**Exhibit 21.1**

** **

**Guess?, Inc.List of Subsidiaries**

**(as of 12/31/06)**

 
| Investment In                              | ** ** | **Location**    | ** ** | **Owned By**             | ** ** | **Percentage of Ownership** | ** ** |
|-------------------------------------------------|------------|-----------------|------------|-------------------------------|------------|---------------------------------------|------------|
| Guess? Apparel Retail,  B.V.                    |       | Netherlands     |       | Guess?  Europe, B.V.          |       |                                  | 100        |    % |
| Guess? Asia Limited                             |       | Hong  Kong      |       | Guess?  Europe, B.V.          |       |                                  | 100        |    % |
| Guess? Bermuda  Holdings, LLC                   |       | United  States  |       | Guess?,  Inc.                 |       |                                  | 100        |    % |
| Guess? Bermuda, LP                              |       | Bermuda         |       | Guess?  Bermuda Holdings, LLC |       |                                  | 99         |    %(1) |
| Guess? Canada  Corporation                      |       | Canada          |       | Guess?,  Inc.                 |       |                                  | 100        |    % |
| Guess.com, Inc.                                 |       | United  States  |       | Guess?,  Inc.                 |       |                                  | 100        |    % |
| Guess? Europe, B.V.                             |       | Netherlands     |       | Guess?,  Inc.                 |       |                                  | 100        |    % |
| Guess France SAS                                |       | France          |       | Guess?  Europe, B.V.          |       |                                  | 100        |    % |
| Guess? Holdings Korea  LimitedLiability Company |       | Korea           |       | Guess?  Europe, B.V.          |       |                                  | 100        |    % |
| Guess? IP GP LLC                                |       | United  States  |       | Guess?  Licensing, Inc.       |       |                                  | 100        |    % |
| Guess? IP Holder LP                             |       | United  States  |       | Guess?  IP LP LLC             |       |                                  | 82         | .7%(2) |
| Guess? IP LP LLC                                |       | United  States  |       | Guess?,  Inc.                 |       |                                  | 100        |    % |
| Guess Italia, Srl                               |       | Italy           |       | Guess?  Europe, B.V.          |       |                                  | 100        |    % |
| Guess? Licensing, Inc.                          |       | United  States  |       | Guess?,  Inc.                 |       |                                  | 100        |    % |
| Guess Operations  Ireland Limited               |       | Ireland         |       | Guess?  Europe, B.V.          |       |                                  | 100        |    %(3) |
| Guess? Retail, Inc.                             |       | United  States  |       | Guess?,  Inc.                 |       |                                  | 100        |    % |
| Guess Swiss Sagl                                |       | Switzerland     |       | Guess?  Europe, B.V.          |       |                                  | 99         |    %(4) |
| Guess Swiss Europe Sagl                         |       | Switzerland     |       | Guess?  Europe, B.V.          |       |                                  | 99         |    %(5) |
| Guess UK Limited                                |       | United  Kingdom |       | Guess?  Europe, B.V.          |       |                                  | 100        |    % |
| Guess? Value LLC                                |       | United  States  |       | Guess?  Retail, Inc           |       |                                  | 100        |    % |
| Grupo Guess, S. de R.L.  de C.V.                |       | Mexico          |       | Guess?  Europe, B.V.          |       |                                  | 51         |    %(6) |
| Focus Europe, Srl                               |       | Italy           |       | Guess?  Europe, B.V.          |       |                                  | 75         |    %(7) |
| F.P. France Sarl                                |       | France          |       | Focus Europe, Srl             |       |                                  | 100        |    % |

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(1)             The remaining 1   % is owned by Guess?, Inc.

(2)             The remaining 17.3   % is owned by Guess? IP GP LLC

(3)             Dormant

(4)             The remaining 1   % is owned by Guess Italia, Srl

(5)             The remaining 1   % is owned by Guess? Apparel Retail, B.V.

(6)             The remaining 49   % is owned by Adivina S.A. de C.V., a Mexicancompany

(7)             Theremaining 25   % is owned by Focus PullSpA, an Italian company

* *

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