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                                                                  EXHIBIT - 10.1



                              AMENDMENT NO. ONE TO
                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT
                    -----------------------------------------

                  This Amendment No. One to Amended and Restated Employment
Agreement ("Amendment"), by and between Mossimo Giannulli ("Executive"), and
Mossimo, Inc., a Delaware Corporation (the "Company"), is effective as of July
30, 2002 (the "Effective Date"), and amends that certain Amended and Restated
Employment Agreement ("Agreement") dated as of February 1, 2002, by and between
Executive and the Company.

                  WHEREAS, the Company and Executive entered into the Agreement,
and now desire to amend the Agreement as set forth herein;

                  WHEREAS, the parties desire to amend the Agreement only as
expressly provided herein. All other provisions of the Agreement shall remain
unchanged and in full force and effect; and

                  WHEREAS, the Compensation Committee of the Board of Directors
of the Company (the "Committee") has approved this Amendment in its entirety.

                  NOW, THEREFORE, in consideration of the mutual agreements
hereinafter set forth, it is agreed that the Agreement is hereby amended as
follows:

         A. AMENDMENT. The Agreement is hereby amended as follows:

                   SECTION 4 OF THE AGREEMENT ENTITLED "LOANS" SHALL BE DELETED
IN ITS ENTIRETY, AND SHALL NOT BE REPLACED.

         B. NO EFFECT ON PRIOR LOANS. This Amendment shall have no effect on any
loans made by the Company to Executive prior to the Effective Date which remain
outstanding as of the date of this Amendment (each, an "Existing Loan");
provided, however, that the terms of any Existing Loan shall not be materially
modified or renewed.

         C. CONSISTENT CHANGES. The Agreement is hereby amended wherever
necessary to reflect the changes described above.

         D. CONTINUING VALIDITY. Except as expressly amended pursuant to this
Amendment, the terms of the Agreement and all other related documents shall
remain unchanged in and in full force and effect.

         E. MISCELLANEOUS.

                  1. AMENDMENT. This Amendment may be amended only as approved
by written instrument signed on behalf of each party.


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                  2. GOVERNING LAW. This Amendment and the legal relations thus
created between the parties hereto shall be governed by and construed under and
in accordance with the internal law of the State of California.

                  3. HEADINGS. Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

                  4. SEVERABILITY. In the event that a court of competent
jurisdiction determines that any portion of this Amendment is in violation of
any statute or public policy, only the portions of this Amendment that violates
such statute or public policy shall be stricken. All portions of this Amendment
that do not violate any statute or public policy shall continue in full force
and effect. Further, any court order striking any portion of this Amendment
shall modify the stricken terms as narrowly as possible to give as much effect
as possible to the intentions of the parties under this Amendment.

                  3. COUNTERPARTS. This Amendment may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

                  IN WITNESS WHEREOF, the Company has caused this Amendment to
be executed by its duly authorized officer, and the Executive has hereunto
signed this Amendment, as of the 23rd day of September 2002.

                                        Company:

                                        MOSSIMO, INC.

                                        By: /s/ Gia Castrogiovanni
                                            ------------------------------------
                                            Gia Castrogiovanni
                                            Secretary


                                        Executive:

                                        /s/ Mossimo Giannulli
                                        ----------------------------------------
                                        Mossimo Giannulli



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