Document:

<PAGE>

                                                                     Exhibit 4.1

                         COMMON STOCK PURCHASE AGREEMENT

     This Common Stock Purchase Agreement (this "Agreement") dated as of April
24, 2002, is made and entered by and among Wilsons The Leather Experts Inc., a
Minnesota corporation (the "Company"), and the purchasers identified on the
signature pages hereto (each, including its respective successors and assigns, a
"Purchaser" and collectively the "Purchasers").

     WHEREAS, subject to the terms and conditions set forth in this Agreement
and pursuant to Section 4(2) of the Securities Act of 1933, as amended (the
"Securities Act"), and Rule 506 promulgated thereunder, the Company desires to
issue and sell to the Purchasers, and the Purchasers, severally and not jointly,
desire to purchase from the Company, an aggregate of 900,000 shares of Common
Stock (as hereinafter defined) (the "Shares").

     NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this
Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and the Purchasers agree
as follows:

                                   ARTICLE I.
                                   DEFINITIONS

     1.1 Definitions. As used in this Agreement, the following terms shall have
the meanings set forth in this Section 1.1:

     "Affiliate" means any Person that, directly or indirectly through one or
more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 144.

     "Annual Report" means the draft of the Annual Report on Form 10-K for the
fiscal year ended February 2, 2002 in substantially the form provided to the
Purchasers prior to the date hereof to be filed by the Company.

     "Business Day" means any day except Saturday, Sunday and any day which
shall be a federal legal holiday or a day on which banking institutions in the
State of New York are authorized or required by law or other governmental action
to close.

     "Closing" means the closing of the purchase and sale of the Shares pursuant
to Section 2.1.

     "Closing Date" means the date of the Closing.

     "Commission" means the Securities and Exchange Commission.

     "Common Stock" means the common stock of the Company, $0.01 par value per
share, and any securities into which such common stock may hereafter be
reclassified.

     "Company Counsel" means Faegre & Benson LLP.
<PAGE>

     "Effective Date" means the date that the Registration Statement is first
declared effective by the Commission.

     "Eligible Market" means any of the New York Stock Exchange, the American
Stock Exchange, the Nasdaq National Market or the Nasdaq SmallCap Market.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Per Share Purchase Price" equals, subject to the provisions of Section
2.1(c), the lesser of (x) $11.00 (subject to equitable adjustment in the event
of stock splits, reverse stock splits and similar events affecting the Common
Stock prior to the Closing Date) and (y) the lowest price at which the Common
Stock is traded on April 25, 2002.

     "Person" means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof)
or other entity of any kind.

     "Proceeding" means an action, claim, suit, investigation or proceeding
(including, without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened in writing.

     "Purchaser Counsel" means Kelley Drye & Warren LLP.

     "Purchaser Percentage" means, with respect to a Purchaser, the percentage
equal to a fraction, expressed as a percentage, the numerator of which shall be
the number of Shares issued to such Purchaser on the Closing and the denominator
of which shall be the total number of Shares issued to all Purchasers on the
Closing.

     "Registration Statement" means a registration statement meeting the
requirements set forth in the Registration Rights Agreement and covering the
resale of the Shares by the Purchasers.

     "Registration Rights Agreement" means the Registration Rights Agreement,
dated as of the date of this Agreement, by and among the Company and the
Purchasers, in the form of Exhibit A.

     "Rule 144," means Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such Rules may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

     "Securities Act" means the Securities Act of 1933, as amended.

     "Subsidiary" means any subsidiary of the Company that is required to be
listed in Schedule 3.1(a).

     "Trading Day" means (i) a day on which the Common Stock is traded on a
Trading Market, or (ii) if the Common Stock is not listed on a Trading Market, a
day on which

                                      -2-
<PAGE>

the Common Stock is traded in the over-the-counter market, as reported by the
OTC Bulletin Board, or (iii) if the Common Stock is not quoted on the OTC
Bulletin Board, a day on which the Common Stock is quoted in the
over-the-counter market as reported by the National Quotation Bureau
Incorporated (or any similar organization or agency succeeding its functions of
reporting prices); provided, that in the event that the Common Stock is not
listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day
shall mean a Business Day.

     "Trading Market" means the Nasdaq National Market or any other national
securities exchange, market or trading or quotation facility on which the Common
Stock is then listed or quoted.

     "Transaction Documents" means this Agreement, the Registration Rights
Agreement and any other documents or agreements executed in connection with the
transactions contemplated hereunder.

                                   ARTICLE II.
                                PURCHASE AND SALE

     2.1 Closing.

     (a) The Closing of the sale and purchase of the Shares shall take place at
the offices of Purchaser Counsel at 9:30 a.m. (New York time) on (i) April 30,
2002 or (ii) on such date or at such location as the parties may agree.

     (b) If the lowest price at which the Common Stock trades on April 25, 2002
is less than $9.00 (subject to equitable adjustment in the event of stock
splits, reverse stock splits and similar events affecting the Common Stock prior
to the Closing Date), then the Company may (subject to Section 2.1(c)) elect not
to sell Shares under this Agreement (by delivery of written notice to the
Purchasers, not later than 8:00 a.m. (New York time) on the Trading Day
immediately following April 25, 2002.

     (c) Notwithstanding an election by the Company pursuant to Section 2.1(b)
not to sell Shares under this Agreement, a Purchaser may require the Company to
sell a number of Shares as is indicated in such Purchaser's written notice
(which notice shall be delivered to the Company not later than 5:00 p.m. (New
York time) on the Trading Day immediately following April 25, 2002 up to such
Purchaser's Purchaser Percentage multiplied by 900,000. The Per Share Purchase
Price for such Shares sold following a Purchaser's election under this Section
2.1(c) will equal the greater of (x) $9.00 (subject to equitable adjustment in
the event of stock splits, reverse stock splits and similar events affecting the
Common Stock prior to the Closing Date) and (y) 92.5% of the closing sales price
of the Common Stock (as reported by Bloomberg, L.P. or the successor to its
function of reporting share prices) on the Trading Day immediately following
April 25, 2002.

     2.2 Deliveries.

     (a) On the date that this Agreement is executed, (A) the Company shall
deliver to the Purchasers this Agreement and a Registration Rights Agreement,
each duly executed by the Company and shall reimburse the Purchasers for the
legal fees and expenses

                                      -3-
<PAGE>

incurred by them in connection with the preparation and negotiation of the
Transaction Documents by delivering $25,000 in cash to Purchaser Counsel and (B)
each Purchaser shall deliver to the Company this Agreement and a Registration
Rights Agreement, each duly executed by such Purchaser.

     (b) At the Closing, the Company shall deliver or cause to be delivered to
each Purchaser the following:

          (i) a certificate evidencing the number of Shares equal to (as
     applicable) (x) the number of Shares indicated below such Purchaser's name
     on the signature page of this Agreement or (y) the number of Shares
     indicated in the Purchaser's notice delivered to the Company in accordance
     with Section 2.1(c), in each case registered in the name of such Purchaser;
     and

          (ii) a legal opinion of Company Counsel, in agreed form, addressed to
     the Purchasers; and

     (c) At the Closing, each Purchaser shall deliver or cause to be delivered
to the Company, in United States dollars in immediately available funds by wire
transfer to an account designated in writing by the Company for such purpose,
the Per Share Purchase Price for the Shares being purchased by such Purchaser,
as indicated on such Purchaser's signature page to this Agreement or the
Purchaser's notice delivered to the Company in accordance with Section 2.1(c),
as the case may be.

     2.3 Conditions to Closing. The obligation of the Purchasers to purchase the
Shares at the Closing is subject to satisfaction or waiver by each Purchaser of
each of the following conditions: (1) the Common Stock is listed for trading on
a Trading Market; (2) the representations and warranties of the Company are true
and correct on the Closing Date; (3) no Material Adverse Effect (as hereinafter
defined) has occurred or be continuing; and (4) the Company shall have delivered
an officer's certificate to the Purchasers confirming clauses (1), (2) and (3)
of this Section 2.3.

     2.4 Option.

     (a) For a period commencing on the Closing Date through and including the
75th calendar day following the Closing Date (such period, the "Option Period")
and provided that the closing sales price of the Common Stock on the Trading Day
immediately preceding the Exercise Notice (as hereinafter defined) exceeds the
Per Share Purchase Price paid by the Purchasers on the Closing Date, Copwell
Holdings Ltd. ("Copwell") (or its successor or assigns) shall have the one-time
right to deliver to the Company written notice (an "Exercise Notice") exercising
its right to purchase the Option Shares (as hereinafter defined). The maximum
aggregate number of shares of Common Stock that the Company shall be required to
issue and sell to Copwell pursuant to the Exercise Notice shall be 100,000
shares (subject to equitable adjustment in the event of stock splits, reverse
stock splits and similar events affecting the Common Stock prior to the Option
Closing Date (as hereinafter defined)) (the "Option Shares"). The purchase price
per Option Share shall equal $11.00 per share (subject to equitable

                                      -4-
<PAGE>

adjustment in the event of stock splits, reverse stock splits and similar events
affecting the Common Stock prior to the Option Closing Date).

     (b) The closing for any purchase and sale of the Option Shares (the "Option
Closing Date") shall occur on the 3rd Trading Day following the delivery of the
Exercise Notice.

     (c) On the Option Closing Date, (i) the Company will, against delivery of
the amounts set forth in Section 2.4(c)(ii), deliver to each Purchaser an
original stock certificate representing a number of Option Shares being
purchased by each such Purchaser and (ii) each Purchaser will deliver to the
Company the purchase price for the Option Shares being purchased in United
States dollars in immediately available funds by wire transfer to an account
designated in writing by the Company for such purpose.

                                  ARTICLE III.
                         REPRESENTATIONS AND WARRANTIES

     3.1 Representations and Warranties of the Company. The Company hereby makes
the following representations and warranties to the Purchasers:

          (a) Subsidiaries. The Company has no direct or indirect subsidiaries
     other than those listed in Schedule 3.1(a). Except as disclosed in Schedule
     3.1(a), the Company owns, directly or indirectly, all of the capital stock
     of each Subsidiary free and clear of any lien, charge, security interest,
     encumbrance, right of first refusal or other restriction (collectively,
     "Liens"), and all the issued and outstanding shares of capital stock of
     each Subsidiary are validly issued and are fully paid, non-assessable and
     free of preemptive and similar rights. If the Company has no subsidiaries,
     then references in the Transaction Documents to the Subsidiaries will be
     disregarded.

          (b) Organization and Qualification. Each of the Company and the
     Subsidiaries is an entity duly incorporated or otherwise organized, validly
     existing and in good standing under the laws of the jurisdiction of its
     incorporation or organization (as applicable), with the requisite power and
     authority to own and use its properties and assets and to carry on its
     business as currently conducted. Neither the Company nor any Subsidiary is
     in violation of any of the provisions of its respective certificate or
     articles of incorporation, bylaws or other organizational or charter
     documents. Each of the Company and the Subsidiaries is duly qualified to
     conduct business and is in good standing as a foreign corporation or other
     entity in each jurisdiction in which the nature of the business conducted
     or property owned by it makes such qualification necessary, except where
     the failure to be so qualified or in good standing, as the case may be,
     could not, individually or in the aggregate, (i) adversely affect the
     legality, validity or enforceability of any Transaction Document, (ii) have
     or result in a material adverse effect on the results of operations,
     assets, prospects, business or condition (financial or otherwise) of the
     Company and the Subsidiaries, taken as a whole, or (iii) adversely impair
     the Company's ability to perform fully on a timely basis its obligations
     under any Transaction Document (any of (i), (ii) or (iii), a "Material
     Adverse Effect").

          (c) Authorization; Enforcement. The Company has the requisite
     corporate power and authority to enter into and to consummate the
     transactions contemplated by each of

                                      -5-
<PAGE>

     the Transaction Documents and otherwise to carry out its obligations
     thereunder. The execution and delivery of each of the Transaction Documents
     by the Company and the consummation by it of the transactions contemplated
     thereby have been duly authorized by all necessary action on the part of
     the Company and no further action is required by the Company. Each
     Transaction Document has been (or upon delivery will have been) duly
     executed by the Company and, when delivered in accordance with the terms
     hereof, will constitute the valid and binding obligation of the Company
     enforceable against the Company in accordance with its terms, subject to
     applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
     moratorium and similar laws affecting creditors' rights and remedies
     generally and general principles of equity. Neither the Company nor any
     Subsidiary is in violation of any of the provisions of its respective
     certificate or articles of incorporation, by-laws or other organizational
     or charter documents.

          (d) No Conflicts. The execution, delivery and performance of the
     Transaction Documents by the Company and the consummation by the Company of
     the transactions contemplated thereby do not and will not (i) conflict with
     or violate any provision of the Company's or any Subsidiary's certificate
     or articles of incorporation, bylaws or other organizational or charter
     documents, or (ii) conflict with, or constitute a default (or an event that
     with notice or lapse of time or both would become a default) under, or give
     to others any rights of termination, amendment, acceleration or
     cancellation (with or without notice, lapse of time or both) of, any
     agreement, credit facility, debt or other instrument (evidencing a Company
     or Subsidiary debt or otherwise) or other understanding to which the
     Company or any Subsidiary is a party or by which any property or asset of
     the Company or any Subsidiary is bound or affected, or (iii) result in a
     violation of any law, rule, regulation, order, judgment, injunction, decree
     or other restriction of any court or governmental authority to which the
     Company or a Subsidiary is subject (including federal and state securities
     laws and regulations), or by which any property or asset of the Company or
     a Subsidiary is bound or affected; except in the case of each of clauses
     (ii) and (iii), such as could not, individually or in the aggregate, have
     or reasonably be expected to result in a Material Adverse Effect.

          (e) Filings, Consents and Approvals. The Company is not required to
     obtain any consent, waiver, authorization or order of, give any notice to,
     or make any filing or registration with, any court or other federal, state,
     local or other governmental authority or other Person in connection with
     the execution, delivery and performance by the Company of the Transaction
     Documents, other than (1) the filing with the Commission of the
     Registration Statement, and (2) the application with the Trading Market for
     the listing of the Shares for trading thereon in the time and manner
     required thereby (collectively, the "Required Approvals").

          (f) Issuance of the Shares and Option Shares. The Shares and the
     Option Shares are duly authorized and, when issued and paid for in
     accordance with this Agreement, will be duly and validly issued, fully paid
     and nonassessable, free and clear of all Liens. The Company has reserved
     from its duly authorized capital stock the maximum number of shares of
     Common Stock issuable pursuant to this Agreement.

          (g) Capitalization. The number of shares and type of all authorized,
     issued and outstanding capital stock of the Company is set forth in
     Schedule 3.1(g). No securities of the Company are entitled to preemptive or
     similar rights, and no Person has any right of first refusal,

                                      -6-
<PAGE>

     preemptive right, right of participation, or any similar right to
     participate in the transactions contemplated by the Transaction Documents.
     Except as a result of the purchase and sale of the Shares and except as
     disclosed in Schedule 3.1(g), there are no outstanding options, warrants,
     script rights to subscribe to, calls or commitments of any character
     whatsoever relating to, or securities, rights or obligations convertible
     into or exchangeable for, or giving any Person any right to subscribe for
     or acquire, any shares of Common Stock, or contracts, commitments,
     understandings or arrangements by which the Company or any Subsidiary is or
     may become bound to issue additional shares of Common Stock, or securities
     or rights convertible or exchangeable into shares of Common Stock. The
     issue and sale of the Shares will not obligate the Company to issue shares
     of Common Stock or other securities to any Person (other than the
     Purchasers) and will not result in a right of any holder of Company
     securities to adjust the exercise, conversion, exchange or reset price
     under such securities.

          (h) SEC Reports; Financial Statements. The Company has filed all
     reports required to be filed by it under the Securities Act and the
     Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the
     two years preceding the date hereof (or such shorter period as the Company
     was required by law to file such material) (the foregoing materials being
     collectively referred to herein as the "SEC Reports" and, together with the
     Schedules to this Agreement and the Annual Report, the "Disclosure
     Materials") on a timely basis or has received a valid extension of such
     time of filing and has filed any such SEC Reports prior to the expiration
     of any such extension. The Company has delivered to the Purchasers a copy
     of all SEC Reports filed within the 10 days preceding the date hereof and a
     copy of the Annual Report. As of their respective dates, the SEC Reports
     complied, and the Annual Report will comply, in all material respects with
     the requirements of the Securities Act and the Exchange Act and the rules
     and regulations of the Commission promulgated thereunder, and none of the
     SEC Reports, when filed, contained any untrue statement of a material fact
     or omitted to state a material fact required to be stated therein or
     necessary in order to make the statements therein, in light of the
     circumstances under which they were made, not misleading. The financial
     statements of the Company included in the SEC Reports and the Annual Report
     comply in all material respects with applicable accounting requirements and
     the rules and regulations of the Commission with respect thereto as in
     effect at the time of filing. Such financial statements have been prepared
     in accordance with generally accepted accounting principles applied on a
     consistent basis during the periods involved ("GAAP"), except as may be
     otherwise specified in such financial statements or the notes thereto, and
     fairly present in all material respects the financial position of the
     Company and its consolidated subsidiaries as of and for the dates thereof
     and the results of operations and cash flows for the periods then ended,
     subject, in the case of unaudited statements, to normal, immaterial,
     year-end audit adjustments or other adjustments reflected in the Annual
     Report.

          (i) Material Changes. Since the date of the latest financial
     statements included within the Annual Report, except as specifically
     disclosed in the Annual Report, (i) there has been no event, occurrence or
     development that has had or that could result in a Material Adverse Effect
     (for purposes of this Section 3.1(i), the Company's information contained
     in the Annual Report or the effect of such information on the price of the
     Common Stock shall not constitute a Material Adverse Effect), (ii) the
     Company has not incurred any liabilities (contingent or otherwise) other
     than (A) trade payables and accrued expenses incurred in the ordinary
     course of business consistent with past practice and (B) liabilities not
     required to

                                      -7-
<PAGE>

     be reflected in the Company's financial statements pursuant to GAAP or
     required to be disclosed in filings made with the Commission, (iii) the
     Company has not altered its method of accounting or the identity of its
     auditors, (iv) the Company has not declared or made any dividend or
     distribution of cash or other property to its stockholders or purchased,
     redeemed or made any agreements to purchase or redeem any shares of its
     capital stock, and (v) the Company has not issued any equity securities to
     any officer, director or Affiliate, except pursuant to existing Company
     stock option plans. The Company does not have pending before the Commission
     any request for confidential treatment of information.

          (j) Litigation. There is no action, suit, inquiry, notice of
     violation, proceeding or investigation pending or, to the knowledge of the
     Company, threatened against or affecting the Company, any Subsidiary or any
     of their respective properties before or by any court, arbitrator,
     governmental or administrative agency or regulatory authority (federal,
     state, county, local or foreign) (collectively, an "Action") which (i)
     adversely affects or challenges the legality, validity or enforceability of
     any of the Transaction Documents or (ii) could, if there were an
     unfavorable decision, individually or in the aggregate, have or reasonably
     be expected to result in a Material Adverse Effect. Neither the Company nor
     any Subsidiary, nor any officer thereof, is or has been, nor any director
     thereof is or has been for the last three years, the subject of any Action
     involving a claim of violation of or liability under federal or state
     securities laws or a claim of breach of fiduciary duty. There has not been,
     and, to the knowledge of the Company, there is not pending or contemplated,
     any investigation by the Commission involving the Company or any current or
     former director that was a director of the Company at any time during the
     last three years or officer of the Company. The Commission has not issued
     any stop order or other order suspending the effectiveness of any
     registration statement filed by the Company or any Subsidiary under the
     Exchange Act or the Securities Act.

          (k) Labor Relations. No material labor dispute exists or, to the
     knowledge of the Company, is imminent with respect to any of the employees
     of the Company.

          (l) Compliance. Neither the Company nor any Subsidiary (i) is in
     default under or in violation of (and no event has occurred that has not
     been waived that, with notice or lapse of time or both, would result in a
     default by the Company or any Subsidiary under), nor has the Company or any
     Subsidiary received notice of a claim that it is in default under or that
     it is in violation of, any indenture, loan or credit agreement or any other
     agreement or instrument to which it is a party or by which it or any of its
     properties is bound (whether or not such default or violation has been
     waived), (ii) is in violation of any order of any court, arbitrator or
     governmental body, or (iii) is or has been in violation of any statute,
     rule or regulation of any governmental authority, including without
     limitation all foreign, federal, state and local laws relating to taxes,
     environmental protection, occupational health and safety, product quality
     and safety and employment and labor matters, except in each case as could
     not, individually or in the aggregate, have or reasonably be expected to
     result in a Material Adverse Effect.

          (m) Regulatory Permits. The Company and the Subsidiaries possess all
     certificates, authorizations and permits issued by the appropriate federal,
     state, local or foreign regulatory authorities necessary to conduct their
     respective businesses as described in the SEC Reports, except where the
     failure to possess such permits could not, individually or in the
     aggregate, have or reasonably be expected to result in a Material Adverse
     Effect ("Material

                                      -8-
<PAGE>

     Permits"), and neither the Company nor any Subsidiary has received any
     notice of proceedings relating to the revocation or modification of any
     Material Permit.

          (n) Title to Assets. The Company and the Subsidiaries have good and
     marketable title in fee simple to all real property owned by them that is
     material to the business of the Company and the Subsidiaries and good and
     marketable title in all personal property owned by them that is material to
     the business of the Company and the Subsidiaries, in each case free and
     clear of all Liens, except for Liens as do not materially affect the value
     of such property and do not materially interfere with the use made and
     proposed to be made of such property by the Company and the Subsidiaries.
     Any real property and facilities held under lease by the Company and the
     Subsidiaries are held by them under valid, subsisting and enforceable
     leases of which the Company and the Subsidiaries are in compliance.

          (o) Patents and Trademarks. The Company and the Subsidiaries have, or
     have rights to use, all patents, patent applications, trademarks, trademark
     applications, service marks, trade names, copyrights, licenses and other
     similar rights that are necessary or material for use in connection with
     their respective businesses as described in the SEC Reports and which the
     failure to so have could have, or reasonably be expected to result in, a
     Material Adverse Effect (collectively, the "Intellectual Property Rights").
     Neither the Company nor any Subsidiary has received a written notice that
     the Intellectual Property Rights used by the Company or any Subsidiary
     violates or infringes upon the rights of any Person which if determined
     adversely to the Company would, individually or in the aggregate have a
     Material Adverse Effect. To the knowledge of the Company, all such
     Intellectual Property Rights are enforceable and there is no existing
     infringement by another Person of any of the Intellectual Property Rights.

          (p) Insurance. The Company and the Subsidiaries are insured by
     insurers of recognized financial responsibility against such losses and
     risks and in such amounts as are prudent and customary in the businesses in
     which the Company and the Subsidiaries are engaged. Neither the Company nor
     any Subsidiary has any reason to believe that it will not be able to renew
     its existing insurance coverage as and when such coverage expires or to
     obtain similar coverage from similar insurers as may be necessary to
     continue its business without a significant increase in cost.

          (q) Transactions With Affiliates and Employees. Except as set forth in
     SEC Reports, none of the officers or directors of the Company and, to the
     knowledge of the Company, none of the employees of the Company is presently
     a party to any transaction with the Company or any Subsidiary (other than
     for services as employees, officers and directors), including any contract,
     agreement or other arrangement providing for the furnishing of services to
     or by, providing for rental of real or personal property to or from, or
     otherwise requiring payments to or from any officer, director or such
     employee or, to the knowledge of the Company, any entity in which any
     officer, director, or any such employee has a substantial interest or is an
     officer, director, trustee or partner.

          (r) Internal Accounting Controls. The Company and the Subsidiaries
     maintain a system of internal accounting controls sufficient to provide
     reasonable assurance that (i) transactions are executed in accordance with
     management's general or specific authorizations, (ii) transactions are
     recorded as necessary to permit preparation of financial statements in

                                      -9-
<PAGE>

     conformity with generally accepted accounting principles and to maintain
     asset accountability, (iii) access to assets is permitted only in
     accordance with management's general or specific authorization, and (iv)
     the recorded accountability for assets is compared with the existing assets
     at reasonable intervals and appropriate action is taken with respect to any
     differences.

          (s) Solvency. Based on the financial condition of the Company as of
     the Closing Date, (i) the Company's fair saleable value of its assets
     exceeds the amount that will be required to be paid on or in respect of the
     Company's existing debts and other liabilities (including known contingent
     liabilities) as they mature; (ii) the Company's assets do not constitute
     unreasonably small capital to carry on its business for the current fiscal
     year as now conducted and as proposed to be conducted including its capital
     needs taking into account the particular capital requirements of the
     business conducted by the Company, and projected capital requirements and
     capital availability thereof; and (iii) the current cash flow of the
     Company, together with the proceeds the Company would receive, were it to
     liquidate all of its assets, after taking into account all anticipated uses
     of the cash, would be sufficient to pay all amounts on or in respect of its
     debt when such amounts are required to be paid. The Company does not intend
     to incur debts beyond its ability to pay such debts as they mature (taking
     into account the timing and amounts of cash to be payable on or in respect
     of its debt).

          (t) Certain Fees. No brokerage or finder's fees or commissions are or
     will be payable by the Company to any broker, financial advisor or
     consultant, finder, placement agent, investment banker, bank or other
     Person with respect to the transactions contemplated by this Agreement. The
     Purchasers shall have no obligation with respect to any brokerage or
     finder's fees or commissions payable, as a result of actions by the
     Company, to any broker, financial advisor or consultant, finder, placement
     agent, investment banker, bank or other Person with respect to the
     transactions contemplated by this Agreement.

          (u) Private Placement. Assuming the accuracy of the Purchasers
     representations and warranties set forth in Section 3.2(b)-(e), no
     registration under the Securities Act is required for the offer and sale of
     the Shares by the Company to the Purchasers as contemplated hereby.

          (v) Form S-3 Eligibility. The Company is eligible to register the
     resale of its Common Stock for resale by the Purchasers under Form S-3
     promulgated under the Securities Act.

          (w) Listing and Maintenance Requirements. The Company has not, in the
     two years preceding the date hereof, received notice (written or oral) from
     any Eligible Market on which the Common Stock is or has been listed or
     quoted to the effect that the Company is not in compliance with the listing
     or maintenance requirements of such Eligible Market. The Company is, and
     has no reason to believe that it will not in the foreseeable future
     continue to be, in compliance with all such listing and maintenance
     requirements. The issuance and sale of the Shares hereunder does not
     contravene the rules and regulations of the Trading Market and no approval
     of the shareholders of the Company is required for the Company to issue and
     deliver to the Purchasers the maximum number of Shares and Option Shares
     contemplated by this Agreement.

                                      -10-
<PAGE>

          (x) Registration Rights. Except as described in Schedule 3.1(x), the
     Company has not granted or agreed to grant to any Person any rights
     (including "piggy-back" registration rights) to have any securities of the
     Company registered with the Commission or any other governmental authority
     that have not been satisfied.

          (y) Application of Takeover Protections. Assuming that no Purchaser
     nor any affiliate of such Purchaser, beneficially owns 10% or more of the
     Common Stock immediately after the purchase of the Shares hereunder, the
     Company and its Board of Directors have taken all necessary action, if any,
     in order to render inapplicable any control share acquisition, business
     combination, poison pill (including any distribution under a rights
     agreement) or other similar anti-takeover provision under the Company's
     Certificate of Incorporation (or similar charter documents) or the laws of
     its state of incorporation that is or could become applicable to the
     Purchasers as a result of the Purchasers and the Company fulfilling their
     obligations or exercising their rights under the Transaction Documents,
     including without limitation the Company's issuance of the Shares and the
     Purchasers' ownership of the Shares.

          (z) Disclosure. The Company confirms that neither it nor any other
     Person acting on its behalf has provided any of the Purchasers or their
     agents or counsel with any information, that after the filing of the Annual
     Report with the Commission, the Company believes constitutes material,
     non-public information. The Company understands and confirms that the
     Purchasers will rely on the foregoing representations in effecting
     transactions in securities of the Company. All disclosure provided to the
     Purchasers regarding the Company, its business and the transactions
     contemplated hereby, including the Schedules to this Agreement and Annual
     Report, furnished by or on behalf of the Company are true and correct and
     do not contain any untrue statement of a material fact or omit to state any
     material fact necessary in order to make the statements made therein, in
     light of the circumstances under which they were made, not misleading.

     3.2 Representations and Warranties of the Purchasers. Each Purchaser
hereby, for itself and for no other Purchaser, represents and warrants to the
Company as follows:

          (a) Organization; Authority. Such Purchaser is an entity duly
     organized, validly existing and in good standing under the laws of the
     jurisdiction of its organization with the requisite corporate or
     partnership power and authority to enter into and to consummate the
     transactions contemplated by the Transaction Documents and otherwise to
     carry out its obligations thereunder. The execution, delivery and
     performance by such Purchaser of the transactions contemplated by this
     Agreement has been duly authorized by all necessary corporate action on the
     part of such Purchaser. Each of this Agreement and the Registration Rights
     Agreement has been duly executed by such Purchaser, and, when delivered by
     such Purchaser in accordance with terms hereof, will constitute the valid
     and legally binding obligation of such Purchaser, enforceable against it in
     accordance with its terms, subject to applicable bankruptcy, insolvency,
     fraudulent conveyance, reorganization, moratorium and similar laws
     affecting creditors' rights and remedies generally and general principles
     of equity.

          (b) Investment Intent. Such Purchaser is acquiring the Shares as
     principal for its own account for investment purposes only and not with a
     view to or for distributing or reselling such Shares or any part thereof,
     without prejudice, however, to such Purchaser's right at

                                      -11-
<PAGE>

     all times to sell or otherwise dispose of all or any part of such Shares in
     compliance with applicable federal and state securities laws. Nothing
     contained herein shall be deemed a representation or warranty by such
     Purchaser to hold Shares for any period of time. Such Purchaser does not
     have any agreement or understanding, directly or indirectly, with any
     Person to distribute any of the Shares.

          (c) Purchaser Status. Such Purchaser is an "accredited investor" as
     defined in Rule 501(a) under the Securities Act. Such Purchaser is not a
     registered broker-dealer under Section 15 of the Exchange Act.

          (d) Experience of such Purchaser. Such Purchaser, either alone or
     together with its representatives, has such knowledge, sophistication and
     experience in business and financial matters so as to be capable of
     evaluating the merits and risks of the prospective investment in the
     Shares, and has so evaluated the merits and risks of such investment. Such
     Purchaser is able to bear the economic risk of an investment in the Shares
     and, at the present time, is able to afford a complete loss of such
     investment.

          (e) General Solicitation. To the knowledge of such Purchaser, such
     Purchaser is not purchasing the Shares as a result of any advertisement,
     article, notice or other communication regarding the Shares published in
     any newspaper, magazine or similar media or broadcast over television or
     radio or presented at any seminar or any other general solicitation or
     general advertisement.

          (f) Access to Information. Such Purchaser acknowledges that it has
     reviewed the Disclosure Materials and has been afforded (i) the opportunity
     to ask such questions as it has deemed necessary of, and to receive answers
     from, representatives of the Company concerning the terms and conditions of
     the offering of the Shares and the merits and risks of investing in the
     Shares; (ii) access to information about the Company and the Subsidiaries
     and their respective financial condition, results of operations, business,
     properties, management and prospects sufficient to enable it to evaluate
     its investment; and (iii) the opportunity to obtain such additional
     information that the Company possesses or can acquire without unreasonable
     effort or expense that is necessary to make an informed investment decision
     with respect to the investment. Neither such inquiries nor any other
     investigation conducted by or on behalf of such Purchaser or its
     representatives or counsel shall modify, amend or affect such Purchaser's
     right to rely on the truth, accuracy and completeness of the Disclosure
     Materials and the Company's representations and warranties contained in the
     Transaction Documents.

     The Company acknowledges and agrees that each Purchaser does not make or
has not made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in this Section 3.2.

                                   ARTICLE IV.
                         OTHER AGREEMENTS OF THE PARTIES

     4.1 Transfer Restrictions.

     (a) Shares and Option Shares may only be disposed of in compliance with
state and federal securities laws. In connection with any transfer of Shares or
Option Shares

                                      -12-
<PAGE>

other than pursuant to an effective registration statement, to the Company, to
an Affiliate of a Purchaser who is an "accredited investor" as defined in Rule
501(a) under the Securities Act, in connection with a pledge as contemplated in
Section 4.1(b) or after the legend contained in Section 4.1(b) is removed from
the Shares or Option Shares as provided in Section 4.1(c), the Company may
require the transferor thereof to provide to the Company an opinion of counsel
selected by the transferor, the form and substance of which opinion shall be
reasonably satisfactory to the Company, to the effect that such transfer does
not require registration of such transferred Shares or Option Shares under the
Securities Act. As a condition of transfer, other than a transfer pursuant to an
effective registration statement or pursuant to any open market sale under Rule
144 or any private sale under Rule 144(k), any such transferee shall agree in
writing to be bound by the terms of this Agreement and shall have the rights of
a Purchaser under this Agreement and the Registration Rights Agreement.
Notwithstanding the foregoing, each Purchaser may transfer its right to purchase
the Option Shares pursuant to Section 2.4 to a Person who is an "accredited
investor" as defined in Rule 501(a) under the Securities Act without any legal
opinion.

     (b) The Purchasers agree to the imprinting, so long as is required by this
Section 4.1(b), of the following legend on any of the Shares:

     THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES
     AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
     RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
     1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE
     OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
     UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN
     A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
     SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
     EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
     THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THESE
     SHARES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
     OTHER LOAN SECURED BY SUCH SHARES.

     The Company acknowledges and agrees that a Purchaser may from time to time
pledge pursuant to a bona fide margin agreement or grant a security interest in
some or all of the Shares and Option Shares and, if required under the terms of
such arrangement, such Purchaser may transfer pledged or secured Shares or
Option Shares to the pledgees or secured parties. Such a pledge or transfer
would not be subject to approval of the Company and no legal opinion of the
pledgee, secured party or pledgor shall be required in connection therewith.
Further, no notice shall be required of such pledge. At the appropriate
Purchaser's expense, the Company

                                      -13-
<PAGE>

will execute and deliver such reasonable documentation as a pledgee or secured
party of Shares may reasonably request in connection with a pledge or transfer
of the Shares, including the preparation and filing of any required prospectus
supplement under Rule 424(b)(3) of the Securities Act or other applicable
provision of the Securities Act to appropriately amend the list of Selling
Stockholders thereunder.

     (c) Certificates evidencing Shares and Option Shares shall not contain any
legend (including the legend set forth in Section 4.1(b)), (i) while a
registration statement (including the Registration Statement) covering the
resale of such security is effective under the Securities Act, or (ii) following
any sale of such Shares or Option Shares pursuant to Rule 144, or (iii) if such
Shares are eligible for sale under Rule 144(k), or (iv) if such legend is not
required under applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the Staff of the Commission). The
Company shall cause its counsel to issue the legal opinion included in the
transfer agent instructions to the Company's transfer agent on the Effective
Date. The Company agrees that following the Effective Date or at such time as
such legend is no longer required under this Section 4.1(c), it will, no later
than ten Trading Days following the delivery by a Purchaser to the Company or
the Company's transfer agent of a certificate representing Shares issued with a
restrictive legend, deliver or cause to be delivered to such Purchaser a
certificate representing such Shares that is free from all restrictive and other
legends. The Company may not make any notation on its records or give
instructions to any transfer agent of the Company that enlarge the restrictions
on transfer set forth in this Section.

     4.2 Furnishing of Information. As long as any Purchaser owns Shares or
Option Shares, the Company covenants to timely file (or obtain extensions in
respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to the
Exchange Act. Upon the request of any such Person, the Company shall deliver to
such Person a written certification of a duly authorized officer as to whether
it has complied with the preceding sentence. As long as any Purchaser owns
Shares, if the Company is not required to file reports pursuant to such laws, it
will prepare and furnish to the Purchasers and make publicly available in
accordance with Rule 144(c) such information as is required for the Purchasers
to sell the Shares under Rule 144.

     4.3 Integration. The Company shall not, and shall use its best efforts to
ensure that no Affiliate of the Company shall, sell, offer for sale or solicit
offers to buy or otherwise negotiate in respect of any security (as defined in
Section 2 of the Securities Act) that would be integrated with the offer or sale
of the Shares in a manner that would require the registration under the
Securities Act of the sale of the Shares to the Purchasers, or that would be
integrated with the offer or sale of the Shares for purposes of the rules and
regulations of any Trading Market, if such integration would result in a
violation of any such rule or regulation.

     4.4 Subsequent Placements. From the date hereof through and including the
later of (x) the 30th calendar day following the Closing Date and (y) the
Business Day immediately following day that the Company files the Registration
Statement, the Company will not: (i) directly or indirectly, offer, sell or
grant any option to purchase (or announce any offer, sale, grant or any option
to purchase) any of its Common Stock or other securities which entitle the
holder thereof to receive Common Stock, including without limitation any debt,
preferred stock

                                      -14-
<PAGE>

or other instrument or security that is, at any time during its life and under
any circumstances, convertible into or exchangeable for Common Stock, except for
the granting of options to employees, officers and directors of the Company
pursuant to any stock option or similar plan duly adopted by the Company or the
issuance of Common Stock upon exercise of such options.

     4.5 Securities Laws Disclosure; Publicity. The Company shall, within five
Business Days after the Closing Date, issue a press release or file a Current
Report on Form 8-K reasonably acceptable to the Purchasers disclosing all
material terms of the transactions contemplated hereby. The Company and the
Purchasers shall consult with each other in issuing any press releases with
respect to the transactions contemplated hereby. Notwithstanding the foregoing,
other than in any registration statement filed pursuant to the Registration
Rights Agreement and filings related thereto, the Company shall not publicly
disclose the name of any Purchaser, or include the name of any Purchaser in any
filing with the Commission or any regulatory agency or Trading Market, without
the prior written consent of such Purchaser, except to the extent such
disclosure is required by law or Trading Market regulations, in which case the
Company shall provide the Purchasers with prior notice of such disclosure.

     4.6 Indemnification of Purchasers. The Company will indemnify and hold the
Purchasers and their directors, officers, shareholders, partners, employees and
agents (each, a "Purchaser Party") harmless from any and all losses,
liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable
attorneys' fees and costs of investigation (collectively, "Losses") that any
such Purchaser Party may suffer or incur as a result of or relating to (a) any
misrepresentation, breach or inaccuracy, or any allegation by a third party
that, if true, would constitute a breach or inaccuracy, of any of the
representations, warranties, covenants or agreements made by the Company in this
Agreement or in the other Transaction Documents; or (b) any cause of action,
suit or claim brought or made against such Purchaser Party and solely arising
out of or solely resulting from the execution, delivery, performance or
enforcement of this Agreement or any of the other Transaction Documents. The
Company will reimburse such Purchaser for its reasonable legal and other
expenses (including the cost of any investigation, preparation and travel in
connection therewith) incurred in connection therewith, as such expenses are
incurred. The Company and the Purchaser Party may not, without the prior written
consent of the other, agree to any settlement of any claim or action with
respect to which the Company is required to indemnify the Purchaser Party
pursuant to this Section 4.6.

     4.7 Shareholders Rights Plan. No claim will be made or enforced by the
Company or any other Person that any Purchaser is an "Acquiring Person" under
any shareholders rights plan or similar plan or arrangement in effect or
hereafter adopted by the Company, or that any Purchaser could be deemed to
trigger the provisions of any such plan or arrangement, by virtue of receiving
Shares under the Transaction Documents or under any other agreement between the
Company and the Purchasers.

     4.8 Non-Public Information. The Company covenants and agrees that neither
it nor any other Person acting on its behalf will provide any Purchaser or its
agents or counsel with any information that the Company believes constitutes
material non-public information, unless prior thereto such Purchaser shall have
executed a written agreement regarding the confidentiality and

                                      -15-
<PAGE>

use of such information. The Company understands and confirms that each
Purchaser shall be relying on the foregoing representations in effecting
transactions in securities of the Company.

     4.9 Use of Proceeds. The Company shall use the net proceeds from the sale
of the Shares hereunder for working capital purposes and not for the
satisfaction of any portion of the Company's debt (other than payment of trade
payables in the ordinary course of the Company's business and prior practices),
to redeem any Company equity or equity-equivalent securities or to settle any
outstanding litigation.

                                   ARTICLE V.
                                  MISCELLANEOUS

     5.1 Fees and Expenses. Other than the amount required to be delivered by
the Company to Purchaser Counsel pursuant to Section 2.2(a) of this Agreement,
each party shall pay the fees and expenses of its advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of
this Agreement. The Company shall pay all stamp and other taxes and duties
levied in connection with the sale of the Shares.

     5.2 Entire Agreement. The Transaction Documents, together with the Exhibits
and Schedules thereto, contain the entire understanding of the parties with
respect to the subject matter hereof and supersede all prior agreements and
understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into such documents, exhibits and schedules.

     5.3 Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (a) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile number
specified in this Section prior to 6:30 p.m. (New York City time) on a Trading
Day, (b) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in
this Section on a day that is not a Trading Day or later than 6:30 p.m. (New
York City time) on any Trading Day, (c) the Trading Day following the date of
mailing, if sent by U.S. nationally recognized overnight courier service, or (d)
upon actual receipt by the party to whom such notice is required to be given.
The address for such notices and communications shall be as follows:

     If to the Company:    Wilsons The Leather Experts Inc.
                           7401 Boone Avenue North
                           Brooklyn Park, MN 55428
                           Attn: Chief Financial Officer
                           Fax No.: (763) 391-4906

     With a copy to:       Faegre & Benson LLP
                           2200 Wells Fargo Center
                           90 South Street
                           Minneapolis, MN 55420-1650
                           Attn:  Kris Sharpe, Esq.
                           Fax No.:  (612) 766-1600

                                      -16-
<PAGE>

     If to a Purchaser:    To the address set forth under such Purchaser's name
                           on the signature pages hereof;

     With a copy to:       Kelley Drye & Warren LLP
                           101 Park Avenue
                           New York, NY  10178
                           Attn:  Philip A. Haber, Esq.
                           Fax No.:  (212) 808-7897

or such other address as may be designated in writing hereafter, in the same
manner, by such Person.

     5.4 Amendments; Waivers. No provision of this Agreement may be waived or
amended except in a written instrument signed, in the case of an amendment, by
the Company and each of the Purchasers or, in the case of a waiver, by the party
against whom enforcement of any such waiver is sought. No waiver of any default
with respect to any provision, condition or requirement of this Agreement shall
be deemed to be a continuing waiver in the future or a waiver of any subsequent
default or a waiver of any other provision, condition or requirement hereof, nor
shall any delay or omission of either party to exercise any right hereunder in
any manner impair the exercise of any such right.

     5.5 Construction. The headings herein are for convenience only, do not
constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction will be applied against any party.

     5.6 Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the parties and their successors and permitted assigns. The
Company may not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Purchasers. Any Purchaser may assign
any or all of its rights under this Agreement to any Person to whom such
Purchaser assigns or transfers any Shares, provided such transferee agrees in
writing to be bound, with respect to the transferred Shares, by the provisions
hereof that apply to the "Purchasers." Notwithstanding the foregoing, each
Purchaser may assign or transfer its right to purchase the Option Shares
pursuant to Section 2.4 to any Person who is an "accredited investor" as defined
in Rule 501(a) under the Securities Act.

     5.7 No Third-Party Beneficiaries. This Agreement is intended for the
benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person, except as otherwise set forth in Section 4.6.

     5.8 Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of
Minnesota, without regard to the principles of conflicts of law thereof. Each
party agrees that all Proceedings concerning the interpretations,

                                      -17-
<PAGE>

enforcement and defense of the transactions contemplated by this Agreement and
any other Transaction Documents (whether brought against a party hereto or its
respective affiliates, directors, officers, shareholders, employees or agents)
shall be commenced exclusively in the state and federal courts sitting in the
State of Minnesota. Each party hereto hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of
Minnesota for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of the any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any
Proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such Proceeding is improper. Each party hereto hereby
irrevocably waives personal service of process and consents to process being
served in any such Proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby. If either party shall
commence a Proceeding to enforce any provisions of a Transaction Document, then
the prevailing party in such Proceeding shall be reimbursed by the other party
for its attorneys fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such Proceeding.

     5.9 Survival. The representations, warranties, agreements and covenants
contained herein shall survive the Closing.

     5.10 Execution. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not
sign the same counterpart. In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile signature page
were an original thereof.

     5.11 Severability. If any provision of this Agreement is held to be invalid
or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be
affected or impaired thereby and the parties will attempt to agree upon a valid
and enforceable provision that is a reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this Agreement.

     5.12 Rescission and Withdrawal Right. Notwithstanding anything to the
contrary contained in (and without limiting any similar provisions of) the
Transaction Documents, whenever any Purchaser exercises a right, election,
demand or option under a Transaction Document and the Company does not timely
perform its related obligations within the periods therein provided, then such
Purchaser may rescind or withdraw, in its sole discretion from time to time upon
written notice to the Company, any relevant notice, demand or election in whole
or in part without prejudice to its future actions and rights.

                                      -18-
<PAGE>

     5.13 Replacement of Shares and Option Shares. If any certificate or
instrument evidencing any Shares and Option Shares is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation thereof, or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction and
customary and reasonable indemnity, if requested. The applicants for a new
certificate or instrument under such circumstances shall also pay any reasonable
third-party costs associated with the issuance of such replacement Shares or
Option Shares.

     5.14 Remedies. In addition to being entitled to exercise all rights
provided herein or granted by law, including recovery of damages, each of the
Purchasers and the Company will be entitled to specific performance under the
Transaction Documents. The parties agree that monetary damages may not be
adequate compensation for any loss incurred by reason of any breach of
obligations described in the foregoing sentence and hereby agrees to waive in
any action for specific performance of any such obligation the defense that a
remedy at law would be adequate.

     5.15 Independent Nature of Purchasers' Obligations and Rights. The
obligations of each Purchaser under any Transaction Document are several and not
joint with the obligations of any other Purchaser, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser under any Transaction Document. Nothing contained herein or in any
Transaction Document, and no action taken by any Purchaser pursuant thereto,
shall be deemed to constitute the Purchasers as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Document. Each
Purchaser shall be entitled to independently protect and enforce its rights,
including without limitation the rights arising out of this Agreement or out of
the other Transaction Documents, and it shall not be necessary for any other
Purchaser to be joined as an additional party in any proceeding for such
purpose.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                      SIGNATURE PAGE FOR PURCHASER FOLLOWS]

                                      -19-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Common Stock
Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

                                       WILSONS THE LEATHER EXPERTS INC.

                                       By: /s/ Peter G. Michielutti
                                           ------------------------
                                           Peter G. Michielutti, Senior Vice
                                           President and Chief Financial Officer

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                      SIGNATURE PAGE FOR PURCHASER FOLLOWS]

                                      -20-
<PAGE>

                                       COPWELL HOLDINGS LTD.

                                       By:    /s/ Richard Liu Shang Chien
                                           -------------------------------------
                                       Name:  Liu Shang Chien, Richard
                                              ----------------------------------
                                       Title: Director
                                              ----------------------------------

                                       Number of Shares to be acquired at
                                       Closing (assuming the price of the
                                       Common Stock is such that the Company
                                       does not have the right to elect not to
                                       sell Shares at the Closing): 700,000

                                       Address for Notice:

                                       Copwell Holdings Ltd.
                                       Room 510, Tower II, Enterprise Square
                                       Kowloon Bay, Hong Kong
                                       Facsimile No.: (852) 2755-3210
                                       Telephone No.: (852) 2798-7300,
                                                      (852) 2318-6002
                                       Attn:  Richard Liu

                                       With a copy to:

                                       Kelley Drye & Warren LLP
                                       101 Park Avenue
                                       New York, New York 10178
                                       Facsimile No.: (212) 808-7897
                                       Telephone No.: (212) 808-7800
                                       Attn:  Philip A. Haber, Esq.

                                      -21-
<PAGE>

                                       FLYING COLOURS PROFITS LIMITED

                                       By:    /s/ Poon Kwok Chung
                                           -------------------------------------
                                       Name:  Poon Kwok Chung
                                             -----------------------------------
                                       Title: Authorized Signatory
                                              ----------------------------------

                                       Number of Shares to be acquired at
                                       Closing (assuming the price of the Common
                                       Stock is such that the Company does not
                                       have the right to elect not to sell
                                       Shares at the Closing): 200,000

                                       Address for Notice:

                                       601-2, Ruttanjee
                                       11 Duddell Street
                                       Central, Hong Kong
                                       Facsimile No.: (852) 2523-6651
                                       Telephone No.: (852) 2501-0891
                                       Attn:  Mr. KC Poon

                                       With a copy to:

                                       Kelley Drye & Warren LLP
                                       101 Park Avenue
                                       New York, New York 10178
                                       Facsimile No.: (212) 808-7897
                                       Telephone No.: (212) 808-7800
                                       Attn:  Philip A. Haber, Esq.

                                      -22-<PAGE>

                                                                     Exhibit 4.2

                          REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this "Agreement") is made and entered
into as of April 24, 2002, by and among Wilsons The Leather Experts Inc., a
Minnesota corporation (the "Company"), and the investors signatory hereto (each,
including their respective successors and assigns, a "Purchaser" and
collectively, the "Purchasers").

     This Agreement is made pursuant to the Common Stock Purchase Agreement,
dated as of the date hereof among the Company and the Purchasers (the "Purchase
Agreement").

     The Company and the Purchasers hereby agree as follows:

     1. Definitions. Capitalized terms used and not otherwise defined herein
that are defined in the Purchase Agreement shall have the meanings given such
terms in the Purchase Agreement. As used in this Agreement, the following terms
shall have the meanings set forth in this Section 1:

     "Effectiveness Date" means, with respect to (a) the initial Registration
Statement required to be filed under this Agreement, the earlier of (i) the
120th day following the Closing Date and (ii) the fifth Trading Day following
the date on which the Company is notified by the Commission that such
Registration Statement will not be reviewed or is no longer subject to further
review and comments, and, (b) any additional Registration Statement required to
be filed pursuant to Section 2(c), (i) the 120th day following the Option
Closing Date and (ii) the fifth Trading Day following the date on which the
Company is notified by the Commission that such Registration Statement will not
be reviewed or is no longer subject to further review and comments.

     "Effectiveness Period" shall have the meaning set forth in Section 2(a).

     "Filing Date" with respect to (a) the initial Registration Statement
required to be filed under this Agreement, the 30th day following the Closing
Date and (b) any additional Registration Statement required to be filed pursuant
to Section 2(c), the 30th day following the Option Closing Date.

     "Holder" or "Holders" means the holder or holders, as the case may be, from
time to time of Registrable Securities.

     "Indemnified Party" shall have the meaning set forth in Section 5(c).

     "Indemnifying Party" shall have the meaning set forth in Section 5(c).

     "Losses" shall have the meaning set forth in Section 5(a).

     "Option Closing Date" shall have the meaning set forth in the Purchase
Agreement.

     "Option Shares" shall have the meaning set forth in the Purchase Agreement.
<PAGE>

     "Proceeding" means an action, claim, suit, investigation or proceeding
(including, without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened in writing.

     "Prospectus" means the prospectus included in a Registration Statement
(including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by the
Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

     "Registrable Securities" means the Shares and, if the provisions of Section
2(c) become applicable, the Option Shares issued or issuable under the Purchase
Agreement.

     "Registration Statement" means the initial registration statement required
to be filed under this Agreement and any additional registration statement
contemplated by Section 2(c), including (in each case) the Prospectus,
amendments and supplements to such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto, and all
material incorporated by reference or deemed to be incorporated by reference in
such registration statement.

     "Rule 144" means Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

     "Rule 415" means Rule 415 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

     "Rule 424" means Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

     "Shares" means all shares of Common Stock issued or issuable to the
Purchasers pursuant to the Purchase Agreement.

     "Special Counsel" means Kelley Drye & Warren LLP.

     2. Registration.

     (a) On or prior to each Filing Date, the Company shall prepare and file
with the Commission a Registration Statement covering the resale of all
Registrable Securities for an offering to be made on a continuous basis pursuant
to Rule 415. Each Registration Statement shall be on Form S-3 (except if the
Company is not then eligible to register for resale the Registrable Securities
on Form S-3, in which case such registration shall be on another appropriate
form in accordance herewith) and shall contain (except if otherwise agreed by
the

                                      -2-
<PAGE>

Holders) the "Plan of Distribution" attached hereto as Annex A. The Company
shall use its best efforts to cause each Registration Statement to be declared
effective under the Securities Act as promptly as possible after the filing
thereof, but in any event prior to its Effectiveness Date, and shall use its
best efforts to keep such Registration Statement continuously effective under
the Securities Act until the date which is two years after the date that such
Registration Statement is declared effective by the Commission or such earlier
date when all Registrable Securities covered by a Registration Statement have
been sold or may be sold without volume restrictions pursuant to Rule 144(k) as
determined by the counsel to the Company pursuant to a written opinion letter to
such effect, addressed and acceptable to the Company's transfer agent and the
affected Purchasers (the "Effectiveness Period").

     (b) If: (i) a Registration Statement is not filed on or prior to its Filing
Date (if the Company files such Registration Statement without affording the
Holder the opportunity to review and comment on the same as required by Section
3(a), the Company shall not be deemed to have satisfied clause (i)), or (ii) the
Company fails to file with the Commission a request for acceleration in
accordance with Rule 461 promulgated under the Securities Act, within five
Trading Days of the date that the Company is notified (orally or in writing,
whichever is earlier) by the Commission that a Registration Statement will not
be "reviewed," or not subject to further review, or (iii) the Company fails to
respond to any comments made by the Commission within twenty Trading Days after
the receipt of such comments, or (iv) a Registration Statement filed hereunder
is not declared effective by the Commission by the Effectiveness Date, or (v)
after a Registration Statement is filed with and declared effective by the
Commission, such Registration Statement ceases to be effective as to all
Registrable Securities to which it is required to relate at any time prior to
the expiration of the Effectiveness Period without being succeeded within twenty
Trading Days by an amendment to such Registration Statement or by a subsequent
Registration Statement filed with and declared effective by the Commission, (vi)
an amendment to a Registration Statement is not filed by the Company with the
Commission within fifteen Trading Days of the Commission's notifying the Company
that such amendment is required in order for a Registration Statement to be
declared effective, or (vii) the Company suspends the use of the Registration
Statement by the Holders for more than twenty Trading Days (any such failure or
breach being referred to as an "Event," and for purposes of clause (i) or (iv)
the date on which such Event occurs, or for purposes of clause (ii) the date on
which such five Trading Day-period is exceeded, or for purposes of clauses
(iii), (v) or (vi) the date which such fifteen Trading Day-period is exceeded,
or for purposes of clause (vii) the date which such twenty Trading Day period is
exceeded being referred to as "Event Date") , then: (x) on each such Event Date
the Company shall pay to each Holder an amount in cash, as liquidated damages
and not as a penalty, equal to 1.0% of the aggregate purchase price paid by such
Holder pursuant to the Purchase Agreement; and (y) on each monthly anniversary
of each such Event Date thereof (if the applicable Event shall not have been
cured by such date) until the applicable Event is cured, the Company shall pay
to each Holder an amount in cash, as liquidated damages and not as a penalty,
equal to 1.0% of the aggregate purchase price paid by such Holder pursuant to
the Purchase Agreement. If the Company fails to pay any liquidated damages
pursuant to this Section in full within seven days after the date payable, the
Company will pay interest thereon at a rate of 8% per annum (or such lesser
maximum amount that is permitted to be paid by applicable law) to the Holder,
accruing daily from the date such liquidated damages are due until such amounts,
plus all such interest thereon, are paid in full.

                                      -3-
<PAGE>

     (c) If the Purchasers under the Purchase Agreement exercise the investment
option contemplated in Section 2.4 of the Purchase Agreement, then the Company
shall file an additional Registration Statement to register the resale of the
Option Shares to be issued to the Purchasers on the Option Closing Date. If the
Option Closing Date occurs prior to the date that the initial Registration
Statement contemplated by this Agreement is filed with the Commission, then the
Company shall include the Option Shares in such initial Registration Statement
and file and cause such initial Registration Statement to be declared effective
as required by this Agreement.

     3. Registration Procedures

     In connection with the Company's registration obligations hereunder, the
Company shall:

          (a) Not less than five Trading Days prior to the filing of a
     Registration Statement or any related Prospectus or any amendment or
     supplement thereto, the Company shall, (i) furnish to the Holders and their
     Special Counsel copies of all such documents proposed to be filed
     (including documents incorporated or deemed incorporated by reference)
     which documents will be subject to the review of such Holders and their
     Special Counsel, and (ii) cause its officers and directors, counsel and
     independent certified public accountants to respond to such inquiries as
     shall be necessary, in the reasonable opinion of respective counsel, to
     conduct a reasonable investigation within the meaning of the Securities
     Act. The Company shall not file a Registration Statement or any such
     Prospectus or any amendments or supplements thereto to which the Holders of
     a majority of the Registrable Securities and their Special Counsel shall
     reasonably object in good faith.

          (b) (i) Prepare and file with the Commission such amendments,
     including post-effective amendments, to a Registration Statement and the
     Prospectus used in connection therewith as may be necessary to keep such
     Registration Statement continuously effective as to the applicable
     Registrable Securities for the Effectiveness Period and prepare and file
     with the Commission such additional Registration Statements in order to
     register for resale under the Securities Act all of the Registrable
     Securities; (ii) cause the related Prospectus to be amended or supplemented
     by any required Prospectus supplement, and as so supplemented or amended to
     be filed pursuant to Rule 424; (iii) respond as promptly as reasonably
     possible, and in any event within twenty days, to any comments received
     from the Commission with respect to a Registration Statement or any
     amendment thereto and, as promptly as reasonably possible, provide the
     Holders true and complete copies of all correspondence from and to the
     Commission relating to such Registration Statement; and (iv) comply in all
     material respects with the provisions of the Securities Act and the
     Exchange Act with respect to the disposition of all Registrable Securities
     covered by a Registration Statement during the applicable period in
     accordance with the intended methods of disposition by the Holders thereof
     set forth in such Registration Statement as so amended or in such
     Prospectus as so supplemented.

          (c) Notify the Holders of Registrable Securities to be sold and their
     Special Counsel as promptly as reasonably possible (and, in the case of
     (i)(A) below, not less than three Trading Days prior to such filing) and
     (if requested by any such Person) confirm such notice in

                                      -4-
<PAGE>

     writing no later than one Trading Day following the day (i)(A) when a
     Prospectus or any Prospectus supplement or post-effective amendment to a
     Registration Statement is proposed to be filed; (B) when the Commission
     notifies the Company whether there will be a "review" of such Registration
     Statement and whenever the Commission comments in writing on such
     Registration Statement (the Company shall provide true and complete copies
     thereof and all written responses thereto to each of the Holders); and (C)
     with respect to a Registration Statement or any post-effective amendment,
     when the same has become effective; (ii) of any request by the Commission
     or any other Federal or state governmental authority for amendments or
     supplements to a Registration Statement or Prospectus or for additional
     information; (iii) of the issuance by the Commission of any stop order
     suspending the effectiveness of a Registration Statement covering any or
     all of the Registrable Securities or the initiation of any Proceedings for
     that purpose; (iv) of the receipt by the Company of any notification with
     respect to the suspension of the qualification or exemption from
     qualification of any of the Registrable Securities for sale in any
     jurisdiction, or the initiation or threatening of any Proceeding for such
     purpose; and (v) of the occurrence of any event or passage of time that
     makes the financial statements included in a Registration Statement
     ineligible for inclusion therein or any statement made in a Registration
     Statement or Prospectus or any document incorporated or deemed to be
     incorporated therein by reference untrue in any material respect or that
     requires any revisions to a Registration Statement, Prospectus or other
     documents so that, in the case of a Registration Statement or the
     Prospectus, as the case may be, it will not contain any untrue statement of
     a material fact or omit to state any material fact required to be stated
     therein or necessary to make the statements therein, in light of the
     circumstances under which they were made, not misleading.

          (d) Use its best efforts to avoid the issuance of, or, if issued,
     obtain the withdrawal of (i) any order suspending the effectiveness of a
     Registration Statement, or (ii) any suspension of the qualification (or
     exemption from qualification) of any of the Registrable Securities for sale
     in any jurisdiction, at the earliest practicable moment.

          (e) Furnish to each Holder and their Special Counsel, without charge,
     at least one conformed copy of each Registration Statement and each
     amendment thereto, including financial statements and schedules, all
     documents incorporated or deemed to be incorporated therein by reference,
     and all exhibits to the extent requested by such Person (including those
     previously furnished or incorporated by reference) promptly after the
     filing of such documents with the Commission.

          (f) Promptly deliver to each Holder and their Special Counsel, without
     charge, as many copies of the Prospectus or Prospectuses (including each
     form of prospectus) and each amendment or supplement thereto as such
     Persons may reasonably request. The Company hereby consents to the use of
     such Prospectus and each amendment or supplement thereto by each of the
     selling Holders in connection with the offering and sale of the Registrable
     Securities covered by such Prospectus and any amendment or supplement
     thereto.

          (g) Prior to any public offering of Registrable Securities, use its
     best efforts to register or qualify or cooperate with the selling Holders
     and their Special Counsel in connection with the registration or
     qualification (or exemption from such registration or qualification) of
     such Registrable Securities for offer and sale under the securities or Blue
     Sky laws of such

                                      -5-
<PAGE>

     jurisdictions within the United States as any Holder requests in writing,
     to keep each such registration or qualification (or exemption therefrom)
     effective during the Effectiveness Period and to do any and all other acts
     or things necessary or advisable to enable the disposition in such
     jurisdictions of the Registrable Securities covered by a Registration
     Statement; provided, that the Company shall not be required to qualify
     generally to do business in any jurisdiction where it is not then so
     qualified or subject the Company to any material tax in any such
     jurisdiction where it is not then so subject.

          (h) Cooperate with the Holders to facilitate the timely preparation
     and delivery of certificates representing Registrable Securities to be
     delivered to a transferee pursuant to a Registration Statement, which
     certificates shall be free, to the extent permitted by the Purchase
     Agreement, of all restrictive legends, and to enable such Registrable
     Securities to be in such denominations and registered in such names as any
     such Holders may request.

          (i) Upon the occurrence of any event contemplated by Section 3(c)(v),
     as promptly as reasonably possible, prepare a supplement or amendment,
     including a post-effective amendment, to a Registration Statement or a
     supplement to the related Prospectus or any document incorporated or deemed
     to be incorporated therein by reference, and file any other required
     document so that, as thereafter delivered, neither a Registration Statement
     nor such Prospectus will contain an untrue statement of a material fact or
     omit to state a material fact required to be stated therein or necessary to
     make the statements therein, in light of the circumstances under which they
     were made, not misleading.

          (j) Comply with all applicable rules and regulations of the
     Commission.

          (k) The Company may require each selling Holder to furnish to the
     Company a certified statement as to the number of shares of Common Stock
     beneficially owned by such Holder and, if requested by the Commission, the
     controlling person thereof.

     4. Registration Expenses. All fees and expenses incident to the performance
of or compliance with this Agreement by the Company shall be borne by the
Company whether or not any Registrable Securities are sold pursuant to a
Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Trading Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or
Blue Sky laws), (ii) printing expenses (including, without limitation, expenses
of printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the holders of a
majority of the Registrable Securities included in a Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) Securities Act liability
insurance, if the Company so desires such insurance, and (v) fees and expenses
of all other Persons retained by the Company in connection with the consummation
of the transactions contemplated by this Agreement. In addition, the Company
shall be responsible for all of its internal expenses incurred in connection
with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit and the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange as required hereunder.

                                      -6-
<PAGE>

     5. Indemnification

     (a) Indemnification by the Company. The Company shall, notwithstanding any
termination of this Agreement, indemnify and hold harmless each Holder, the
officers, directors, agents and employees of each of them, each Person who
controls any such Holder (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) and the officers, directors, agents and
employees of each such controlling Person, to the fullest extent permitted by
applicable law, from and against any and all losses, claims, damages,
liabilities, costs (including, without limitation, reasonable costs of
preparation and reasonable attorneys' fees) and expenses (collectively,
"Losses"), as incurred, arising out of or relating to any untrue or alleged
untrue statement of a material fact contained in the Registration Statement, any
Prospectus or any form of prospectus or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to any omission
or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any Prospectus or form
of prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading, except to the extent, but only to the extent,
that (1) such untrue statements or omissions are based solely upon information
regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein, or to the extent that such information relates to
such Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in the Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto (it being understood that
the Holder has approved Annex A hereto for this purpose) or (2) in the case of
an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use
by such Holder of an outdated or defective Prospectus after the Company has
notified such Holder in writing that the Prospectus is outdated or defective and
prior to the receipt by such Holder of the Advice contemplated in Section 6(d).
The Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding of which the Company is aware in connection with the
transactions contemplated by this Agreement.

     (b) Indemnification by Holders. Each Holder shall, severally and not
jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents or employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses, as
incurred, arising solely out of or based solely upon: (x) such Holder's failure
to comply with the prospectus delivery requirements of the Securities Act in
reselling Registrable Securities or (y) any untrue statement of a material fact
contained in any Registration Statement, any Prospectus, or any form of
prospectus, or in any amendment or supplement thereto, or arising solely out of
or based solely upon any omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading to the
extent, but only to the extent, that such untrue statement or omission is
contained in any information so furnished in writing by such Holder to the
Company specifically for inclusion in such Registration Statement or such
Prospectus or to the extent that (1) such untrue statements or omissions are
based solely upon information regarding such Holder furnished in writing to the
Company by such Holder expressly for use therein, or to the extent that such
information relates to such Holder or such Holder's proposed method of
distribution of Registrable Securities and was reviewed and

                                      -7-
<PAGE>

expressly approved in writing by such Holder expressly for use in a Registration
Statement (it being understood that the Holder has approved Annex A hereto for
this purpose), such Prospectus or such form of Prospectus or in any amendment or
supplement thereto or (2) in the case of an occurrence of an event of the type
specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or
defective Prospectus after the Company has notified such Holder in writing that
the Prospectus is outdated or defective and prior to the receipt by such Holder
of the Advice contemplated in Section 6(d). In no event shall the liability of
any selling Holder hereunder be greater in amount than the dollar amount of the
net proceeds received by such Holder upon the sale of the Registrable Securities
giving rise to such indemnification obligation.

     (c) Conduct of Indemnification Proceedings. If any Proceeding shall be
brought or asserted against any Person entitled to indemnity hereunder (an
"Indemnified Party"), such Indemnified Party shall promptly notify the Person
from whom indemnity is sought (the "Indemnifying Party") in writing, and the
Indemnifying Party shall assume the defense thereof, including the employment of
counsel reasonably satisfactory to the Indemnified Party and the payment of all
fees and expenses incurred in connection with defense thereof; provided, that
the failure of any Indemnified Party to give such notice shall not relieve the
Indemnifying Party of its obligations or liabilities pursuant to this Agreement,
except (and only) to the extent that it shall be finally determined by a court
of competent jurisdiction (which determination is not subject to appeal or
further review) that such failure shall have proximately and materially
adversely prejudiced the Indemnifying Party.

     An Indemnified Party shall have the right to employ separate counsel in any
such Proceeding and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party or
Parties unless: (1) the Indemnifying Party has agreed in writing to pay such
fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and such Indemnified Party
shall have been advised by counsel that a conflict of interest is likely to
exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and such counsel shall be at the expense of
the Indemnifying Party). In the event that the Indemnifying Party is liable to
the Indemnified Party for legal expenses, the liability of the Indemnifying
Party for such legal expenses shall be limited to the expenses of a single
counsel. The Indemnifying Party shall not be liable for any settlement of any
such Proceeding effected without its written consent, which consent shall not be
unreasonably withheld. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, effect any settlement of any pending
Proceeding in respect of which any Indemnified Party is a party, unless such
settlement includes an unconditional release of such Indemnified Party from all
liability on claims that are the subject matter of such Proceeding.

     All fees and expenses of the Indemnified Party (including reasonable fees
and expenses to the extent incurred in connection with investigating or
preparing to defend such Proceeding in a manner not inconsistent with this
Section) shall be paid to the Indemnified Party,

                                      -8-
<PAGE>

as incurred, within ten Trading Days of written notice thereof to the
Indemnifying Party (regardless of whether it is ultimately determined that an
Indemnified Party is not entitled to indemnification hereunder; provided, that
the Indemnifying Party may require such Indemnified Party to undertake to
reimburse all such fees and expenses to the extent it is finally judicially
determined that such Indemnified Party is not entitled to indemnification
hereunder).

     (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b)
is unavailable to an Indemnified Party (by reason of public policy or
otherwise), then each Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Party in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in Section 5(c), any reasonable attorneys' or other
reasonable fees or expenses incurred by such party in connection with any
Proceeding to the extent such party would have been indemnified for such fees or
expenses if the indemnification provided for in this Section was available to
such party in accordance with its terms.

     The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the
proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission.

     The indemnity and contribution agreements contained in this Section are in
addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties.

     6. Miscellaneous

     (a) Remedies. In the event of a breach by the Company or by a Holder of any
of their obligations under this Agreement, each Holder or the Company, as the
case may be, in addition to being entitled to exercise all rights granted by law
and under this Agreement, including recovery of damages, will be entitled to
specific performance of its rights under this Agreement. The Company and each
Holder agree that monetary damages would not provide adequate compensation for
any losses incurred by reason of a breach by it of any of the provisions of this
Agreement and hereby further agrees that, in the event of any action for

                                      -9-
<PAGE>

specific performance in respect of such breach, it shall waive the defense that
a remedy at law would be adequate.

     (b) No Piggyback on Registrations. Except as and to the extent specified in
Schedule 6(b) hereto, neither the Company nor any of its security holders (other
than the Holders in such capacity pursuant hereto) may include securities of the
Company in a Registration Statement other than the Registrable Securities, and
the Company shall not after the date hereof enter into any agreement providing
any such right to any of its security holders. Except as and to the extent
specified in Schedule 6(b) hereto, the Company has not previously entered into
any agreement granting any registration rights with respect to any of its
securities to any Person which have not been fully satisfied.

     (c) Compliance. Each Holder covenants and agrees that it will comply with
the prospectus delivery requirements of the Securities Act as applicable to it
in connection with sales of Registrable Securities pursuant to the Registration
Statement.

     (d) Discontinued Disposition. Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in Section 3(c), such Holder will
forthwith discontinue disposition of such Registrable Securities under a
Registration Statement until such Holder's receipt of the copies of the
supplemented Prospectus and/or amended Registration Statement or until it is
advised in writing (the "Advice") by the Company that the use of the applicable
Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in such Prospectus or Registration Statement. The
Company may provide appropriate stop orders to enforce the provisions of this
paragraph.

     (e) Piggy-Back Registrations. If at any time during the Effectiveness
Period there is not an effective Registration Statement covering all of the
Registrable Securities and the Company shall determine to prepare and file with
the Commission a registration statement relating to an offering for its own
account or the account of others under the Securities Act of any of its equity
securities, other than on Form S-4 or Form S-8 (each as promulgated under the
Securities Act) or their then equivalents relating to equity securities to be
issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with stock option or other employee
benefit plans, then the Company shall send to each Holder written notice of such
determination and, if within fifteen days after receipt of such notice, any such
Holder shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such
holder requests to be registered, subject to customary underwriter cutbacks
applicable to all holders of registration rights.

     (f) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given,
unless the same shall be in writing and signed by the Company and the Holders of
the then outstanding Registrable Securities.

                                      -10-
<PAGE>

     (g) Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (i) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Section prior to 6:30 p.m. (New York City
time) on a Trading Day, (ii) the Trading Day after the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Agreement later than 6:30 p.m. (New York City
time) on any date and earlier than 11:59 p.m. (New York City time) on such date,
(iii) the Trading Day following the date of mailing, if sent by nationally
recognized overnight courier service, or (iv) upon actual receipt by the party
to whom such notice is required to be given. The address for such notices and
communications shall be as follows:

     If to the Company:             Wilsons The Leather Experts Inc.
                                    7401 Boone Avenue North
                                    Brooklyn Park, MN 55428
                                    Attn: Chief Financial Officer
                                    Fax No.: (763) 391-4906

     With a copy to:                Faegre & Benson LLP
                                    2200 Wells Fargo Center
                                    90 South Street
                                    Minneapolis, MN 55420-1650
                                    Attn: Kris Sharpe, Esq.
                                    Fax No.: (612) 766-1600

     If to a Purchaser:             To the address set forth under such
                                    Purchaser's name on the signature pages
                                    hereto.

     With a copy to:                Kelley Drye & Warren LLP
                                    101 Park Avenue
                                    New York, NY  10178
                                    Attn:  Philip A. Haber, Esq.
                                    Fax No.: (212) 808-7897

     If to any other Person who is then the registered Holder:

                                    To the address of such Holder as it appears
                                    in the stock transfer books of the Company

or such other address as may be designated in writing hereafter, in the same
manner, by such Person.

     (h) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of each of the parties
and shall inure to the benefit of each Holder. The Company may not assign its
rights or obligations hereunder without the prior written consent of each
Holder. Each Holder may assign their respective rights hereunder in the manner
and to the Persons as permitted under the Purchase Agreement.

                                      -11-
<PAGE>

     (i) Execution and Counterparts. This Agreement may be executed in any
number of counterparts, each of which when so executed shall be deemed to be an
original and, all of which taken together shall constitute one and the same
Agreement. In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid binding obligation of the
party executing (or on whose behalf such signature is executed) the same with
the same force and effect as if such facsimile signature were the original
thereof.

     (j) Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of
Minnesota, without regard to the principles of conflicts of law thereof. Each
party agrees that all Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought
against a party hereto or its respective affiliates, directors, officers,
shareholders, employees or agents) shall be commenced exclusively in the state
and federal courts sitting in the State of Minnesota. Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the State of Minnesota for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of the any of
this Agreement), and hereby irrevocably waives, and agrees not to assert in any
Proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such Proceeding is improper. Each party hereto hereby
irrevocably waives personal service of process and consents to process being
served in any such Proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby. If either party shall
commence a Proceeding to enforce any provisions of this Agreement, then the
prevailing party in such Proceeding shall be reimbursed by the other party for
its attorneys fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such Proceeding.

     (k) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (l) Independent Nature of Purchasers' Obligations and Rights. The
obligations of each Purchaser hereunder is several and not joint with the
obligations of any other Purchaser hereunder, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser hereunder. Nothing contained herein or in any other agreement or
document delivered at any closing, and no action taken by any Purchaser pursuant
hereto or thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Purchasers are in any way acting in concert with
respect to such obligations or the transactions contemplated by this Agreement.
Each Purchaser shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose.

                                      -12-
<PAGE>

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                           SIGNATURE PAGES TO FOLLOW]

                                      -13-
<PAGE>

                                                                     Exhibit 4.2

     IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                                       WILSONS THE LEATHER EXPERTS INC.

                                       By: /s/ Peter G. Michielutti
                                           -------------------------------------
                                       Name: Peter G. Michielutti
                                       Title: Senior Vice President and
                                              Chief Financial Officer

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                     SIGNATURE PAGES OF PURCHASER TO FOLLOW]
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                                       COPWELL HOLDINGS LTD.

                                       By:    /s/  Richard Liu Shang Chien
                                           -------------------------------------
                                       Name:  Liu Shang Chien, Richard
                                             -----------------------------------
                                       Title: Director
                                              ----------------------------------

                                       Address for Notice:

                                       Copwell Holdings Ltd.
                                       Room 510, Tower II, Enterprise Square
                                       Kowloon Bay, Hong Kong
                                       Facsimile No.: (852) 2755-3210
                                       Telephone No.: (852) 2798-7300,
                                                      (852) 2318-6002
                                       Attn:  Richard Liu

                                       With a copy to:

                                       Kelley Drye & Warren LLP
                                       101 Park Avenue
                                       New York, NY  10178
                                       Facsimile No.:  (212) 808-7897
                                       Telephone No.:  (212) 808-7800
                                       Attn:  Philip A. Haber, Esq.

                                      -15-
<PAGE>

                                       FLYING COLOURS PROFITS LIMITED

                                       By:    /s/ Poon Kwok Cheung
                                           -------------------------------------
                                       Name:  Poon Kwok Cheung
                                             -----------------------------------
                                       Title: Authorized Signatory
                                              ----------------------------------

                                       Address for Notice:

                                       Flying Colours Profits Limited
                                       601-2 Ruttonjee, 11 Duddell Street
                                       Central, Hong Kong
                                       Facsimile No.:  (852) 2523-6651
                                       Telephone No.:  (852) 2501-0891
                                       Attn:    Mr. KC Poon

                                       With a copy to:

                                       Kelley Drye & Warren LLP
                                       101 Park Avenue
                                       New York, NY  10178
                                       Facsimile No.:  (212) 808-7897
                                       Telephone No.:  (212) 808-7800
                                       Attn:  Philip A. Haber, Esq.

                                      -16-
<PAGE>

                                                                         Annex A
                                                                         -------

                              Plan of Distribution
                              --------------------

     The Selling Stockholders and any of their pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their shares
of Common Stock on any stock exchange, market or trading facility on which the
shares are traded or in private transactions. These sales may be at fixed or
negotiated prices. The Selling Stockholders may use any one or more of the
following methods when selling shares:

     o    ordinary brokerage transactions and transactions in which the
          broker-dealer solicits purchasers;

     o    block trades in which the broker-dealer will attempt to sell the
          shares as agent but may position and resell a portion of the block as
          principal to facilitate the transaction;

     o    purchases by a broker-dealer as principal and resale by the
          broker-dealer for its account;

     o    an exchange distribution in accordance with the rules of the
          applicable exchange;

     o    privately negotiated transactions;

     o    short sales;

     o    broker-dealers may agree with the Selling Stockholders to sell a
          specified number of such shares at a stipulated price per share;

     o    a combination of any such methods of sale; and

     o    any other method permitted pursuant to applicable law.

     The Selling Stockholders may also sell shares under Rule 144 under the
Securities Act, if available, rather than under this prospectus.

     Broker-dealers engaged by the Selling Stockholders may arrange for other
brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as
agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. The Selling Stockholders do not expect these commissions and
discounts to exceed what is customary in the types of transactions involved.

     The Selling Stockholder may from time to time pledge or grant a security
interest in some or all of the shares of common stock owned by them and, if they
default in the performance of their secured obligations, the pledgees or secured
parties may offer and sell the shares of common stock from time to time under
this prospectus, or under an amendment to this prospectus under Rule 424(b)(3)
or other applicable provision of the Securities Act of 1933 amending the list of
Selling Stockholders to include the pledgee, transferee or other successors in
interest as Selling Stockholders under this prospectus.

                                      -17-
<PAGE>

     The Selling Stockholders also may transfer the shares of common stock in
other circumstances, in which case the transferees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this
prospectus.

     The Selling Stockholders and any broker-dealers or agents that are involved
in selling the shares may be deemed to be "underwriters" within the meaning of
the Securities Act in connection with such sales. In such event, any commissions
received by such broker-dealers or agents and any profit on the resale of the
shares purchased by them may be deemed to be underwriting commissions or
discounts under the Securities Act. The Selling Stockholders have informed the
Company that it does not have any agreement or understanding, directly or
indirectly, with any person to distribute any of the shares subject to this
Registration Statement.

     The Company is required to pay all fees and expenses incident to the
registration of the shares. The Company has agreed to indemnify the Selling
Stockholders against certain losses, claims, damages and liabilities, including
liabilities under the Securities Act.

                                      -18-
<PAGE>

                               REGISTRATION RIGHTS
                               -------------------

Registration rights, which include a right to include shares of common stock in
a Registration Statement (as defined in the Agreement), were granted to certain
shareholders pursuant to the Registration Rights Agreement dated as of May 25,
1996 among the Company, Melville Corporation, the Managers (as that term is
defined therein), Leather Investors Limited Partnership I, and the partners of
Leather Investors Limited Partnership I listed on the signature pages thereto,
as amended by that certain Amendment to Registration Rights Agreement dated as
of August 12, 1999 by and among the Company and the shareholders listed on the
attachments thereto (the "Registration Rights Agreement")

Registration rights were granted to Bricoleur Capital Management L.L.C. pursuant
to the Registration Rights Agreement dated as of January 10, 2002 among the
Company and the purchasers identified on the signature pages thereto (the
"Bricoleur Agreement"). Those registration rights were transferred to certain
affiliates of Bricoleur Capital Management L.L.C. including Bricoleur Partners,
LP, Bricoleur Partners II, LP, Bricoleur Enhanced, LP, Bric 6, LP, Bricoleur
Offshore, LTD, Bricoleur-Plus Fund, LTD, HSBC Managed Trust, Bric Retail, LP
pursuant to that certain Letter Agreement dated as of January 23, 2002. The
Company is obligated to file a registration statement for the sale of 100,000
shares issued on April 11, 2002 pursuant to the Bricoleur Agreement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}]]