payments due for2001.  The *Ralph by Ralph Lauren* agreements expire on December 31, 2003 andeach provides for an additional renewal option through December 31, 2006 uponexpiration, provided that certain sales levels have been met.

    Under a similar exclusive license to manufacture certain items under the*PoloJeans Company* trademark pursuant to license and design service agreements withPolo, the Company is obligated to pay Polo a percentage of net sales of *PoloJeans Company* products.  The Company is also obligated to spend onadvertising a percentage of net sales of these licensed products.  Theagreements expire on December 31, 2005 and may be renewed by the Company infive-year increments for up to 25 additional years if certain sales requirementsare met.  Renewal of the *Polo Jeans Company* license after 2010 requires aone-time payment by the Company of $25.0 million or, at the Company's option, atransfer of a 20% interest in its *Polo Jeans Company* business to Polo (with nofees required for subsequent renewals).  Polo also has an option,exercisable on or before June 1, 2010, to purchase the Company's Polo JeansCompany business at the end of 2010 for a purchase price, payable in cash, equalto 80% of the then fair market value of the business as a going concern,assuming continuation of the *Polo Jeans* license through 2030.

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    In June 2000, the Company acquired an exclusive license to manufacture andmarket in Canada certain products under the *Polo Jeans Company* and *Polo RalphLauren* trademarks pursuant to license and design service agreements withPolo.  The agreements provide for payment by the Company of a percentage ofnet sales of the licensed products against guaranteed minimum royalty and designservice payments of C$1.3 million in 2001, C$1.5 million in 2002, C$1.6 millionin 2003, C$2.3 million in 2004 and C$2.5 million in 2005.  The Company isalso obligated to spend on advertising a percentage of net sales of theselicensed products.  The agreements expire on December 31, 2005 and arerenewable for an additional five years provided that the Company achievescertain minimum sales levels.

    As a result of the acquisition of Victoria, the Company obtained theexclusive license to produce and sell costume jewelry in the United States andCanada under the *Tommy Hilfiger* trademark, which expires on December 31,2004.  Upon expiration, the Company has the right to renew the license foran additional three-year period, provided that it meets certain minimum saleslevels.  The agreement provides for payment by the Company of a percentageof net sales against guaranteed minimum royalty and advertising payments as setforth in the agreement.  The Company also obtained the exclusive, worldwidelicense to produce, market and distribute costume jewelry under the *Givenchy*mark, which expires on December 31, 2002.  Minimum royalties under theseagreements amount to $1.6 million in 2001, $1.8 million in 2002, $1.5 million in2003 and $1.9 million in 2004.

    (c) LEASES.  Total rent expense charged to operations for the yearsended December 31, 2000, 1999 and 1998 was $152.1 million, $106.5 million and$27.4 million, respectively.

    The following is a schedule of future minimum rental payments required underoperating leases for the next five years:
  Year Ending December 31,  ------------------------  (In millions)  2001                                              $ 85.3  2002                                                78.5  2003                                                70.2  2004                                                59.0  2005                                                50.1  Later years                                        151.9                                                    ------                                                    $495.0                                                    ======
    Certain of the leases provide for renewal options and the payment of realestate taxes and other occupancy costs.**COMMON STOCK**

    The Board of Directors has authorized several repurchase programs torepurchase the Company's common stock from time to time in open markettransactions totaling $500.0 million.  As of December 31, 2000, 17.4million shares had been acquired at a cost of $356.9 million.  There is notime limit for the utilization of the amounts remaining under any uncompletedprograms.

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**INCOME TAXES**

    The following summarizes the provision for income taxes:
  Year Ended December 31,                              2000        1999        1998  ---------------------------------------------------------------------------------  (In millions)  Current:    Federal                                          $114.9      $ 81.0      $ 79.4    State and local                                     9.6         4.5         9.1    Foreign                                            12.6        (0.1)        3.5                                                     ------------------------------                                                      137.1        85.4        92.0                                                     ------------------------------  Deferred:    Federal                                            55.3        24.5         2.7    State and local                                     8.5         8.1         2.0    Foreign                                             0.3         8.2         0.2                                                     ------------------------------                                                       64.1        40.8         4.9                                                     ------------------------------  Provision for income taxes                         $201.2      $126.2       $96.9                                                     ==============================
    The domestic and foreign components of income before provision for incometaxes were as follows:
  Year Ended December 31,                              2000        1999        1998  ---------------------------------------------------------------------------------  (In millions)  United States                                      $480.6      $293.4      $243.8  Foreign                                              22.5        21.2         8.0                                                     ------------------------------  Income before provision for income taxes           $503.1      $314.6      $251.8                                                     ==============================
    The provision for income taxes on adjusted historical income differs from theamounts computed by applying the applicable Federal statutory rates due to thefollowing:
  Year Ended December 31,                               2000       1999        1998  ---------------------------------------------------------------------------------  (In millions)  Provision for Federal income taxes    at the statutory rate                             $176.1     $110.1      $ 88.1  State and local income taxes, net of    federal benefit                                     11.8        7.9         7.2  Amortization of goodwill                              13.0        7.8         0.9  Amortization of excess of net assets    acquired over cost                                     -          -        (0.5)  Other items, net                                       0.3        0.4         1.2                                                      -----------------------------  Provision for income taxes                          $201.2     $126.2      $ 96.9                                                      =============================
    The Company has not provided for U.S. Federal and foreign withholding taxeson $18.9 million of foreign subsidiaries' undistributed earnings as of December31, 2000.  Such earnings are intended to be reinvested indefinitely.

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    The following is a summary of the significant components of the Company'sdeferred tax assets and liabilities: 
  December 31,                                         2000        1999  ---------------------------------------------------------------------  (In millions)  Deferred tax assets (liabilities):    Nondeductible accruals and allowances            $ 67.1      $ 82.6    Depreciation and amortization                      37.4        45.8    Intangible asset valuation                        (76.9)      (65.4)    Loss carryforwards                                 18.3           -    Other (net)                                        15.9        31.7                                                     ------------------    Net deferred tax asset                           $ 61.8      $ 94.7                                                     ==================  Included in:    Current assets                                   $ 70.6      $ 98.9    Accrued expenses and other current liabilities        -        (4.2)    Noncurrent liabilities                             (8.8)          -                                                     ------------------    Net deferred tax asset                           $ 61.8      $ 94.7                                                     ==================
    As of December 31, 2000, the Company had capital loss carryforwards of $43.0million, which expire in 2005, and operating loss carryforwards of $5.6 million,which expire in 2019.

**STATEMENT OF CASH FLOWS**
  Year Ended December 31,                              2000        1999        1998  ---------------------------------------------------------------------------------  (In millions)  Detail of acquisitions:    Fair value of assets acquired                    $131.0    $1,742.7	     $537.3    Liabilities assumed                              (101.9)     (884.8)     (319.0)    Common stock and options issued                       -      (421.7)      (97.3)                                                     ------------------------------    Net cash paid for acquisitions                     29.1       436.2       121.0    Cash acquired in acquisitions                       0.8        29.8         6.5                                                     ------------------------------    Cash paid for acquisitions                       $ 29.9    $  466.0      $127.5                                                     ==============================  Supplemental disclosures of cash flow information:    Cash paid during the year for:      Interest                                       $ 96.4      $ 66.4      $  6.0      Income taxes                                     78.6       119.3        75.7  Supplemental disclosures of non-cash investing    and financing activities:      Equipment acquired through capital        lease financing                                 1.3         1.8        21.6      Tax benefits related to stock options            11.9         8.4         5.9      Common stock issued as additional        consideration for acquisition of Sun           18.3        14.3           -
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**STOCK OPTIONS**

    Under three stock option plans, the Company may grant stock options and otherawards from time to time to key employees, officers, directors, advisors andindependent consultants to the Company or to any of its subsidiaries.  Ingeneral, options become exercisable over a five-year period from the grant dateand expire 10 years after the date of grant.  In certain cases fornon-employee directors, options become exercisable six months after the grantdate and expire 10 years after date of grant.  Shares available for futureoption grants at December 31, 2000, totaled 2.1 million.

    In connection with the acquisition of Nine West, out-of-the-money stockoptions for Nine West common stock held by Nine West employees were converted tofully-vested options to purchase the Company's common stock.  Under theterms of the Agreement and Plan of Merger, each option to purchase one share ofNine West's common stock was converted into an option to purchase .5011 sharesof the Company's common stock, and each option was adjusted to reduce theexercise price by $13.00.  An aggregate of options to purchase 1.8 millionshares of Nine West common stock were converted to options to purchase 0.9million shares of the Company's common stock at a weighted average value of$56.22 per share.

    The following table summarizes information about stock option transactions(options in millions):
                                          2000              1999              1998                                    ---------------   ---------------   ---------------                                           Weighted          Weighted          Weighted                                            Average           Average           Average                                           Exercise          Exercise          Exercise                                    Options   Price   Options   Price   Options   Price                                    ---------------   ---------------   ---------------  Outstanding at beginning of year     12.6  $22.29      10.9  $16.73       9.8  $14.44  Nine West option conversions            -       -       0.9  $56.22         -       -  Granted                               6.2  $26.20       2.6  $29.99       2.4  $22.98  Exercised                            (2.3) $12.12      (1.4)  $9.59      (1.0)  $9.03  Cancelled/forfeited                  (0.8) $34.23      (0.4) $43.51      (0.3) $19.13                                    ---------------   ---------------   ---------------  Outstanding at December 31           15.7  $24.70      12.6  $22.29      10.9  $16.73                                    ===============   ===============   ===============
    The following table summarizes information about stock options outstanding atDecember 31, 2000 (options in millions):
                               Outstanding                   Exercisable                    ---------------------------------   ---------------------                                   Weighted                                    Average                                  Remaining  Weighted                Weighted                                   Years of   Average                 Average  Range of              Number  Contractual  Exercise       Number   Exercise  Exercise Prices   of Options         Life     Price   of Options      Price  ---------------   ---------------------------------   ---------------------  $0 to $15                1.9          4.9    $10.24          1.4      $9.63  $15 to $30              12.0          8.5    $25.06          3.1     $24.07  $30 to $45               1.6          8.2    $33.45          1.0     $33.89  $45 to $70               0.2          5.6    $66.47          0.2     $66.47                    ---------------------------------   ---------------------  In total                15.7          8.0    $24.70          5.7     $24.12                    =================================   =====================
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	    Pursuant to a provision in SFAS No. 123, "Accounting for Stock-BasedCompensation," the Company has elected to continue using theintrinsic-value method of accounting for stock-based awards granted to employeesin accordance with Accounting Principles Board Opinion 25, "Accounting forStock Issued to Employees."  Accordingly, the Company has onlyrecognized compensation expense for its stock-based awards to employees foroptions granted at below-market prices.  The following table reflects proforma net income and earnings per share had the Company elected to adopt thefair value approach of SFAS No. 123:
  Year Ended December 31,                              2000        1999        1998  ---------------------------------------------------------------------------------  (In millions)  Net income (in millions)    As reported                                      $301.9      $188.4      $154.9    Pro forma                                        $284.0      $176.4      $144.7  Basic earnings per share    As reported                                       $2.54       $1.65       $1.52    Pro forma                                         $2.39       $1.55       $1.42  Diluted earnings per share    As reported                                       $2.48       $1.60       $1.47    Pro forma                                         $2.33       $1.49       $1.38
These pro forma amounts may not be representative of future disclosures sincethe estimated fair value of stock options is amortized to expense over thevesting period, and additional options may be granted in future years.

    The estimated fair value of each option granted included in the pro formaresults is calculated using the Black-Scholes option-pricing model with thefollowing weighted-average assumptions used for grants in 2000, 1999 and 1998,respectively: no dividends paid for all years; expected volatility of 46.8%,42.4% and 40.1%; risk-free interest rates of 5.83%, 5.56% and 5.12%; andexpected lives of 3.8, 3.3 and 3.6 years.  The weighted average fair valuesof options at their grant date during 2000, 1999 and 1998, where the exerciseprice equaled the market price on the grant date, were $9.07, $10.33 and $9.65,respectively, and where the exercise price was less than the market price on thegrant date, were $24.67, $22.00 and $21.05, respectively.  The weightedaverage fair value of options at their grant date during 2000 where the exerciseprice exceeded the market price on the grant date was $7.79.

**EMPLOYEE BENEFIT PLANS**

    The Company maintains the Jones Apparel Group, Inc. Retirement Plan (the"Jones Plan") under Section 401(k) of the Internal Revenue Code (the"Code").  Full-time employees not covered by a collectivebargaining agreement and meeting certain other requirements are eligible toparticipate in the Jones Plan.  Under the Jones Plan, participants mayelect to have up to 15% of their salary deferred and deposited with a qualifiedtrustee, who in turn invests the money in a variety of investment vehicles asselected by each participant.  All employee contributions into the JonesPlan are 100% vested.

    For the period January 1, 1998 through December 31, 1999, the Company matched50% of each participant's contributions with the Company's contribution limitedto a maximum of 3.0% of the employee's total compensation for employees earningsless than $150,000 per year.  For employees earning over $150,000 per year,the Company matched 35% of each participant's contributions with the Company'scontribution limited to a maximum of 2.1% of the employee's totalcompensation.  The Company's matching contributions prior to 2000 vest overa five-year period.  Effective January 1, 2000, the Company elected to  

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 makethe Jones Plan a "Safe Harbor Plan" under Section 401(k)(12) of theCode.  As a result of this election, the Company makes a fully-vested safeharbor matching contribution for all eligible participants amounting to 100% ofthe first 3% of the participant's salary deferred and 50% of the next 2% ofsalary deferred, subject to maximums set by the Department of the Treasury. 

    Contributions and salary deferrals are subject to limitations imposed by theCode.  The Company may, at its sole discretion, contribute additionalamounts to all employees on a pro rata basis.  The Company contributedapproximately $3.3 million, $1.5 million and $1.5 million to the Jones Planduring the years ended December 31, 2000, 1999 and 1998, respectively.

    Nine West maintains the Pension Plan for Associates of Nine West Group Inc.(the "Cash Balance Plan").  The Cash Balance Plan expressesretirement benefits as an account balance which increases each year throughinterest credits and, for service prior to February 15, 1999, through servicecredits, as well.  The Company's funding policy is to make the minimumannual contributions required by applicable regulations.  The assets of theCash Balance Plan have been invested in commingled funds which invest primarilyin common stock and investment grade bonds.  At December 31, 2000, thebenefit obligation, fair value of plan assets and accrued benefit cost under theCash Balance Plan were $30.4 million, $31.7 million and $0.2 million,respectively.  The net periodic benefit cost to the Company for 2000 was$1.2 million.

    Nine West maintains the Nine West Group Inc. 401(k) Savings Plan (the"Savings Plan") and a non-qualified compensation plan, theSupplemental Savings Plan (the "Supplemental Plan" and, together withthe Savings Plan, the "Savings Plans"), established for employeesdesignated by Nine West's retirement committee.  Prior to January 1, 2001,the Savings Plan allowed each participant to contribute up to 15.0% (limited to6.0% for highly compensated employees) of the participant's salary for theyear.  Nine West made matching contributions to the Savings Plan equal to50.0% of the participant's contribution up to 6.0% of the participant'ssalary.  The Supplemental Plan allowed each participant to contribute up to15.0% of the participant's salary for the year.  Nine West made matchingcontributions to the Supplemental Plan equal to 50.0% of the participant'scontribution up to 6.0% of the participant's salary, limited to a maximum of$5,000 for 2000.  At the end of the plan year, discrimination testingdetermined the amount of Supplemental Plan contributions, not to exceed 6.0%,that would be transferred into the Savings Plan.  Effective January 1,2001, the Company elected to make the Savings Plan a "Safe HarborPlan" under Section 401(k)(12) of the Code, under which Company matchingcontributions will mirror those under the Jones Plan.  At the same time,the Supplemental Plan was frozen, with no future contributions being made byeither the Company or the participants.  The cost of Nine West's definedcontribution plans to the Company was $0.9 million and $0.3 million in 2000 and1999, respectively.

    In connection with the acquisition of Victoria, the Company assumedadditional plans in which certain Victoria employees participate.

    Victoria maintains a deferred contribution retirement plan under Section401(k) of the Code (the "Victoria Plan").  The Victoria Planallows each participant to contribute a stated percentage of the participant'ssalary for the year, subject to limitations under the Code.  Victoria makesmatching contributions to the Victoria Plan equal to 40.0% of each participant'scontribution up to 6.0% of the participant's salary and can also makediscretionary contributions.  The cost of the Victoria Plan to the Companywas $0.1 million since the acquisition.

    Victoria also maintains The Napier Company Retirement Plan for certainAssociates of Victoria (the "Napier Plan").  All benefits underthe Napier Plan are frozen at the amounts earned by the participants as ofDecember 31, 1995.  The Company's funding policy is to make no less thanthe minimum annual contributions required by applicable regulations.  Theassets of the Napier Plan have been invested in a diversified portfolio ofequity and debt securities.  At December 31, 2000, the benefit obligation,fair value of plan assets and prepaid benefit cost under the Napier Plan were$7.7 million, $7.8 million and $1.6 million, respectively.  The netperiodic benefit cost to the Company for 2000 was $0.1 million.

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**BUSINESS SEGMENT AND GEOGRAPHIC AREA INFORMATION**

    Upon the acquisition of Nine West, the Company redefined the operatingsegments it uses for financial reporting purposes.  Historical data hasbeen restated to reflect these changes.

    The Company's operations are comprised of three reportable segments:wholesale apparel, wholesale footwear and accessories, and retail.  TheCompany identifies operating segments based on, among other things, the way thatthe Company's management organizes the components of the Company's business forpurposes of allocating resources and assessing performance.  Segmentrevenues are generated from the sale of apparel, footwear and accessoriesthrough wholesale channels and the Company's own retail locations.  Thewholesale segments include wholesale operations with third party department andretail stores while the retail segment includes retail operations byCompany-owned retail stores.  No individual country other than the UnitedStates accounted for more than 10% of consolidated net revenues in 2000, 1999 or1998.  The Company defines segment profit as operating income beforeamortization of goodwill, interest expense and income taxes.  Summarizedbelow are the Company's segment sales and income (loss) by reportable segmentsfor the years ended December 31, 2000, 1999 and 1998.
(In millions)                                      Wholesale                                       Wholesale  Footwear &                 Other &                                         Apparel Accessories     Retail Eliminations Consolidated                                        ---------------------------------------------------------For the year ended December 31, 2000  Revenues from external customers      $2,168.0    $  940.0   $1,012.5     $   22.2     $4,142.7  Intersegment revenues                     87.9       108.6          -       (196.5)           -                                        ---------------------------------------------------------    Total revenues                       2,255.9     1,048.6    1,012.5       (174.3)     4,142.7                                        ---------------------------------------------------------  Segment income                        $  351.6    $  226.4   $   90.9     $  (27.4)       641.5                                        ============================================  Amortization of goodwill                                                                  (36.9)  Net interest expense                                                                     (101.5)                                                                                         --------  Income before provision    for income taxes                                                                     $  503.1                                                                                         ========  Depreciation and other amortization   $   30.9    $    2.0   $   24.1     $   15.4     $   72.4For the year ended December 31, 1999  Revenues from external customers      $1,994.7    $  464.5   $  670.6     $   20.9     $3,150.7  Intersegment revenues                     97.5        79.7          -       (177.2)           -                                        ---------------------------------------------------------    Total revenues                       2,092.2       544.2      670.6       (156.3)     3,150.7                                        ---------------------------------------------------------  Segment income                        $  381.9    $    9.0   $   42.2     $  (32.6)       400.5                                        ============================================  Amortization of goodwill                                                                  (22.3)  Net interest expense                                                                      (63.6)                                                                                         --------  Income before provision    for income taxes                                                                     $  314.6                                                                                         ========  Depreciation and other amortization   $   23.8    $    2.5   $   11.3     $   15.5     $   53.1For the year ended December 31, 1998  Revenues from external customers      $1,500.3    $      -   $  169.1     $   15.8     $1,685.2  Intersegment revenues                    112.0           -          -       (112.0)           -                                        ---------------------------------------------------------    Total revenues                       1,612.3           -      169.1        (96.2)     1,685.2                                        ---------------------------------------------------------  Segment income                        $  281.2    $      -   $   18.1     $  (34.8)       264.5                                        ============================================  Amortization of goodwill                                                                   (2.7)  Net interest expense                                                                      (10.0)                                                                                         --------  Income before provision    for income taxes                                                                     $  251.8                                                                                         ========  Depreciation and other amortization   $   12.6    $      -   $    3.8     $    2.1     $   18.5
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(In millions)                                      Wholesale                                       Wholesale  Footwear &                 Other &                                         Apparel Accessories     Retail Eliminations Consolidated                                        ---------------------------------------------------------Total assets  December 31, 2000                     $1,767.9    $  808.9    $ 202.3     $  200.1     $2,979.2  December 31, 1999                      1,661.5       766.7      433.0        (69.2)     2,792.0  December 31, 1998                        684.9           -       70.6        433.2      1,188.7
    Revenues from external customers and long-lived assets excluding deferredtaxes related to operations in the United States and foreign countries are asfollows:
  On or for the Year Ended December 31,                2000        1999        1998  ---------------------------------------------------------------------------------  (In millions)  Revenues from external customers:    United States                                  $3,774.5    $2,941.2    $1,617.4    Foreign countries                                 368.2       209.5        67.8                                                   --------------------------------                                                   $4,142.7    $3,150.7    $1,685.2                                                   ================================  Long-lived assets:    United States                                  $1,756.3    $1,580.7    $  551.1    Foreign countries                                  41.2        80.7         3.5                                                   --------------------------------                                                   $1,797.5    $1,661.4    $  554.6                                                   ================================
**SUPPLEMENTAL PRO FORMA CONDENSED FINANCIAL INFORMATION**

    Certain of the Company's subsidiaries function as co-issuers, obligors andco-obligors (fully and unconditionally guaranteed on a joint and several basis)of the outstanding debt of Jones Apparel Group, Inc. ("Jones"),including Jones Apparel Group USA, Inc. ("Jones USA"), Jones ApparelGroup Holdings, Inc. ("Jones Holdings") and Nine West (collectively,including Jones, the "Issuers").

    On January 1, 1999, Jones consummated a corporate reorganization under whichtwo new wholly owned subsidiaries, Jones USA and Jones Holdings, werecreated.  On that date, the operating assets of Jones were transferred toJones USA.  Jones and Jones Holdings function as either co-issuers orco-obligors with respect to the outstanding debt securities of Jones USA andcertain of the outstanding debt securities of Nine West.  In addition, NineWest functions as either a co-issuer or co-obligor with respect to all of JonesUSA's outstanding debt securities, and Jones USA functions as a co-obligor withrespect to the outstanding debt securities of Nine West as to which Jones andJones Holdings function as co-obligors.

    Condensed consolidating balance sheets, condensed consolidating statements ofincome and condensed consolidating statements of cash flows for the Issuers andthe Company's other subsidiaries are provided for 2000 and 1999.  Inaddition, condensed consolidating statements of income and condensedconsolidating statements of cash flows are provided for Jones and the Company'sother subsidiaries for 1998.  These condensed consolidating financialstatements have been prepared using the equity method of accounting inaccordance with the requirements for presentation of such information. Separate financial statements and other disclosures concerning Jones for 2000and 1999 are not presented as Jones has no independent operations or assetssubsequent to the corporate reorganization.  There are no contractualrestrictions on distributions from Jones USA, Jones Holdings or Nine West toJones.

50

<PAGE> 51Condensed Consolidating Balance Sheets(In millions)
                                                         December 31, 2000                            December 31, 1999                                             ----------------------------------------     ---------------------------------------                                                                     Elim-      Cons-                             Elim-     Cons-                                              Issuers    Others   inations   olidated      Issuers    Others   inations  olidated                                             ----------------------------------------     ---------------------------------------ASSETSCURRENT ASSETS:  Cash and cash equivalents                  $   45.5  $   15.0   $      -   $   60.5     $   38.9     $ 8.1   $      -   $  47.0  Accounts receivable - net                     288.2     109.8          -      398.0        170.2     104.9       (4.0)    271.1  Inventories                                   404.4     159.7       (6.9)     557.2        463.9     164.3       (8.6)    619.6  Prepaid and refundable income taxes             4.8         -       (4.8)         -         34.1       0.4          -      34.5  Deferred taxes                                 58.7      11.9          -       70.6         94.0       3.5        1.4      98.9  Prepaid expenses and other current assets      86.2      10.3       (1.1)      95.4         47.9      12.5       (0.9)     59.5                                             ----------------------------------------     ---------------------------------------    TOTAL CURRENT ASSETS                        887.8     306.7      (12.8)   1,181.7        849.0     293.7      (12.1)  1,130.6Property, plant and equipment - net             166.4      56.1          -      222.5        198.3      41.5          -     239.8Due from affiliates                             844.4     558.0   (1,402.4)         -        897.0     407.7   (1,304.7)        -Goodwill - net                                1,067.2     408.6     (389.0)   1,086.8        969.8     337.0     (316.9)    989.9Other intangibles - net                         277.4      94.2          -      371.6        289.1      56.3          -     345.4Investments in subsidiaries                   2,396.0      21.4   (2,417.4)         -      2,131.4      19.5   (2,150.9)        -Other assets                                     57.3      51.3        8.0      116.6         49.3      44.0       (7.0)     86.3                                             ----------------------------------------     ---------------------------------------                                             $5,696.5  $1,496.3  $(4,213.6)  $2,979.2     $5,383.9  $1,199.7  $(3,791.6) $2,792.0                                             ========================================     =======================================LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:  Short-term debt and current portion    of long-term debt and capital    lease obligations                        $  499.1  $    0.7  $       -   $  499.8     $  266.6  $    0.3  $       -  $  266.9  Accounts payable                              166.6      44.3          -      210.9        159.3      45.8          -     205.1  Income taxes payable                           13.5       4.4       (4.8)      13.1            -         -          -         -  Accrued expenses and other    current liabilities                         126.1      37.9       (1.0)     163.0        161.1      29.4       (1.1)    189.4                                             ----------------------------------------     ---------------------------------------    TOTAL CURRENT LIABILITIES                   805.3      87.3       (5.8)     886.8        587.0      75.5       (1.1)    661.4                                             ----------------------------------------     ---------------------------------------NONCURRENT LIABILITIES:  Long-term debt                                537.9       9.3          -      547.2        801.5         -          -     801.5  Obligations under capital leases               28.9       0.1          -       29.0         32.6       0.1          -      32.7  Due to affiliates                           1,129.7     272.7   (1,402.4)         -      1,147.9     156.8   (1,304.7)        -  Other                                          29.2       1.9        7.9       39.0         56.7       5.8       (7.1)     55.4                                             ----------------------------------------     ---------------------------------------    TOTAL NONCURRENT LIABILITIES              1,725.7     284.0   (1,394.5)     615.2      2,038.7     162.7   (1,311.8)    889.6                                             ----------------------------------------     ---------------------------------------    TOTAL LIABILITIES                         2,531.0     371.3   (1,400.3)   1,502.0      2,625.7     238.2   (1,312.9)  1,551.0                                             ----------------------------------------     ---------------------------------------STOCKHOLDERS' EQUITY:  Common stock                                1,047.3         -   (1,045.9)       1.4      1,028.9         -   (1,027.5)      1.4  Additional paid-in capital                  1,214.6     567.4   (1,030.0)     752.0      1,155.6     506.7     (969.3)    693.0  Retained earnings                           1,262.3     561.9     (740.1)   1,084.1        807.4     457.7     (482.9)    782.2  Accumulated other comprehensive income         (0.8)     (4.3)       2.7       (2.4)         2.2      (2.9)       1.0       0.3                                             ----------------------------------------     ---------------------------------------                                              3,523.4   1,125.0   (2,813.3)   1,835.1      2,994.1     961.5   (2,478.7)  1,476.9  Less treasury stock                          (357.9)        -          -     (357.9)      (235.9)        -          -    (235.9)                                             ----------------------------------------     ---------------------------------------TOTAL STOCKHOLDERS' EQUITY                    3,165.5   1,125.0   (2,813.3)   1,477.2      2,758.2     961.5   (2,478.7)  1,241.0                                             ----------------------------------------     ---------------------------------------                                             $5,696.5  $1,496.3  $(4,213.6)  $2,979.2     $5,383.9  $1,199.7  $(3,791.6) $2,792.0                                             ========================================     =======================================
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Condensed Consolidating Statements of Income (In millions) 
                                Year Ended December 31, 2000            Year Ended December 31, 1999            Year Ended December 31, 1998                           --------------------------------------  --------------------------------------  --------------------------------------                                                  Elim-     Cons-                         Elim-     Cons-                         Elim-     Cons-                            Issuers    Others  inations  olidated   Issuers    Others  inations  olidated     Jones    Others  inations  olidated                           --------------------------------------  --------------------------------------  --------------------------------------Net sales                  $3,269.8  $  951.5  $ (100.8) $4,120.5  $2,396.5  $  837.9  $ (104.6) $3,129.8  $1,426.4  $  360.0  $ (117.0) $1,669.4Licensing income (net)         12.0      10.2         -      22.2       6.7      14.2         -      20.9         -      15.8         -      15.8                           --------------------------------------  --------------------------------------  --------------------------------------  Total revenues            3,281.8     961.7    (100.8)  4,142.7   2,403.2     852.1    (104.6)  3,150.7   1,426.4     375.8    (117.0)  1,685.2Cost of goods sold          1,897.5     640.5    (101.5)  2,436.5   1,513.2     547.4     (99.1)  1,961.5     969.3     246.0    (114.6)  1,100.7                           --------------------------------------  --------------------------------------  --------------------------------------  Gross profit              1,384.3     321.2       0.7   1,706.2     890.0     304.7      (5.5)  1,189.2     457.1     129.8      (2.4)    584.5Selling, general and  administrative expenses     906.6     163.0      (4.9)  1,064.7     654.9     135.0      (1.2)    788.7     295.9      27.0      (2.9)    320.0Amortization of goodwill       36.0      13.4     (12.5)     36.9      12.9      11.5      (2.1)     22.3         -       2.7         -       2.7                           --------------------------------------  --------------------------------------  --------------------------------------  Operating income            441.7     144.8      18.1     604.6     222.2     158.2      (2.2)    378.2     161.2     100.1       0.5     261.8Net interest (income)  expense and  financing costs             122.5     (21.0)        -     101.5      82.9     (19.3)        -      63.6      26.5     (16.5)        -      10.0                           --------------------------------------  --------------------------------------  --------------------------------------    Income before provision      for income taxes and      equity in earnings      of subsidiaries         319.2     165.8      18.1     503.1     139.3     177.5      (2.2)    314.6     134.7     116.6       0.5     251.8Provision for income taxes    135.4      64.2       1.6     201.2      59.8      68.0      (1.6)    126.2      54.1      42.8         -      96.9Equity in earnings of  subsidiaries               (439.7)     (2.6)    442.3         -    (218.0)     (3.5)    221.5         -     (60.3)     (4.5)     64.8         -                           --------------------------------------  --------------------------------------  --------------------------------------  Net income               $  623.5  $  104.2  $ (425.8) $  301.9  $  297.5  $  113.0  $ (222.1) $  188.4  $  140.9  $   78.3  $  (64.3) $  154.9                           ======================================  ======================================  ======================================Condensed Consolidating Statements of Cash Flows(In millions)                                Year Ended December 31, 2000            Year Ended December 31, 1999            Year Ended December 31, 1998                           --------------------------------------  --------------------------------------  --------------------------------------                                                  Elim-     Cons-                         Elim-     Cons-                         Elim-     Cons-                            Issuers    Others  inations  olidated   Issuers    Others  inations  olidated     Jones    Others  inations  olidated                           --------------------------------------  --------------------------------------  --------------------------------------Net cash provided by operating activities      $  269.5  $   69.7  $      -  $  339.2  $  213.8  $   34.0  $      -  $  247.8  $  137.1  $   87.8  $      -  $  224.9                           --------------------------------------  --------------------------------------  --------------------------------------Cash flows from investing activities:  Acquisitions, net of    cash acquired             (14.9)    (14.2)        -     (29.1)   (436.2)        -         -    (436.2)   (127.5)      6.5         -    (121.0)  Additional consideration    paid for acquisition    of Sun                    (26.6)        -         -     (26.6)    (20.1)        -         -     (20.1)        -         -         -         -  Capital expenditures        (23.9)    (22.9)        -     (46.8)    (17.5)    (12.2)        -     (29.7)    (38.6)     (9.9)        -     (48.5)  Acquisition of intangibles   (1.0)     (1.0)        -      (2.0)        -     (29.6)        -     (29.6)        -         -         -         -  Loans to officers           (20.0)        -         -     (20.0)        -         -         -         -         -         -         -         -  Other                       (10.4)      0.2         -     (10.2)      9.1       0.1         -       9.2      11.2       0.6         -      11.8                           --------------------------------------  --------------------------------------  --------------------------------------  Net cash used in    investing activities      (96.8)    (37.9)        -    (134.7)   (464.7)    (41.7)        -    (506.4)   (154.9)     (2.8)        -    (157.7)                           --------------------------------------  --------------------------------------  --------------------------------------Cash flows from financing activities:  Issuance of Senior    Notes, net                    -         -         -         -      390.8        -         -     390.8     257.1         -         -     257.1  Repurchase of Nine West    Senior Notes                  -         -         -         -     (356.9)       -         -    (356.9)        -         -         -         -  Refinancing of acquired    long-term debt            (71.0)        -         -     (71.0)         -        -         -         -    (237.8)        -         -    (237.8)  Net borrowings (payments)    under long-term    credit facilities         (30.4)      9.5         -     (20.9)     139.4     (3.1)        -     136.3     105.3         -         -     105.3  Purchases of treasury    stock                    (121.9)        -         -    (121.9)      (2.8)       -         -      (2.8)   (108.1)        -         -    (108.1)  Proceeds from exercise    of stock options           27.6         -         -      27.6       14.1        -         -      14.1       9.4         -         -       9.4  Net intercompany    borrowings (payments)      34.4     (34.4)        -         -       95.3    (95.3)        -         -      (1.2)      1.2         -         -  Other items                  (4.0)     (0.5)        -      (4.5)      (4.3)    (0.3)        -      (4.6)     (3.9)     (0.1)        -      (4.0)                           --------------------------------------  --------------------------------------  --------------------------------------  Net cash (used in)    provided by    financing activities     (165.3)    (25.4)        -    (190.7)     275.6    (98.7)        -     176.9      20.8       1.1         -      21.9                           --------------------------------------  --------------------------------------  --------------------------------------Effect of exchange rates on cash                       (0.8)      0.5         -      (0.3)         -     (0.3)        -      (0.3)        -      (0.2)        -      (0.2)                           --------------------------------------  --------------------------------------  --------------------------------------Net increase (decrease) in cash and cash equivalents      6.6       6.9         -      13.5       24.7   (106.7)        -     (82.0)      3.0      85.9         -      88.9Cash and cash equivalents, beginning                     38.9       8.1         -      47.0       14.2    114.8         -     129.0      11.2      28.9         -      40.1                           --------------------------------------  --------------------------------------  --------------------------------------Cash and cash equivalents, ending                    $   45.5  $   15.0  $      -  $   60.5  $    38.9  $   8.1  $      -  $   47.0  $   14.2  $  114.8  $      -  $  129.0                           ======================================  ======================================  ======================================
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**RELATED PARTY TRANSACTIONS**

    During 2000, $20.0 million in loans were made to two company officers. Atotal of $18.0 million was loaned to the Company's Chairman and Chief ExecutiveOfficer for his purchase of a residence in New York City.  This loan, whichreplaced an arrangement under which the Chairman has been provided the use of aCompany-owned apartment, is secured by the residence and bears interest at theapplicable federal rate under IRS regulations.  A total of $2.0 million wasloaned to the Company's President and also bears interest at the applicablefederal rate under IRS regulations.

**SUBSEQUENT EVENT**

    In February 2001, the Company issued 20-year, zero coupon convertible seniordebt securities. Gross proceeds of the offering were $402.5 million. Thesecurities carry a 3.5% yield to maturity with a face value of $805.6 millionand are convertible into common stock initially at $50.925 per share.  Theproceeds were  used to repay amounts then outstanding under the SeniorCredit Facilities and for general corporate purposes.

**UNAUDITED CONSOLIDATED FINANCIAL INFORMATION**

     Unaudited interim consolidated financial information for the two years endedDecember 31, 2000 is summarized as follows:
                                         First     Second      Third     Fourth  (In millions except per share data)  Quarter    Quarter    Quarter    Quarter  -----------------------------------------------------------------------------  2000    Net sales                         $1,077.5   $  901.1   $1,185.6   $  956.3    Total revenues                     1,082.4      906.6    1,191.5      962.2    Gross profit                         437.8      378.9      488.8      400.7    Operating income                     143.8      118.2      212.8      129.8    Net income                            70.6       55.5      112.3       63.5    Basic earnings per share             $0.59      $0.47      $0.95      $0.53    Diluted earnings per share           $0.58      $0.46      $0.93      $0.52  1999    Net sales                         $  574.8   $  505.9   $1,139.4   $  909.7    Total revenues                       579.1      510.4    1,146.7      914.5    Gross profit                         214.3      199.9      439.4      335.6    Operating income                      95.9       62.1      151.9       68.3    Net income                            54.4       31.9       75.0       27.1    Basic earnings per share             $0.53      $0.29      $0.61      $0.22    Diluted earnings per share           $0.51      $0.28      $0.59      $0.22
**ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSURE**

    Not Applicable.

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**PART III**

**ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT**

    The directors and executive officers of the Company are as follows:
NameAgeOffice  Sidney Kimmel        73  Chairman, Chief Executive Officer and Director  Jackwyn Nemerov      49  President and Director  Irwin Samelman       70  Executive Vice President, Marketing and Director  Wesley R. Card       53  Chief Financial Officer  Patrick M. Farrell   51  Senior Vice President and Corporate Controller  Geraldine Stutz      72  Director  Howard Gittis        67  Director  Eric A. Rothfeld     49  President and Chief Executive Officer of Sun and Director
    Mr. Kimmel founded the Jones Apparel Division of W.R. Grace & Co. in1970.  Mr. Kimmel has served as Chairman and Chief Executive Officer since1975.

    Ms. Nemerov joined the Company in 1985, and from 1995 to 1997 served asPresident of the Company's casual sportswear divisions and the Lauren by RalphLauren division.  She was elected President of the Company in early 1997.

    Mr. Samelman has been Executive Vice President, Marketing of Jones since1991.

    Mr. Card has been Chief Financial Officer of the Company since 1990.

    Mr. Farrell was appointed Vice President and Corporate Controller in November1997 and Senior Vice President in September 1999.  He joined the Company in1994 as Director of Internal Audit and served as Vice President, Finance andAdministration of Retail Operations of the Company from 1995 to 1997.

    Ms. Stutz has been a principal partner of GSG Group, a fashion and marketingservice, since 1993.  Prior to 1993, she was Publisher of Panache Press atRandom House, a book publisher.  From 1960 until 1986, Ms. Stutz wasPresident of Henri Bendel.  Ms. Stutz serves on the Board of Directors ofTiffany & Co., The Theatre Development Fund and The Actors' Fund.

    Mr. Gittis' principal occupation during the past five years has been ViceChairman and Chief Administrative Officer and a director of MacAndrews &Forbes Holdings Inc., a diversified holding company.  In addition, Mr.Gittis is a director of Golden State Bancorp Inc., Golden State Holdings Inc.,Loral Space and Communications Ltd., M&F Worldwide Corp., Panavision Inc.,Revlon, Inc., Revlon Consumer Products Corporation, REV Holdings Inc. andSunbeam Corporation.

    Mr. Rothfeld serves as President and Chief Executive Officer of Sun. Mr. Rothfeld served as President of Sun from 1986 to September 1997, and asChairman and Chief Executive Officer of Sun from September 1997 until itsacquisition by Jones.

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**ITEM 11.  EXECUTIVE COMPENSATION**

    The information appearing in the Proxy Statement under the captions"EXECUTIVE COMPENSATION" and "EMPLOYMENT AND COMPENSATIONARRANGEMENTS" is incorporated herein by this reference.

**ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

    The information appearing in the Proxy Statement under the caption"SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS" is incorporatedherein by this reference.

**ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

    The information appearing in the Proxy Statement under the captions"CERTAIN TRANSACTIONS" and "COMPENSATION COMMITTEE INTERLOCKS ANDINSIDER PARTICIPATION" are incorporated herein by this reference.

 

**PART IV**

**ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM8-K**

(a) The following documents are filed as part of this report:

1. Financial Statements.

The following financial statements of the Company are included in Item 8 ofthis report:

Independent Auditor's Report

Consolidated Balance Sheets - December 31, 2000 and 1999

Consolidated Statements of Income - Years ended December 31, 2000, 1999 and1998

Consolidated Statements of Stockholders' Equity - Years ended December 31,2000, 1999 and 1998

Consolidated Statements of Cash Flows - Years ended December 31, 2000, 1999and 1998

Notes to Consolidated Financial Statements (includes certain supplementalfinancial information required by Item 8 of Form 10-K)

2. The schedule and report of independent certified public accountantsthereon, listed in the Index to Financial Statement Schedules attached hereto.

3. The exhibits listed in the Exhibit Index attached hereto.

(b) Reports on Form 8-K

    During the quarter ended December 31, 2000, the Company filed a CurrentReport on Form 8-K with the Securities and Exchange Commission, dated December14, 2000, announcing that the United States District Court for the SouthernDistrict of New York in White Plains gave final approval to thepreviously-reported antitrust settlement agreement by the Company and Nine Westwith the Attorneys General of the 50 States, the District of Columbia, PuertoRico, the Virgin Islands, American Samoa, the Northern Mariana Islands and Guam.

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**SIGNATURES**

    Pursuant to the requirements of Section 13 or 15(d) of the SecuritiesExchange Act of 1934, the Registrant has duly caused this report to be signed onits behalf by the undersigned, thereunto duly authorized.
March 26, 2001
 JONES APPAREL GROUP, INC.(Registrant)

By:  /s/ SidneyKimmel                 Sidney Kimmel, Chairman

 

**POWER OF ATTORNEY**

    KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears onthis page to this Annual Report on Form 10-K for the year ended December 31,2000 (the "Form 10-K") constitutes and appoints Sidney Kimmel, WesleyR. Card and Patrick M. Farrell and each of them, his true and lawfulattorneys-in-fact and agents, with full power of substitution and resubstitution,for him and in his name, place and stead, in any and all capacities, to sign anyand all amendments to the Form 10-K, and file the same, with all exhibitsthereto, and other documents in connection therewith, with the Securities andExchange Commission, and grants unto said attorneys-in-fact and agents, and eachof them, full power and authority to do and perform each and every act and thingrequisite and necessary to be done in and about the premises, as fully to allintents and purposes as he might and could do in person, hereby ratifying andconfirming all that said attorneys-in-fact and agents or any of them, or theirsubstitutes, may lawfully do or cause to be done by virtue hereof.

    Pursuant to the requirements of the Securities Exchange Act of 1934, thisreport has been signed below by the following persons on behalf of theRegistrant and in the capacities and on the dates indicated.
Signature     
Title     
 Date /s/ Sidney KimmelSidney Kimmel  Chairman and Director (Principal Executive Officer)  March 26, 2001                /s/ Jackwyn NemerovJackwyn Nemerov  President and Director                 March 26, 2001                  /s/ Wesley R. CardWesley R. Card  Chief Financial Officer        (Principal Financial Officer)  March 26, 2001          /s/ Patrick M. FarrellPatrick M. Farrell                 Senior Vice President and Corporate Controller(Principal Accounting Officer)  March 26, 2001                                 /s/ Irwin SamelmanIrwin Samelman         Executive Vice President,        Marketing and Director  March 26, 2001                /s/ Geraldine StutzGeraldine Stutz         Director                 March 26, 2001                /s/ Howard GittisHoward Gittis         Director                 March 26, 2001                /s/ Eric A. RothfeldEric A. Rothfeld         Director                 March 26, 2001               
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**JONES APPAREL GROUP, INC.**

**INDEX TO FINANCIAL STATEMENT SCHEDULES**
Report of Independent Certified Public Accountants on Schedule II.Schedule II.     Valuation and qualifying accounts
Schedules other than those listed above have been omitted since theinformation is not applicable, not required or is included in the respectivefinancial statements or notes thereto.

**EXHIBIT INDEX**
Incorporatedby Reference  Exhibitto ExhibitNos.Description of Exhibit(1)   2.1     2.1     Agreement and Plan of Merger dated September 10, 1998, by and among the Company,                      SAI Acquisition Corp., Sun Apparel, Inc. and the selling shareholders.(2)   2.1     2.2     Agreement and Plan of Merger dated as of March 1, 1999 among the Company, Jill                      Acquisition Sub Inc. and Nine West Group Inc.(20)  2.1     2.3     Securities Purchase and Sale Agreement dated as of July 31, 2000, by and among                      the Company, Jones Apparel Group Holdings, Inc., Victoria + Co Ltd. and the                      Shareholders and Warrantholders of Victoria + Co Ltd.(3)   3.1     3.1     Articles of Incorporation, as amended.(4)   3.3     3.3     By-Laws.(5)   3.3     3.4     Amendment to By-Laws.(6)   4.1     4.1     Form of Certificate evidencing shares of common stock of the Company.(7)   4.1     4.2     Exchange and Registration Rights Agreement dated October 2, 1998, by and among                      the Company and Chase Securities Inc., Merrill Lynch, Pierce Fenner & Smith                      Incorporated and Bear, Stearns & Co. Inc.(6)   10.1    4.3     Indenture dated as of October 2, 1998, by and between the Company and The Chase                      Manhattan Bank, as trustee, including Form of 6.25% Senior Notes Due 2001.(8)   4.3     4.4     Supplemental Indenture dated as of January 1, 1999, by and between Jones Apparel                      Group, Inc., Jones Apparel Group Holdings, Inc., Jones Apparel Group USA, Inc.                      and The Chase Manhattan Bank, as trustee.(9)   4.1     4.5     Second Supplemental Indenture for 8-3/8% Series B Senior Notes due 2005 dated as                      of June 15, 1999, among Jack Asset Sub Inc., Jones Apparel Group, Inc., Jones                      Apparel Group Holdings, Inc., Jones Apparel Group USA, Inc., and The Bank of                      New York, as trustee.(9)   4.2     4.6     Second Supplemental Indenture for 9% Series B Senior Notes due 2005 dated as of                      June 2, 1999, between Nine West Group Inc., Jack Asset Sub Inc., Jill Acquisition                      Sub Inc. and The Bank of New York, as trustee.(9)   4.3     4.7     Second Supplemental Indenture for 6.25% Senior Notes Due 2001 dated as of June 15,                      1999, among Jones Apparel Group, Inc., Jones Apparel Group Holdings, Inc., Jones                      Apparel Group USA, Inc., Jack Asset Sub Inc.,  and The Chase Manhattan Bank, as                      trustee.(9)   4.4     4.8     Second Supplemental Indenture for 5-1/2% Convertible Subordinated Notes Due 2003                      dated as of June 15, 1999, between Jack Asset Sub Inc., Jill Acquisition Sub Inc.                      and Chase Manhattan Bank, as trustee.(9)   4.5     4.9     Exchange and Note Registration Rights Agreement dated June 15, 1999 among the                      Company, Bear, Stearns & Co. Inc., Chase Securities Inc., Merrill Lynch, Pierce,                      Fenner & Smith Incorporated, Salomon Smith Barney Inc.,  BancBoston Robertson                      Stephens Inc., Banc of America Securities LLC, ING Baring Furman Selz LLC, Lazard                      Freres & Co. LLC, Tucker Anthony Cleary Gull, Brean Murray & Co., Inc., and The                      Buckingham Research Group Incorporated.(9)   4.6     4.10    Senior Note Indenture dated as of June 15, 1999 among Jones Apparel Group, Inc.,                      Jones Apparel Group Holdings, Inc., Jones Apparel Group USA, Inc., Nine West                      Group Inc., and The Bank of New York, as trustee,  including Form of 7.50% Senior                      Notes due 2004 and Form of 7.875% Senior Notes due 2006.
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 Incorporatedby Reference  Exhibitto ExhibitNos.Description of Exhibit(10)  4.2     4.11    Form of Nine West Group Inc. Definitive 5-1/2% Convertible Subordinated Note Due                      2003.(10)  4.3     4.12    Form of Nine West Group Inc. Restricted Global 5-1/2% Convertible Subordinated                      Note Due 2003.(10)  4.4     4.13    Form of Nine West Group Inc. Regulation S Global 5-1/2% Convertible Subordinated                      Note Due 2003.(10)  4.5     4.14    Indenture, dated as of June 26, 1996, between Nine West Group Inc., as issuer,                      and Chemical Bank, as trustee, relating to Nine West's 5-1/2% Convertible                      Subordinated Notes Due 2003.(11)  4.1     4.15    Senior Note Indenture dated as of July 9, 1997 among Nine West Group Inc. and                      Nine West Development Corporation, Nine West Distribution Corporation, Nine West                      Footwear Corporation and Nine West Manufacturing Corporation, as Guarantors, and                      The Bank of New York, as Trustee.(12)  4.7.1   4.16    Supplemental Indenture, dated as of September 15, 1998, among Nine West Group                      Inc. and Nine West Manufacturing II Corporation, Nine West Development                      Corporation, Nine West Distribution Corporation, Nine West Footwear Corporation                      and Nine West Manufacturing Corporation (collectively, the "Existing Guarantors"),                      as Guarantors, and The Bank of New York, as Trustee under the Senior Note                      Indenture dated as of July 9, 1997.(11)  4.2     4.17    Senior Subordinated Note Indenture dated as of July 9, 1997 among Nine West Group                      Inc. and Nine West Development Corporation, Nine West Distribution Corporation,                      Nine West Footwear Corporation and Nine West Manufacturing Corporation, as                      Guarantors, and The Bank of New York, as Trustee.(12)  4.8.1   4.18    Supplemental Indenture, dated as of September 15, 1998, among Nine West Group Inc.                      and Nine West Manufacturing II Corporation, the Existing Guarantors and The Bank                      of New York, as Trustee under the Senior Subordinated Note Indenture dated as of                      July 9, 1997.(11)  4.6     4.19    Form of Nine West Group Inc. 8-3/8% Series B Senior Notes due 2005.(11)  4.8     4.20    Form of Nine West Group Inc. 9% Series B Senior Subordinated Notes due 2007.(13)  4.6     4.21    Form of Nine West Group Inc. Unrestricted Global 5-1/2% Convertible Subordinated                      Note Due 2003.      *       4.22    Indenture dated as of February 1, 2001 among Jones Apparel Group, Inc., Jones                      Apparel Group Holdings, Inc., Jones Apparel Group USA, Inc., Nine West Group                      Inc., as Issuers and The Bank of New York, as Trustee,  including Form of Zero                      Coupon Convertible Senior Notes due 2021.      *       4.23    Registration Rights Agreement dated February 1, 2001 among Jones Apparel Group,                      Inc., Jones Apparel Group Holdings, Inc., Jones Apparel Group USA, Inc., Nine                      West Group Inc., Salomon Smith Barney Inc. and Bear, Stearns & Co. Inc.(4)   10.5    10.1    Form of 1991 Stock Option Plan.+(14)  10.33   10.2    Form of 1996 Stock Option Plan.+(19)  Annex A 10.3    Form of 1999 Stock Incentive Plan.+(14)  10.40   10.4    License Agreement between the Registrant and Polo Ralph Lauren, L.P., dated                      October 18, 1995.#(14)  10.41   10.5    Design Services Agreement between the Registrant and Polo Ralph Lauren, L.P.,                      dated October 18, 1995.#(6)   10.2    10.6    Amended and Restated 364-Day Credit Agreement dated as of October 15, 1998, by                      and among the Company, as Borrower, the Lenders referred to therein and First                      Union National Bank, as Administrative Agent.(6)   10.3    10.7    Amended and Restated Three-Year Credit Agreement dated as of October 15, 1998,                      by and among the Company, as Borrower, the Lenders referred to therein and First                      Union National Bank, as Administrative Agent.(8)   10.2    10.8    Master Joinder Agreement dated as of January 1, 1999 to the Credit Agreements                      referred to therein, by and among the Company, Jones Apparel Group USA, Inc. and                      Jones Apparel Group Holdings, Inc. as credit parties, and First Union National                      Bank, as Administrative Agent.(15)  10.53   10.9    License Agreement dated as of August 1, 1995 by and between PRL USA, Inc., as                      assignee of Polo Ralph Lauren Corporation, successor to Polo Ralph Lauren, L.P.,                      and Sun Apparel, Inc., as amended.#
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Incorporatedby Reference  Exhibitto ExhibitNos.Description of Exhibit(15)  10.54   10.10   Design Services Agreement dated as of August 1, 1995 by and between Polo Ralph                      Lauren Corporation, successor to Polo Ralph Lauren, L.P., and Sun Apparel, Inc.,                      as amended.#(1)   10.1    10.11   Employment Agreement dated September 10, 1998, by and between SAI Acquisition                      Corp. and Eric A. Rothfeld.+(3)   10.16   10.12   License Agreement between the Registrant and Polo Ralph Lauren, L.P., dated May                      11, 1998.#(3)   10.17   10.13   Design Services Agreement between the Registrant and Polo Ralph Lauren, L.P.,                      dated May 11, 1998.#(9)   10.1    10.14   Second Amended and Restated 364-Day Credit Agreement dated as of June 15, 1999                      among Jones Apparel Group USA Inc. and the Additional Obligors referred to                      therein, the Lenders referred to therein, and First Union National Bank, as                      Administrative Agent.(9)   10.2    10.15   Five-Year Credit Agreement dated as of June 15, 1999 among Jones Apparel Group                      USA, Inc. and the Additional Obligors referred to therein, the Lenders referred                      to therein, and First Union National Bank, as  Administrative Agent.(16)  10.1    10.16   Letter Agreement, dated July 22, 1999, among Nine West Group Inc., Nine West                      Funding Corporation, Corporate Receivables Corporation, the Liquidity Providers                      named therein, Citicorp North America, Inc. and The Bank of New York, extending                      the term of the Amended and Restated Series 1995-1 Certificate Purchase Agreement.(16)  10.2    10.17   Employment Agreement dated as of June 15, 1999 between the Registrant and                      Mark J. Schwartz.+(17)  4.5     10.18   Jones Apparel Group, Inc. 1999 Stock Option Plan.+(18)  Annex B 10.19   Jones Apparel Group, Inc. Executive Annual Incentive Plan.+(20)  10.1    10.20   Agreement Regarding Termination of Nine West Trade Receivables Master Trust                      Securitization Transaction, dated as of March 3, 2000, entered into by and among                      Nine West Funding Corporation, The Bank of New York, in its capacity as trustee,                      Nine West Group Inc., Nine West Footwear Corporation, Jones Apparel Group, Inc.,                      Corporate Receivables Corporation, Citibank, N.A. and the other financial                      institutions parties to the Amended and Restated Certificate Purchase Agreement                      and Citicorp North America, Inc. as the program agent.(21)  10.1    10.21   Third Amended and Restated 364-Day Credit Agreement dated as of June 13, 2000,                      by and among Jones Apparel Group USA, Inc., the Additional Obligors referred to                      therein, the Lenders referred to therein, Chase Securities Inc. and Salomon Smith                      Barney Inc., as Joint Lead Arrangers, First Union National Bank, as Administrative                      Agent, and The Chase Manhattan Bank and Citibank, N.A., as Syndication Agents.(22)  10.1    10.22   Employment Agreement dated as of July 1, 2000 between the Registrant and Sidney                      Kimmel.+(22)  10.2    10.23   Employment Agreement dated as of July 1, 2000 between the Registrant and Jackwyn                      Nemerov.+(22)  10.3    10.24   Employment Agreement dated as of July 1, 2000 between the Registrant and Wesley R.                      Card.+(22)  10.4    10.25   Employment Agreement dated as of July 1, 2000 between the Registrant and Irwin                      Samelman.+(20)  99.1     99.1   Decision and Order of the Federal Trade Commission In the Matter of Nine West                      Group Inc., Docket No. C-3937, dated April 11, 2000.      *        11     Computation of Earnings per Share.      *        12     Computation of Ratio of Earnings to Fixed Charges.      *        21     List of Subsidiaries.      *        23     Consent of BDO Seidman, LLP.____________________ *   Filed herewith. #   Portions deleted pursuant to application for confidential treatment under Rule 24b-2 of the Securities     Exchange Act of 1934. +   Management contract or compensatory plan or arrangement.(1)  Incorporated by reference to the Company's Current Report on Form 8-K dated September 24, 1998.(2)  Incorporated by reference to the Company's Current Report on Form 8-K dated March 2, 1999.(3)  Incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended     December 31, 1998.(4)  Incorporated by reference to the Company's Registration Statement on Form S-1 filed on April 3, 1991     (Registration No. 33-39742).
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(5)  Incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended     December 31, 1993.(6)  Incorporated by reference to the Company's Shelf Registration Statement on Form S-3, filed on     October 28, 1998 (Registration No. 333-66223).(7)  Incorporated by reference to the Company's Form S-4, filed on December 9, 1998 (Registration No.     333-68587).(8)  Incorporated by reference to the Company's Form S-4/A, filed on January 25, 1999 (Registration No.     333-68587).(9)  Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the six months ended     July 4, 1999.(10) Incorporated by reference to the Nine West Group Inc. Annual Report on Form 10-K for the 52 weeks     ended January 31, 1999.(11) Incorporated by reference to the Nine West Group Inc. Registration Statement on Form S-4, filed on     August 21, 1997 (Registration No. 333-34085).(12) Incorporated by reference to the Nine West Group Inc. Quarterly Report on Form 10-Q for the nine     months ended October 31,1998.(13) Incorporated by reference to Amendment No. 1 to the Nine West Group Inc. Registration Statement on     Form S-3, filed on August 21, 1997 (Registration No. 333-12545).(14) Incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended     December 31, 1996.(15) Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the nine months ended     September 27, 1998.(16) Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the nine months ended     October 3, 1999.(17) Incorporated by reference to the Company's Registration Statement on Form S-8, filed on August 23,     1999 (Registration No. 333-85795).(18) Incorporated by reference to the Company's Proxy Statement for the Company's 1999 Annual Meeting     of Stockholders.(19) Incorporated by reference to the Company's Proxy Statement for the Company's 2000 Annual Meeting     of Stockholders.(20) Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the three months     ended April 2, 2000.(21) Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the six months ended     July 2, 2000.(22) Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the nine months ended     October 1, 2000.
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

Jones Apparel Group, Inc.   New York, New York

The audits referred to in our report dated February 2, 2001 relating to the  consolidated financial statements of Jones Apparel Group, Inc. and  subsidiaries which is contained in Item 8 of Form 10-K, included the audits of  the financial statements schedule listed in the accompanying index for each of  the three years ended December 31, 2000. The financial statement schedule is  the responsibility of management. Our responsibility is to express an opinion  on the financial statements schedule based upon our audits.

In our opinion, such financial statements schedule presents fairly, in all  material respects, the information set forth therein.

/s/ BDO Seidman, LLP

BDO Seidman, LLP

New York, New York   February 2, 2001

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SCHEDULE II                                     JONES APPAREL GROUP, INC.                                 VALUATION AND QUALIFYING ACCOUNTS                           YEARS ENDED DECEMBER 31, 1998, 1999 AND 2000                                           (In Millions)           Column A                   Column B             Column C            Column D     Column E-------------------------------      ----------   -------------------------   ----------   ---------                                                         Additions                                                  -------------------------                                     Balance at   Charged to    Charged to                 Balance                                     beginning    costs and     other         Deductions   at end ofDescription                          of period    expenses      accounts          (1)      period------------                         ----------   ----------    -----------   ----------   ---------For the year ended  December 31, 1998:    Allowance for doubtful accounts      $ 2.8        $0.2       $ 0.4 (2)       $ 0.1      $ 3.3For the year ended  December 31, 1999:    Allowance for doubtful accounts      $ 3.3        $5.4       $20.5 (3)       $ 2.6      $26.6For the year ended  December 31, 2000:    Allowance for doubtful accounts      $26.6        $  -       $   -           $14.2      $12.4(1)  Doubtful accounts written off against accounts receivable.(2)  Addition due to the acquisition of Sun Apparel, Inc. on October 2, 1998.(3)  Addition due to the acquisition of Nine West Group Inc. on June 15, 1999.
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