<PAGE>

--------------------------------------------------------------------------------

NEWS RELEASE                                                 Morgen-Walke
                                                             Associates, Inc.

--------------------------------------------------------------------------------
                                                                     Exhibit 99

                                                 For:  Maxwell Shoe Company Inc.

                                    Investor Contact:  Richard J. Bakos
                                                       Chief Financial Officer
                                                       617/333-4007

IMMEDIATE RELEASE                      Media Contact:  Michael McMullan
-----------------                                      Morgen-Walke Associates
                                                       212/850-5600



                       MAXWELL SHOE COMPANY INC. REPORTS
                       SECOND QUARTER FISCAL 1999 RESULTS
                  -The Company Also Announces The Sale of Its
             Jones New York(R) License To Jones Apparel Group, Inc.-


     Hyde Park, MA, June 11, 1999 -- Maxwell Shoe Company Inc., (Nasdaq: MAXS),
today reported results for the second quarter ended April 30, 1999.

     Net sales for the second fiscal quarter ended April 30, 1999 were $36.2
million compared to $39.8 million for the comparable period in the prior year.
Net income for the period was $2.3 million, or $0.25 per diluted share, compared
to net income of $3.1 million, or $0.35 per diluted share, during the same
period last year.  Weighted average shares outstanding increased due primarily
to the additional shares issued in April 1998 during the Company's secondary
offering.

     For the six months ended April 30, 1999, net sales were $72.2 million
compared to $76.1 million during the six-month period last year.  Net income for
the period was $4.5 million, or $0.47 per diluted share, compared to net income
of $5.4 million, or $0.61 per diluted share, during the same period last year.

     Mark J. Cocozza, Chairman and Chief Executive Officer of the Company,
commented,

"Results for the second quarter reflect the continued challenges that we face in
this difficult retail footwear environment.  While our shoes continue to sell
through at profitable levels, we have not been able to replicate the overall
sales volume experienced last year due to several industry-wide trends.  These
relate to excess inventories, retail consolidation and the continued shift in
retailers' booking trends towards shorter lead times as well as ordering in-
season and closer to need."

                                    - more -
<PAGE>

MAXWELL SHOE COMPANY INC. REPORTS                                        Page: 2

SECOND QUARTER FISCAL 1999 RESULTS
-The Company Also Announces The Sale of Its
Jones New York(R) License To Jones Apparel Group, Inc.-


     Mr. Cocozza added, "Our Sam & Libby division continues to perform well,
generating a 22.0% sales gain for the quarter and a 35.1% gain year-to-date.
Maxwell Shoe also posted a good increase in overall gross margin to 29.1% during
the quarter versus the 27.5% achieved last year, exceeding our internal plan.
While our backlog as of April 30, 1999 was down 8.7% to $67.9 million, compared
to $74.4 million a year ago, we are encouraged by our ability to manage our
business despite this decrease in sales.  We have a very strong balance sheet,
our cash position increased by $5.5 million since year-end to $24.2 million, and
we have lowered accounts receivable and inventory on a pairs basis."

     The Company also noted that it has entered into an agreement to sell to
Jones Apparel Group, Inc. the Company's exclusive license agreement for the
manufacture and sale of Jones New York footwear.  Jones Apparel Group will pay
to the Company $25.0 million in cash at the closing of the sale, which is
expected to occur in early July 1999.

     Mark Cocozza added, "The cash provided by the sale, coupled with our debt
free balance sheet, enables us to act opportunistically in executing our long
term strategy."

     The Company had a long term licensing agreement with Jones Apparel Group,
Inc. through 2017 for the sale of both Jones New York and Jones New York Sport
better-priced women's shoes.  The shoes are distributed to department stores in
the United States and throughout Canada.

     Mr. Cocozza commented, "In light of the pending acquisition of Nine West
Group Inc. by Jones Apparel Group, Inc. and the potential competitive issues
raised by such acquisition, management and the Board of Directors of the Company
carefully evaluated a number of alternatives and concluded that it is in the
best interest of our Company and its stockholders to move forward with the sale
of the license to Jones Apparel Group, Inc."

                                    - more -
<PAGE>

MAXWELL SHOE COMPANY INC. REPORTS                                        Page: 3

SECOND QUARTER FISCAL 1999 RESULTS
-The Company Also Announces The Sale of Its
Jones New York(R) License To Jones Apparel Group, Inc.-


     Mr. Cocozza noted, "Importantly, Maxwell Shoe Company generates some of the
highest operating margins in the shoe industry, and both our Sam & Libby and
Mootsies Tootsies products enjoy tremendous brand loyalty among both retailers
and consumers.  Additionally, we are very excited about the prospects for our
newest brand, Dockers/(R)/ Footwear for Women, as we begin an initial shipping
in early July for the Fall '99 season."

     The Company also noted that on March 29, 1999, its Board of Directors
adopted  amendments to its Bylaws to further strengthen the Company's Bylaws.

     Maxwell Shoe Company Inc. designs, develops and markets casual and dress
footwear for women and children.  The Company's brands include Mootsies
Tootsies, Sam & Libby and Dockers/(R)/ Footwear for Women.

Certain statements contained in this press release regard matters that
are not historical facts and are forward looking statements (as such term is
defined in the rules promulgated pursuant to the Securities Act of 1933, as
amended). Because such forward looking statements contain risks and
uncertainties, actual results may differ materially from those expressed in or
implied by such forward looking statements.  Factors that could cause actual
results to differ materially include, but are not limited to: changing consumer
preference, competition from other footwear manufacturers or retailers, loss of
key employees, general economic conditions and adverse factors impacting the
retail footwear industry, and the inability by the Company to source its
products due to political or economic factors or the imposition of trade or duty
restrictions.  The Company undertakes no obligation to release publicly the
results of any revisions to these forward looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.  Investors are also directed to other risks
discussed in documents filed by the Company with the Securities and Exchange
Commission.

                         - Financial Tables To Follow -

<PAGE>

                            MAXWELL SHOE COMPANY, INC.                   Page: 4
                              STATEMENTS OF INCOME
              (Unaudited-In Thousands Except Per Share Amounts)


<TABLE>
<CAPTION>

                                                   Three Months Ended                      Six Months Ended
                                                        April 30,                             April 30,
                                             -----------------------------         ------------------------------

                                                  1999             1998                 1999              1998
                                             ------------     ------------         -------------     ------------
<S>                                          <C>              <C>                  <C>               <C>
Net sales....................................  $ 36,247         $ 39,786              $ 72,153         $ 76,114
Cost of sales................................    25,709           28,862                52,169           55,353
                                               --------         --------              --------         --------
Gross profit.................................    10,538           10,924                19,984           20,761
Operating expenses:
  Selling....................................     2,734            2,647                 4,959            5,093
  General and administrative.................     4,051            3,765                 7,784            7,499
                                               --------         --------              --------         --------
                                                  6,785            6,412                12,743           12,592
                                               --------         --------              --------         --------
Operating income.............................     3,753            4,512                 7,241            8,169
Other expenses (income)
  Interest...................................         7                9                    13               21
  Amortization of Trademarks.................        91               92                   183              183
  Other, net.................................      (240)             (52)                 (465)             (95)
                                               --------         --------              --------         --------
                                                   (142)              49                  (269)             109
                                               --------         --------              --------         --------
Income before income taxes...................     3,895            4,463                 7,510            8,060
Income taxes.................................     1,558            1,318                 3,003            2,685
                                               --------         --------              --------         --------
Net income...................................  $  2,337         $  3,144              $  4,507         $  5,375
                                               ========         ========              ========         ========

Net income per share
  Basic......................................      $.27             $.41                  $.51             $.70
  Diluted....................................      $.25             $.35                  $.47             $.61

Shares used to compute net
income per share:
  Basic.......................................    8,796            7,675                 8,795            7,632
  Diluted.....................................    9,461            8,882                 9,504            8,788
</TABLE>

                                    - more -


<PAGE>

                           MAXWELL SHOE COMPANY, INC.                    Page: 5
                                 BALANCE SHEETS
                           (Unaudited-In Thousands)



<TABLE>
<CAPTION>

                              ASSETS                                       April 30,           October 31,
                                                                              1999                 1998
                                                                          ------------         ------------
<S>                                                                       <C>                  <C>
Current assets:
   Cash and cash equivalents............................................  $     24,196         $     18,731
   Accounts receivable, trade (net of allowance for doubtful
       accounts and discounts of $634 in 1999, $581 in 1998)............        33,224               35,655
   Inventory, net.......................................................        20,834               22,928
   Prepaid expenses.....................................................           711                  430
   Prepaid income taxes.................................................             0                1,177
   Deferred income taxes................................................         1,064                1,074
                                                                          ------------         ------------
Total current assets....................................................        80,029               79,995
Property and equipment, net.............................................         6,613                6,231
Trademarks..............................................................         4,584                4,767
Other assets............................................................            12                   12
                                                                          ------------         ------------
                                                                          $     91,238         $     91,005
                                                                          ============         ============

                            LIABILITIES AND
                          STOCKHOLDERS' EQUITY
Current liabilities:
   Accounts payable.....................................................  $      3,182         $      3,824
   Accrued expenses.....................................................         2,198                5,938
   Deferred income taxes................................................           434                  306
   Current portion of capital lease obligation..........................           125                  125
                                                                          ------------         ------------
Total current liabilities...............................................         5,939               10,193
Capital lease obligation................................................           157                  220
Long-term deferred income taxes.........................................         1,283                1,283
Stockholders' equity:
   Preferred stock, par value $.01, 1,000 shares
       authorized, none outstanding.....................................             0                    0
   Class A common stock, par value $.01, 20,000 shares authorized,
       8,796 outstanding in 1999, (8,794 outstanding in 1998)...........            88                   88
   Additional paid-in capital...........................................        43,027               43,015
   Deferred compensation................................................          (275)                (306)
   Retained earnings....................................................        41,019               36,512
                                                                          ------------         ------------
Total stockholders' equity..............................................        83,859               79,309
                                                                          ------------         ------------
                                                                          $     91,238         $     91,005
                                                                          ============         ============
</TABLE>
                                     # # #