Exhibit 21.1

Guess?, Inc.  List of Subsidiaries  (as of 2/2/08)

|Investment In                                   |  | Location       |  | Owned By                      |  | Percentage of Ownership |   
|----------------------------------------------- |  | -------------- |  | ----------------------------- |  | ----------------------- | --
|Guess? Apparel Retail, B.V.                     |  | Netherlands    |  | Guess? Europe, B.V.           |  | 100%                    |   
|Guess Apparel Spain, SL                         |  | Spain          |  | 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 Holdings, L.P.                   |  | Bermuda        |  | Guess? Bermuda Holdings, LLC  |  | 99.9%                   | 1 
|Guess? Canada Corporation                       |  | Canada         |  | Guess? Euro-Canada, B.V.      |  | 100%                    |   
|Guess.com, Inc.                                 |  | United States  |  | Guess?, Inc.                  |  | 100%                    |   
|Guess? Deutschland GMBH                         |  | Germany        |  | Guess? Europe, B.V.           |  | 100%                    |   
|Guess? Europe, B.V.                             |  | Netherlands    |  | Guess? Bermuda Holdings, L.P. |  | 100%                    |   
|Guess? Euro-Canada, B.V.                        |  | Netherlands    |  | Guess? Europe, B.V.           |  | 100%                    |   
|Guess Fisher LLC                                |  | United States  |  | Guess?, Retail Inc.           |  | 51%                     | 2 
|Guess France SAS                                |  | France         |  | Guess? Europe, B.V.           |  | 100%                    |   
|Guess? Holdings Korea Limited Liability Company |  | Korea          |  | Guess? Europe, B.V.           |  | 100%                    |   
|Guess? IP GP LLC                                |  | United States  |  | Guess? Licensing, Inc.        |  | 100%                    |   
|Guess? IP Holder L.P.                           |  | United States  |  | Guess? IP LP LLC              |  | 82.7%                   | 3 
|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 Macau                                     |  | Macau          |  | Guess? Asia Ltd.              |  | 96%                     | 4 
|Guess Operations Ireland Limited                |  | Ireland        |  | Guess? Europe, B.V.           |  | 100%                    | 5 
|Guess? Retail, Inc.                             |  | United States  |  | Guess?, Inc.                  |  | 100%                    |   
|Guess Service SRL                               |  | Italy          |  | Guess Italia, SRL             |  | 100%                    |   
|Guess? Shanghai Commercial Limited              |  | China          |  | Guess? Asia Limited           |  | 100%                    |   
|Guess Swiss Sagl                                |  | Switzerland    |  | Guess? Europe, B.V.           |  | 99%                     | 6 
|Guess Europe Sagl                               |  | Switzerland    |  | Guess? Europe, B.V.           |  | 99%                     | 7 
|Guess U.K. Limited                              |  | United Kingdom |  | Guess? Europe, B.V.           |  | 100%                    |   
|Guess ? Value LLC                               |  | United States  |  | Guess? Retail, Inc.           |  | 100%                    |   
|BARN SRL                                        |  | Italy          |  | Guess? Europe, B.V.           |  | 100%                    |   
|Grupo Guess, S. de R.L. de C.V.                 |  | Mexico         |  | Guess? Europe, B.V.           |  | 51%                     | 8 
|Focus Europe, Srl                               |  | Italy          |  | Guess? Europe, B.V.           |  | 75%                     | 9 
|F.P. France Sarl                                |  | France         |  | Focus Europe, Srl             |  | 100%                    |   
|Surfol Trade, S.L.                              |  | Spain          |  | Guess Apparel Spain, SL       |  | 75%                     | 10

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