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                                                                    Exhibit 10.2

                           TRADEMARK LICENSE AGREEMENT

      This Trademark License Agreement (the "AGREEMENT"), dated as of February
24, 2003 (the "EFFECTIVE DATE") is made by and between dELiA*s Brand LLC, a
Delaware limited liability company, located at 435 Hudson Street, New York, New
York 10014 ("LICENSOR") and dELiA*s Corp., a Delaware Corporation located at 435
Hudson Street, New York, New York 10014 ("LICENSEE").

      WHEREAS Licensor is the owner of the trademarks listed on Schedule A
("the Licensed Marks");

      WHEREAS Licensee desires a license to use the Licensed Marks in connection
with its business, and Licensor desires to grant such a license to Licensee;

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

                              TERMS AND CONDITIONS

   1. TRADEMARK OWNERSHIP.

      1.1 Licensee acknowledges and agrees that Licensor is the sole and
exclusive owner of the entire right, title, and interest (including any and all
accompanying goodwill) in and to the Licensed Marks. All goodwill developed in
the Licensed Marks through Licensee's use will inure to the sole benefit of
Licensor.

      1.2 During the Term and thereafter, Licensee will not challenge or
otherwise contest, either offensively or defensively, (i) the validity,
ownership or enforceability of the Licensed Marks or Licensor's copyrights or
other intellectual property rights, (ii) any of Licensor's current or subsequent
registrations or applications for registration of the Licensed Marks or (iii)
Licensor's exclusive right to own and register the Licensed Marks within and
outside the Licensed Territory.

      1.3 Licensee will not directly or indirectly apply for or attempt to
register for itself or others any of the Licensed Marks or any logos within or
outside the Licensed Territory except as provided in Section 6.

      1.4 Licensee will cooperate with Licensor to achieve as good a reputation
and press as possible for the Licensed Marks and Licensed Products. Licensee
understands and acknowledges the meanings of counterfeit goods, diverted goods
and parallel goods and Licensee will use all commercially reasonable means to
prevent the creation of any such goods by its employees, agents, representatives
and any others operating under its direction, supervision or control. Licensee
will reasonably cooperate with Licensor to prevent unlawful use of the Licensed
Marks, including without limitation counterfeiting, and to prevent diversion of
Licensed Products outside the Licensed Territory and/or Permitted Channels of
Trade. Licensor will have the right, but not the obligation, to institute legal
action or take any other actions that it deems necessary to protect its interest
in the Licensed Marks, and Licensee will fully cooperate with Licensor in any
such action.

      1.5 Licensee recognizes the great value of the publicity and goodwill
associated with the Licensed Marks and, in such connection, acknowledges that
such goodwill belongs exclusively to Licensor, and that the Licensed Marks have
acquired secondary meaning in the minds of the purchasing public.

      1.6 Licensee agrees that it will use the Licensed Marks only within the
scope of the License, and that all other uses of the Licensed Marks are
prohibited.

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      1.7 Licensee expressly acknowledges that Licensor is entering into a
license agreement (the "Master License") with JLP Daisy LLC, a Delaware limited
liability company (the "Master Licensee") that permits it to use the Licensed
Marks to advertise, promote and market the Licensed Products in any medium in
the Licensed Territory, and to sublicense to permitted sublicensees (as defined
in the Master License) the right to use the Licensed Marks during the Term in
connection with the manufacture, sale and distribution of the Licensed Products
within the Permitted Channels of Trade in the Licensed Territory (as those terms
are defined in the Master License), and advertising, marketing and promotion
incidental thereto, and that the activities of Licensor and the Master Licensee
in accordance with the terms and conditions of the Master License are not in any
way violative of this Agreement.

   2. TERM.

      The "Term" of this Agreement will be perpetual. Notwithstanding the
foregoing, the Term may be terminated earlier pursuant to Section 13.2.

   3. GRANT OF LICENSE.

      3.1 Licensor hereby grants to Licensee (a) a non-exclusive, royalty-free
license to use the Licensed Marks as trademarks in the Territory in connection
with the manufacture, distribution, marketing, promotion, advertising, and sale
of Licensed Products, but only to be sold through catalogs, Internet sales,
mail-order, and other direct marketing methods, as well as dELiA*s-branded
retail stores and affiliate programs; (b) an exclusive, royalty-free license,
including the right to sublicense, to use the Licensed Marks as trademarks and
service marks in the Territory in connection with the operation of Licensee's
business, namely, the business as heretofore conducted by dELiA*s Corp. and its
subsidiaries, including the operation of dELiA*s-branded specialty retail
stores, commercial Internet websites, affiliate programs and catalogs marketing
apparel, accessories and home furnishings principally to teenage girls and young
women; and (c) a non-exclusive, royalty-free license, including the right to
sublicense, to manufacture, sell, distribute, advertise, promote, and market
Licensed Products bearing the dELiA*s Artwork (as defined below) in the
Territory, and to reproduce and distribute advertising, marketing and
promotional materials that include the dELiA*s Artwork through catalogs,
Internet sales, mail-order, and other direct marketing methods, as well as
dELiA*s-branded retail stores and affiliate programs, all subject to the terms
conditions of this Agreement. "dELiA*s Artwork" means any copyrightable artwork
developed by Licensor and used by Licensor and/or Licensee or its Affiliates on
or in connection with the advertising and sale of Licensed Products.

      3.2 As part of the License granted in Section 3.1, Licensor grants
Licensee the right to use all logos and designs associated with the Licensed
Marks. Licensee will not use any other logos, designs, or other artwork in
conjunction with the Licensed Marks unless approved by Licensor in advance, such
approval not to be unreasonably withheld.

      3.3 To the extent that a Secured Transferee has a security interest in the
Member's Membership Interest, and in the event of foreclosure upon such security
interest, such Secured Transferee that forecloses upon the Member's Membership
Interest shall be entitled only to the economic benefits of the Member's
Membership Interest and, except to the limited extent necessary to cause
distributions to be paid in accordance herewith, such transfer will not confer
any voting rights on such Secured Transferee absent the written consent of the
Special Manager; PROVIDED, HOWEVER, that if such Secured Transferee elects to
sell such Membership Interest following a foreclosure the purchaser thereof
shall be entitled to all the rights and benefits associated with such Membership
Interest; PROVIDED, FURTHER, that if such a sale occurs prior to the Expiration
Date, the consummation of such sale shall be expressly conditioned upon the
survival of all the rights afforded to the Special Manager in this Agreement.

      3.4 Licensee will not sell, and will not allow any of its sublicensees to
sell, any Licensed

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Product in any wholesale or retail store transaction in the Licensed Territory
other than sales in owned stores or close-outs, PROVIDED that revenues with
respect to any third-party closeouts will not exceed (x) 15% of revenues
generated by sales of watches, (y) 25% of revenues generated by sales of
sunglasses and (z) 10% of revenues generated by sales of all other goods (by
product category), in each case on an annual basis.

   4. EFFORTS.

      During the Term, Licensee will use best efforts to use the Licensed Marks
in a professional manner in order to preserve and enhance Licensor's goodwill
associated with the Licensed Marks.

   5. LICENSED PRODUCTS:

      The "Licensed Products" are those goods listed on Schedule B.

   6. TERRITORY.

      The "Territory" is all countries and territories worldwide. Before using
the Licensed Marks on any Licensed Products in any territory in which Licensor
has not yet obtained a trademark registration for the Licensed Marks ("New
Territory"), Licensee will notify Licensor of Licensee's intention to enter into
the New Territory in sufficient time for Licensor to make any and all necessary
or appropriate filings for trademark or other protection in the New Territory.
Licensor will make such filings as Licensor, in its sole discretion, deems
appropriate. Licensee will fully cooperate with Licensor as Licensor may request
in furtherance of Licensor's application, prosecution, or registration of any
such filings. If Licensor notifies Licensee that Licensor declines to file,
maintain, or renew an application or registration in any New Territory, Licensee
will be entitled to file, maintain, and/or renew such applications or
registrations, at Licensee's expense, in the name of and on behalf of Licensor
provided such filing is (1) limited to the Licensed Products, (2) is made with
prior written notice to Licensor in each instance, and (3) Licensor is informed
of such applications and any resulting registrations and, upon its request, is
provided copies of the documents filed by any person in connection therewith.
Other than as expressly provided for in this section, Licensee agrees that it
will not directly or indirectly make application for or aid others to seek
trademark registrations in any state, country, or territory of any mark or
design that includes any of the Licensed Marks. All registrations, goodwill, and
uses by Licensee of or for any of the Licensed Marks in any New Territory will
inure to the exclusive benefit of Licensor.

   7. QUALITY CONTROL

      7.1 Both parties understand and agree that it is necessary for Licensor to
maintain reasonable control over the use of the Licensed Marks by Licensee to
avoid abandonment of the Licensed Marks and to maintain and enhance the goodwill
associated with the Licensed Marks. The parties agree that the Licensed Products
must meet or exceed Licensor's high quality standards, including the product
quality standards currently in place for products bearing the Licensed Marks,
and that the style, appearance and quality of the Licensed Products will be
consistent with such standards, and that Licensee will comply in all material
respects with all laws governing the use of the Licensed Marks and the provision
of the goods and services under the Licensed Marks.

      7.2 Upon reasonable notice to Licensee, Licensor may require Licensee to
send to Licensor (i) representative samples of advertising and promotional
materials bearing the Licensed Marks, and (ii) other documents as may be
reasonably requested by Licensor that may permit Licensor to determine

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whether the use of the Licensed Marks meets the standards, specifications and
directions set forth above.

      7.3 (a) Licensee represents that Licensee will require the Licensed
Products to be manufactured, marketed, sold and distributed in accordance with
all applicable laws, regulations and safety codes worldwide and in compliance
with any regulatory or governmental agency that has jurisdiction over such
matters. Licensee represents and warrants, and will require each of its
sublicensees to represent and warrant, that the proper use of the Licensed
Products will not cause any harm or injury to any person or property. Licensee
additionally represents and warrants and covenants, and will require each of its
sublicensees to represent and warrant and covenant that it does not and will not
engage in any activity that would violate any applicable labor law, rule,
regulation or practice, or engage in any form of discrimination based on race,
color, religion, sex, sexual orientation or national origin, and Licensee will,
and will require in its agreements with its sublicensees and any subcontractors
that such persons comply, and Licensee will cause its officers, employees and
agents to comply, with applicable labor laws, rules, regulations and practices,
and not to engage in any form of discrimination based on race, color, religion,
sex, sexual orientation, national origin or other prohibited basis.

            (b) Licensee represents and warrants that its performance under this
Agreement will not violate any applicable law, rule or regulation. Licensee
represents and warrants that it has not violated and will not violate the
Foreign Corrupt Practices Act. Licensee will not by act or omission breach any
agreement to which it is a party relating to the Licensed Products. Licensee
agrees that it will not sublicense to any individual or entity that is in
violation of any applicable laws. Licensee will provide Licensor with copies of
all government filings relating to the Licensed Marks or the Licensed Products
before Licensee makes any such filings. Licensor will have the right to instruct
Licensee to modify the content of such filings; provided, that, Licensor will
comply with governing laws in all respects and will not impede Licensee from
complying with such laws. Licensee agrees that it will not engage, and will
require its sublicensees not to engage, in tying practices, illegal restraints
of trade, or selling practices that exclude any members of the retail trade for
any reasons other than poor credit history, known lack of integrity or disregard
for rights of Licensor and/or any of its Affiliates.

      7.4 If Licensee engages in advertising or promotion of the Licensed
Products or the Licensed Marks, Licensee will do so in a manner that will
enhance the goodwill associated with the Licensed Marks.

      7.5 Licensee will provide at Licensor's reasonable request during normal
business hours all internal design patterns, colors and coordination
information.

   8. ASSIGNMENT OF INTELLECTUAL PROPERTY RIGHTS.

      8.1 Licensee hereby grants, transfers and assigns to Licensor,
irrevocably, throughout the world and in perpetuity, all rights of copyright in
and to any and all materials and works authored or created by or for Licensee
under the License (including without limitation under any sublicense of the
Licensed Marks except as provided in Section 8.2(b) or otherwise in the course
of Licensee's performance under this Agreement, in each case related to the
Licensed Marks (all such works and derivatives thereof hereinafter referred to
as "Works"), and all rights of copyright in and to any Work. For purposes
hereof, the Works include without limitation all artwork, designs, prototypes,
packaging, and promotional material of or for Licensed Products. Licensor will
own all rights of copyright in and to the Works whether or not such Works were
approved by Licensor, or ultimately manufactured, distributed, sold and/or
promoted. Licensee will never apply to obtain a copyright registration anywhere
in the world covering any Work. If Licensee engages any third parties to create
or author any Work, Licensee will cause each such third party to agree that all
rights, including rights of copyrights, in and to the Work will be owned by
Licensor and will cause each such third party to execute documents necessary to
reflect that ownership status, including without limitation assignment and/or
recordation documents. At the request of Licensor, Licensee will execute all
documents confirming Licensor's

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rights in and to the Works including without limitation assignments of copyright
in form and substance satisfactory to Licensor. If Licensee will fail or refuse
to sign any such documents, then Licensor will be entitled to sign such
documents for and on behalf of Licensee and, for this purpose, Licensee hereby
irrevocably appoints Licensor its attorney-in-fact with power of substitution to
sign all such documents as may be required. This power of attorney is coupled
with an interest and is irrevocable.

      8.2 (a) Licensee will require that each sublicensee will be required to
grant, transfer and assign to Licensor, irrevocably, throughout the world and in
perpetuity, all rights of copyright in and to any and all artwork authored or
created by or for such sublicensee and used on Licensed Products (all such works
and derivatives thereof hereinafter referred to as "Sublicensee Artworks"), and
all rights of copyright in and to any Sublicensee Artworks. Licensor will own
all rights of copyright in and to the Sublicensee Artworks that are used on
Licensed Products that are manufactured, distributed, sold and/or promoted, even
if not specifically approved by Licensor. Licensor will also own all rights of
copyright in and to the Sublicensee Artworks that are specifically approved by
Licensor, even if such Sublicensee Artworks are not ultimately used on Licensed
Products that are manufactured, distributed, sold and/or promoted. Licensee will
require that no sublicensee ever apply to obtain a copyright registration
anywhere in the world covering any of such Sublicensee Artworks. Licensee will
further require that if any sublicensee engages any third parties to create or
author any such Sublicensee Artworks, such sublicensee will require each such
third party to agree that all rights, including rights of copyrights, in and to
such Sublicensee Artworks will be owned by Licensor and will require each such
third party to execute documents necessary to reflect that ownership status,
including without limitation assignment and/or recordation documents. At the
request of Licensor, such sublicensee will execute all documents confirming
Licensor's rights in and to such Sublicensee Artworks including without
limitation assignments of copyright in form and substance satisfactory to
Licensor. If any sublicensee fails or refuses to sign any such documents, then
Licensor will be entitled to sign such documents for and on behalf of such
sublicensee and, for this purpose, the applicable sublicense will irrevocably
appoint Licensor as attorney-in-fact for such sublicensee with power of
substitution to sign all such documents as may be required, which power of
attorney will be coupled with an interest and be irrevocable.

            (b) Licensee will require that each sublicensee will be required
to grant, transfer and assign to Licensor, irrevocably, throughout the world
and in perpetuity, all rights of copyright in and to any and all materials
and works (other than Sublicensee Artworks) authored or created by or for
such sublicensee specifically and uniquely for or relating to the Licensed
Marks or any Licensed Products (all such works and derivatives thereof
hereinafter referred to as "Sublicensee Works"), and all rights of copyright
in and to any Sublicensee Works; provided, however, that Licensor's right to
enforce its copyrights in Sublicensee Works against such sublicensee is
predicated in each case upon Licensor's using commercially reasonable efforts
to pursue its remedies against all actual third-party infringers (it being
understood that, so long as Licensor is acting in a commercially reasonable
manner, Licensor will not be required to pursue the same remedy against every
such infringer, only that Licensor pursue a remedy). For purposes hereof, the
Sublicensee Works include all designs, silhouettes, prototypes, packaging,
and promotional material authored or created by or for such sublicensee
specifically and uniquely for or relating to the Licensed Marks or any
Licensed Products; provided, however, that the Sublicensee Works will not
include any designs, silhouettes, prototypes, packaging and promotional
material that are generic in nature or that are then being used by any other
person or entity in the same industry. Licensor will own all rights of
copyright in and to the Sublicensee Works that are used on Licensed Products
that are manufactured, distributed, sold and/or promoted, even if not
specifically approved by Licensor. Licensor will also own all rights of
copyright in and to the Sublicensee Works that are specifically approved by
Licensor, even if such Sublicensee Works are not ultimately used on Licensed
Products that are manufactured, distributed, sold and/or promoted. Licensee
will require that no sublicensee ever apply to obtain a copyright
registration anywhere in the world covering any of such Sublicensee's Works.
Licensee will further require that if any sublicensee engages any third
parties to create or author any such Sublicensee's Works, such sublicensee
will require each such third party to agree that all rights, including rights
of copyrights, in and to such Sublicensee Works will be owned by Licensor and
will require each such third party to execute documents necessary to reflect
that ownership status, including without limitation assignment and/or
recordation documents. At the request of Licensor, such sublicensee will
execute all documents confirming Licensor's rights in and to such Sublicensee
Works including without

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limitation assignments of copyright in form and substance satisfactory to
Licensor. If any sublicensee fails or refuses to sign any such documents,
then Licensor will be entitled to sign such documents for and on behalf of
such sublicensee and, for this purpose, the applicable sublicense will
irrevocably appoint Licensor as attorney-in-fact for such sublicensee with
power of substitution to sign all such documents as may be required, which
power of attorney will be coupled with an interest and be irrevocable.

   9. WARRANTIES AND REPRESENTATIONS:

      9.1 Licensee represents and warrants that its performance under this
Agreement will not violate any applicable law, rule or regulation. Licensee
represents and warrants that it has not violated and will not violate the
Foreign Corrupt Practices Act. Licensee will not by act or omission breach any
agreement to which it is a party relating to the Licensed Products. Licensee
agrees that it will not sublicense to any individual or entity that is in
violation of any applicable laws. Licensee will provide Licensor with copies of
all government filings relating to the Licensed Marks or the Licensed Products
before Licensee makes any such filings. Licensor will have the right to instruct
Licensee to modify the content of such filings; provided that Licensor will
comply with governing laws in all respects and will not impede Licensee from
complying with such laws. Licensee agrees that it will not engage, and will
require its sublicensees not to engage, in tying practices, illegal restraints
of trade, or selling practices that exclude any members of the retail trade for
any reasons other than poor credit history, known lack of integrity or disregard
for rights of Licensor and/or any of its Affiliates.

      9.2 Licensee will not at any time do any act or thing that may in any way
impair or diminish the value of any of the Licensed Marks or the exclusive
ownership rights and interests of Licensor therein. Licensee will not, by any
act or omission, use any Licensed Mark in any manner that may tarnish, degrade,
disparage or reflect adversely on Licensor, its business or reputation, or the
Licensed Products. Licensee will not, by any act or omission, take any other
action that damages Licensor's reputation or that reflects negatively upon
Licensor or any of the Licensed Marks or Licensed Products.

      9.3 Each Party will promptly notify the other if any legal action has been
or is likely to be instituted against the notifying Party relating to the
Licensed Marks, including by immediately forwarding to the other party's
attention copies of all documents directly relevant to such commenced or
possible legal action. If, for any reason, Licensee is prevented from using any
Licensed Mark, in any country, such will not be deemed a breach or default by
Licensor hereunder and Licensor will not be liable to Licensee on account
thereof.

   10.      INDEMNIFICATION AND INSURANCE.

      10.1  INDEMNITY.

      (a) Licensee will indemnify, defend (by counsel reasonably approved by
Licensor) and hold harmless Licensor and its officers, directors, stockholders,
Affiliates, agents, employees and other representatives (each a "Licensor
Indemnitee") against all damages, claims, liabilities, losses and other
expenses, including without limitation reasonable attorneys' fees and costs,
whether or not a lawsuit or other proceeding is filed, that arise out of or
relate to (1) Licensee's use of any of the Licensed Marks in a manner not
permitted by this Agreement, (2) alleged defects or other problems with any of
the Licensed Products manufactured, marketed, sold or distributed by Licensee,
(3) Licensee's promotion, advertising or other use of any of the Licensed Marks
or Licensed Products that has not been approved by Licensor in accordance with
the terms of this Agreement, (4) Licensee's transactions with third parties
and/or the operation of its business in connection herewith and/or (5)
inconsistencies (not previously approved by Licensor) between this Agreement and
any sublicense agreement entered into by Licensee with a sublicense; and/or (6)
any use of any Licensed Product

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in conjunction with any new trademark being sought during the period prior to
the date such new trademark's registration is granted. If Licensee fails to
promptly indemnify and defend such claims and/or pay a Licensor Indemnitee's
expenses, as provided above, such Licensor Indemnitee will have the right to
defend itself, and in that case, Licensee will reimburse such Licensor
Indemnitee for all of its costs, damages and reasonable attorneys' fees incurred
in settling or defending such claims within 15 days of each of such Licensor
Indemnitee's written requests. Licensee may not settle any such claim without a
Licensor Indemnitee's prior written consent, which consent will not be
unreasonably withheld.

      (b) Licensor will indemnify, defend (by counsel reasonably approved by
Licensee) and hold harmless Licensee and its officers, directors, stockholders,
Affiliates, agents, employees and other representatives (each a "Licensee
Indemnitee") against all damages, claims, liabilities, losses and other
expenses, including without limitation reasonable attorneys' fees and costs,
whether or not a lawsuit or other proceeding is filed, that arise out of or
relate to (1) the use of the Licensed Marks in accordance with this Agreement by
Licensee or any of Licensee's sublicensees, (2) alleged defects or other
problems with any products manufactured, marketed, sold or distributed by
Licensor, unless such product is a Licensed Product manufactured by a one of
Licensee's sublicensees pursuant to a sublicense entered into pursuant to this
Agreement, (3) failure by Licensor to transfer or maintain the Licensed Marks,
(4) failure by Licensor or its Affiliates to make any payment to one of
Licensee's sublicensees for merchandise purchased by Licensor from such
sublicensee pursuant to a sublicense entered into pursuant to this Agreement. If
Licensor fails to promptly indemnify and defend such claims and/or pay a
Licensee Indemnitee's expenses, as provided above, such Licensee Indemnitee will
have the right to defend itself, and in that case, Licensor will reimburse such
Licensee Indemnitee for all of its costs, damages and reasonable attorneys' fees
incurred in settling or defending such claims within 15 days of each of such
Licensee Indemnitee's written requests. Licensor may not settle any such claim
without a Licensee Indemnitee's prior written consent, which consent will not be
unreasonably withheld.

      10.2 INSURANCE. Licensee will (and will cause each of its sublicensees),
at its sole expense, to procure and maintain during the Term (a) general
business liability insurance covering the manufacture, marketing, sale and
distribution of Licensed Products in the Licensed Territory, with a combined
limit of not less than $10,000,000 (which can include coverage under an umbrella
policy), and (b) product liability insurance covering the manufacture,
marketing, sale and distribution of Licensed Products in the Licensed Territory
and any defect or unsafe feature of such Licensed Products, with a combined
limit of not less than $10,000,000. Licensee will (and will cause each of its
sublicensees) to (i) have Licensor named as an additional insured and loss payee
on all such insurance policies and (ii) ensure that such insurance policies
provide that Licensor will be given at least 30 days' prior written notice
regarding the cancellation, non-renewal or other endorsement restricting or
reducing coverage under such policies. The insurance policies specified by this
Section 10.2 will be issued by insurance companies with an AAA rating or better
according to Best's Insurance Reports.

   11.      CONFIDENTIALITY

      The Parties agree that during the performance of this Agreement, each
Party may disclose to the other, and to Licensee's sublicensees, on a
need-to-know basis subject to appropriate confidentiality agreements,
confidential information regarding its business, including financial data,
marketing information, methods of doing promotions and sponsorships, research
and development activities, accounting information, customer, supplier, vendor
and other contact lists and other proprietary information which constitute trade
secrets of a Party (collectively "Confidential Information"). The Confidential
Information of a Party may be marked and designated in writing as "Confidential"
or "Proprietary" or any information which normally would be categorized as
confidential. The Parties will not disclose, copy, modify, distribute or
otherwise transfer the other Party's Confidential Information, or any part
thereof, to any other Person. The obligations and restrictions herein will not
apply to Confidential Information that falls within any of the following
exceptions, provided a receiving Party proves by credible written evidence that
such information:

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      (a)   is or becomes part of the public domain through no fault of a
receiving Party;

      (b)   was known by a receiving Party prior to the disclosure by the
other Party;

      (c)   was independently developed by or for a receiving Party
completely apart from the disclosures hereunder;

      (d) has been properly received from a third party who is not under any
obligation to maintain the confidentiality of such information, and without
breach of this Agreement by a receiving Party; and/or

      (e) is released pursuant to a court order or otherwise required by law
(including without limitations as required under federal or state securities
laws), provided that the receiving Party immediately notifies the disclosing
Party of such court order or legal requirement, and gives the disclosing Party a
reasonable opportunity and cooperates with the disclosing Party to contest,
limit or condition the scope of such required disclosure.

      If a receiving Party wishes to rely on the exceptions contained in
subparagraphs (b), (c) or (d) above, then the receiving Party must demonstrate
to the disclosing Party the facts underlying why the exception applies within 30
days of receipt of the Confidential Information from the disclosing Party. The
Parties have the right to disclose the other's Confidential Information to their
Affiliates, and their respective employees or agents who have a specific need to
know to perform the obligations hereunder, but such Parties will be responsible
for all of their respective employees' actions. Licensor may disclose Licensee's
Confidential Information to its Master Licensee (as defined in Section 1.7)
provided such disclosure is made pursuant to and subject to the confidentiality
provisions in the Master License and is designated "Confidential Information"
under the Master License. Except as provided above, each Party will use the
other's Confidential Information only to properly fulfill their obligations
hereunder, and not for any other purpose. Upon either Party's request, the other
Party will return to the requesting Party the originals and all copies of the
requesting Party's Confidential Information within 10 days of such request.

   12.      ASSIGNMENT.

      Licensee may not assign this Agreement or its rights to the Licensed Marks
without prior written consent of Licensor.

   13.      BREACH AND TERMINATION.

      13.1 If Licensee breaches in any material way any material provision of
this Agreement, Licensee will be deemed to be in default under this Agreement.
In such event, Licensee will have 30 days from the date of Licensor's or Master
Licensee's notice setting forth with specificity such default to Licensee in
which to commence to cure such default. If Licensee fails to commence to cure
such default to Licensor's reasonable satisfaction within the cure period,
Licensor will be entitled to exercise all rights against Licensee at law or
equity, but not including termination, which can only be effected pursuant to
Section 13.2. Master Licensee shall have the remedies as set forth in the Master
License Agreement.

      13.2 This agreement can only be terminated by Licensor if Licensee
willfully or recklessly commits or authorizes any act in connection with the
advertising, sale, distribution, or promotion of the Licensed Products that has
a material adverse effect on the value of any of the Licensed Marks, and if
Licensee fails to commence to cure such material adverse effect to Licensor's
reasonable satisfaction within 30 days of receipt of Licensor's notice setting
forth with specificity such acts and such material adverse effect.

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      13.3 Upon termination of this Agreement pursuant to Section 13.2, this
License will automatically revert to Licensor, and Licensee will thereafter
immediately cease and refrain from using in any way the Licensed Marks or any
confusingly similar name or mark.

      13.4 Upon the expiration or termination of this Agreement, Licensee will
have the limited right to sell and distribute its remaining inventory of
Licensed Products and/or complete and distribute its work in process of Licensed
Products which existed as of the date of expiration for a period of ninety (90)
days following the expiration date.

      13.5 Both Parties agree that Licensor or Licensee will be irreparably
harmed and money damages would be inadequate compensation if either breaches any
provision of this Agreement. Accordingly, in addition to any other right or
remedy available to it, Licensor or Licensee, as the case may be, will be
entitled to an injunction restraining any breach or threatened breach of this
Agreement by the other and to specific performance of any provision of this
Agreement, and in either case no bond or other security will be required in
connection therewith, and Licensee or Licensor, as the case may be, hereby
consents to the issuance of any such injunction and to the ordering of specific
performance. This Section 13.5 and all other provisions of this Agreement that
protect the Licensed Marks will survive any termination or expiration of this
Agreement.

   14.      CONSENTS AND APPROVALS

      No consent or approval required under this Agreement will be unreasonably
withheld, conditioned or delayed. Every proposed use of any Licensed Mark
submitted to Licensor for its approval must be approved or rejected by Licensor
within 10 days of such submittal or such use will be deemed approved. Any
rejection of any proposed use of a Licensed Mark must state in reasonable detail
the basis for such rejection.

   15.      GOVERNING LAW.

      This Agreement will be interpreted and enforced under the laws of the
State of New York, without application of its conflicts or choice of law rules.
Both Parties irrevocably submit to the jurisdiction of the state and federal
courts located in the Borough of Manhattan, City of New York for any action or
proceeding regarding this Agreement, and both parties waive any right to object
to the jurisdiction or venue of the federal and state courts in the Borough of
Manhattan, City of New York.

   16.      WAIVER.

      The failure of either party to enforce any of its rights hereunder or at
law will not be deemed a waiver or a continuing waiver of any of its rights or
remedies against the other party, unless such waiver is in writing and signed by
the party to be charged.

   17.      COUNTERPARTS.

      This Agreement may be executed in several counterparts that together will
be originals and constitute one and the same instrument.

                                       9
<Page>

   18.      SEVERABILITY.

      If any one or more of the provisions contained herein, or the application
thereof in any circumstance or in any jurisdiction, is held invalid, illegal or
unenforceable in any respect for any reason, the Parties will negotiate in good
faith with a view to the substitution therefor of a suitable and equitable
solution in order to carry out, so far as may be valid and enforceable, the
intent and purpose of such invalid provision; provided, however, that the
validity, legality and enforceability of any such provision in every other
respect and in every other jurisdiction and of the remaining provisions
contained herein will not be in any way impaired thereby, it being intended that
all of the rights and privileges of the Parties will be enforceable to the
fullest extent permitted by law.

   19.      ENTIRE AGREEMENT.

      This Agreement constitutes the entire agreement between the Parties
regarding the subject matter hereof, and supersedes all prior or contemporaneous
understandings or agreements, whether oral or written. This Agreement may be
modified or amended only by a writing signed by both Licensor and Licensee.

      IN WITNESS WHEREOF, a duly authorized representative of each of the
parties hereto has duly executed this agreement as of the date first written
above.

LICENSOR:                                 LICENSEE:
dELiA*s BRAND LLC                         dELiA*s Corp.

By: dELiA*s CORP, Sole Member

   By: /s/ Stephen Kahn                   By:   /s/ Stephen Kahn
      --------------------------              ------------------------------
   Name:  Stephen Kahn                    Name:  Stephen Kahn
   Title: Chairman and Chief Executive    Title: Chairman and Chief Executive
           Officer                                Officer

                                       10
<Page><Page>
                                                                  Exhibit 10.3
================================================================================
THIRD AMENDMENT TO
LOAN AND SECURITY AGREEMENT                    WELLS FARGO RETAIL FINANCE, LLC
746185.8
================================================================================

                                            Execution Date:  December 18, 2002
                                             Effective Date: November 30, 2002

      THIS THIRD AMENDMENT is made in consideration of the mutual covenants
contained herein and benefits to be derived herefrom to the September 24, 2001
Loan and Security Agreement ( the "LOAN AGREEMENT"), as amended by a certain
First Amendment dated October 29, 2001, and as further amended by a certain
Second Amendment dated October 21, 2002, between

            Wells Fargo Retail Finance LLC (referred to therein as the
      "LENDER"), a Delaware limited liability company with offices at One Boston
      Place - 18th Floor, Boston, Massachusetts 02108,

            and

            dELiA*s Corp. (referred to therein in such capacity, as the " LEAD
      BORROWER"), a Delaware corporation with its principal executive offices at
      435 Hudson Street, New York, New York 10014, as agent for the following
      (referred to therein individually, as a "BORROWER" and collectively, the
      "BORROWERS"):

            dELiA*s Corp.,
            dELiA*s Operating Company,
            dELiA*s Distribution Company,
            dELiA*s Retail Company,

      each a Delaware corporation with its principal executive offices at 435
      Hudson Street, New York, New York 10014,

in consideration of the mutual covenants contained herein and benefits to be
derived herefrom.

      PART 1.     UPDATED BUSINESS TERMS:
      The following provisions address the current status of the Borrowers'
business and assets, as recently reviewed by and between the Borrowers and the
Lender.
      I..
APPLICATION OF FUNDS.   Upon the execution of this Amendment, the Borrower
shall take all necessary steps to have all funds and other assets on deposit
in the account known as "JPMorgan Prime Money Market Fund, Acct. No. 15421-0"
maintained by

                                        -1-
<Page>

iTurf Finance Company with J. P. Morgan Chase transferred to the Lender. Upon
receipt, the Lender may apply all amounts in reduction of the Liabilities in
such manner as the Lender, in its sole and exclusive discretion, may determine.
      II..
INVESTMENT BANKER. The Lead Borrower has advised the Lender that the Borrowers
have retained the services of Peter J. Solomon Company Limited, an investment
banker (the "INVESTMENT BANKER"), to assist the Borrowers and represent their
interests in connection with the structuring and negotiation of a transaction (a
"TRANSACTION") with respect to a potential sale, merger, or acquisition of, or
investment in the Borrowers' business. Upon the execution of this Amendment, the
Lead Borrower shall provide the Lender with a copy of the engagement letter
between the Borrowers and the Investment Banker.
            A.
The Lender shall be permitted to communicate directly with the Investment Banker
to obtain information concerning the status and terms and conditions of a
potential Transaction; provided that an appropriate representative (e.g., the
chief financial officer, the chief operating officer, or the controller) of the
Lead Borrower participates in all such communication. For the purposes of this
Amendment, all information obtained by the Lender from either the Investment
Banker or the Borrowers relating to a potential Transaction, including pursuant
to Part 1, Sections II(A), (D), or (F), shall be deemed to be "TRANSACTION
INFORMATION" (so-called herein).
            B.
Unless the Lead Borrower shall otherwise consent in writing, the Lender shall
keep all Transaction Information received by, or provided to the Lender
confidential and will not use such Transaction Information for any purpose or in
any manner except in connection with the Loan Agreement and this Amendment;
provided however, that nothing in this Section II(B) shall limit the ability of
the Lender to disclose any of such Transaction Information to (i) its officers,
employees, representatives, and attorneys who (x) need to know such transaction
Information in connection with the Loan Agreement, as previously amended, and
this Amendment, and (y) who have, prior to such disclosure, agreed to be bound
by and subject to the terms and provisions of this Section II(B), or (ii) to the
extent required by subpoena issued to the Lender by a court or administrative
authority of competent authority. Prior to making any disclosure pursuant to
clause (ii), above, the Lender shall promptly notify the Lead Borrower of such
requirement (where allowed by law to do so), and allow the Lead Borrower the
reasonable opportunity to exhaust all reasonable legal and equitable channels
for maintaining such information in confidence.
            C.
The Lender acknowledges that the Transaction Information may contain
non-public, material information regarding the Borrowers and, accordingly,
will treat such Transaction Information in accordance with its and its parent
company's procedures applicable to such Transaction Information, including
without limitation, in accordance with Regulation FD (17 C. F. R.
Section 243.100 - 243.103).
            D.

                                       -2-
<Page>

The Lead Borrower shall keep the Lender apprised of all material developments
relating to a Transaction, and shall provide, or instruct the Investment Banker
to provide, the Lender (i) prior to entering into or accepting a letter of
intent, term sheet, or similar document relating to a potential transaction,
with copies of all term sheets, letters of intent, asset/stock purchase
agreements, and similar documents setting forth in detail the proposed terms of
a potential Transaction (each a "LETTER OF INTENT"), and (ii) after entering
into or accepting a letter of intent, term sheet, or similar document relating
to a potential Transaction (the "EXECUTED LOI") with copies of all Letters of
Intent that set forth terms that, when viewed in the aggregate, are materially
more favorable to the Borrowers than the terms set forth in the Executed LOI, as
determined in the reasonable discretion of the Lead Borrower. All Letters of
Intent required under this Section II(D) to be provided to the Lender shall be
[provided promptly, and in no event later than three Business Days after receipt
by the Lead Borrower; provided that with respect to Letters of Intent received
after the Effective Date but prior to the Execution Date, the Lead Borrower
shall provide such Letters of Intent no later than three Business Days after the
Execution Date. Notwithstanding anything to the contrary contained herein or in
the Loan Agreement, the Lender hereby agrees that it will not communicate with
any party who has submitted to any of the Borrowers or the Investment Banker a
statement of interest, offer, term sheet, letter of intent, asset/stock purchase
agreement or similar item in connection with a Transaction, regarding anything
relating in any way to any of the foregoing.
            E.
The Borrowers shall have executed and received fully executed counterparts of
the following items, and achieved the following benchmarks, by the corresponding
dates:

      Document                                    Deadline
      -----------------------------------------------------------------
       Offer/Letter of Intent/Commitment Letter      February 14, 2003
      -----------------------------------------------------------------
          Definitive Agreement/Documentation           March 14, 2003
      -----------------------------------------------------------------
                Closing on Transaction                 April 14, 2003
      -----------------------------------------------------------------
            F.
Notwithstanding the terms and conditions of Section II(E), above, the Lender
agrees to revise and/or extend the benchmarks and dates set forth therein, as
may be reasonably requested by the Borrowers based upon circumstances as they
may be developing with respect to a potential Transaction, so long as the
Effective Advance Rate (as defined in Part 2, Section I, below) is less than or
equal to the following specified percentages during the designated periods:

         Period                         Effective Advance Rate
        -------------------------------------------------------------

                                       -3-
<Page>

         As of January 31, 2003            Less than or equal to 30%
         through February 27, 2003
        -------------------------------------------------------------
         As of February 28, 2003           Less than or equal to 20%
         through March 30, 2003
        -------------------------------------------------------------
         As of March 31, 2003 and                    0.0%
         thereafter
        -------------------------------------------------------------
            G.
The Lead Borrower shall provide the Lender with written notice within 24 hours
of the occurrence of (i) any event or development from which it is apparent to
the Borrowers that a Transaction will not be consummated on or before April 14,
2003, or (ii) any event or development that substantially or materially
interferes with the consummation of a Transaction on or before April 14, 2003.
            H.
Nothing contained herein shall be deemed consent by the Lender to the
consummation by the Borrowers of any Transaction. If all Liabilities have not
theretofore been paid in full, or would not be paid in full simultaneously upon,
or immediately following the consummation of a Transaction, then the terms and
conditions of any such Transaction shall be subject to the Lender's prior
written approval, in the Lender's discretion, not to be unreasonably withheld.
      III..
CONSULTANT. The Lead Borrower has advised the Lender that the Borrowers
intend to retain on their behalf the firm of FTI Consulting, Inc., a
financial and management consultant (the "CONSULTANT"), as the Borrowers'
business consultant.  In this regard:
            A.
The Borrowers shall have finalized their retention of the Consultant on or
before December 9, 2002. The Borrowers shall provide the Lender with a copy of
the engagement letter with the Consultant no later than three Business Days
after its execution.
            B.
The Borrowers acknowledge and agree that the Consultant shall be retained by the
Borrowers in order to aid and assist them in evaluating the Borrower's business
operations, reviewing and analyzing the Borrower's financial reporting, and
determining the Borrower's compliance with the terms and conditions of the Loan
Agreement, the other Loan Documents, and this Amendment.
            C.
The Borrowers:
                  1.
      Acknowledge and agree that the Consultant will be retained at the
      Borrowers' expense, and that the Borrowers shall be liable, and the Lender
      shall not be

                                       -4-
<Page>

      liable, for all costs, expenses, and fees incurred by the Borrowers in
      connection with their retention of the Consultant.
                  2.
      Hereby authorize the Lender to pay, in accordance with the terms and
      provisions of the engagement letter, the Consultant's retainer, monthly
      fees, and reimbursable expenses by making advances under the Revolving
      Credit from time to time, whether or not sufficient Availability exists
      therefor, and whether or not the Lender is otherwise making loans and
      advances to the Borrowers at that time; provided that, in each case the
      Lender shall give prior written notice to the Lead Borrower attaching the
      invoice or statement pursuant to which such payments are being made;
                  3.
      Shall communicate directly with the Consultant; provide the Consultant
      with access to the Borrowers' business operations, books and records,
      officers and employees, and the Investment Banker; provide the Consultant
      with whatever business, financial, and other information that the
      Consultant may reasonably require; and generally cooperate with and assist
      the Consultant in the performance of its undertakings.
                  4.
      Shall simultaneously forward to the Consultant, if requested by the
      Consultant, copies of all communication from the Borrowers to the Lender,
      including all financial and other reporting submitted in accordance with
      the Loan Agreement, the other Loan Documents, and this Amendment.
      IV..
UPDATED APPRAISAL.
            A.
At the Borrower's request, the Lender has retained Great American Group (the
"APPRAISER") to update the most recent appraisal of the Borrowers' Inventory.
The Borrowers shall communicate directly with the Appraiser; provide the
Appraiser with access to the Borrowers' business locations, books and records,
and officers and employees; provide the Appraiser with whatever business,
financial, and other information that the Appraiser may reasonably require; and
generally cooperate with and assist the Appraiser in the performance of its
undertakings. The Lender shall provide the results of the updated appraisal to
the Borrowers, upon their request, provided that (x) the Borrowers execute and
deliver to the Lender an appropriate acknowledgment, in form and substance
reasonably satisfactory to the Lender, and (y) the Appraiser consents to such
disclosure to the Borrowers.
            B.
The cost of obtaining the updated appraisal shall be borne by the Borrowers. The
Borrowers shall promptly reimburse the Lender for all costs, expenses, and fees
incurred by the Lender in connection therewith. The Lender is hereby authorized
to pay the Appraiser's fees and reimbursable expenses by making advances under
the Revolving Credit from time to time, whether or not sufficient Availability
exists therefor, and whether or not the Lender is otherwise making loans and
advances to the

                                       -5-
<Page>

Borrowers at that time; provided that, in each case the Lender shall give prior
written notice to the Lead Borrower attaching the invoice or statement pursuant
to which such payments are being made.
            C.
The Lender may obtain further appraisals of the Borrowers' Inventory from time
to time, as the Lender, in its sole and exclusive discretion, may determine are
necessary and/or appropriate. The Lender may immediately implement the results
of the updated appraisal referenced above or any new appraisal by restating the
Borrowing Base, as provided in Part 2, Section III (A), below.
      V..
UPDATED BUSINESS PLAN.  The Borrowers have presented the Lender with an
updated 13-week cash flow projection and business plan (the "BUSINESS
PLAN").  The Borrowers:
            A.
Warrant and represent to the Lender that the Business Plan represents the
Borrowers' good faith and reasonable estimation of the projected financial
performance of the Borrowers' business for the period or periods set forth
therein and will be based upon estimates and assumptions stated therein, all of
which the Borrowers shall believe to be reasonable and fair in light of
conditions and facts known to management of the Borrowers as of the date of the
preparation thereof (it being understood and acknowledged by the Lender, without
limiting the terms and conditions of Part 2, Section VI, below, that such
financial performance as it relates to future events is not to be viewed as
representations or warranties that such events will occur, and that actual
results may differ from such projected financial performance).
            B.
Shall use their reasonable best efforts to operate their business in accordance
with the Business Plan and to meet the financial performance benchmarks
contained in the Business Plan.

      PART 2.     AMENDMENT OF LOAN AGREEMENT:  From and after the execution
of this Amendment, as of the Effective Date, the Loan Agreement is amended as
follows:
      I..
Financial Reporting.          In addition to any financial reporting required
to be submitted to the Lender under the Loan Agreement, the Borrowers shall
provide the following reports to the Lender at the corresponding times:
            A.
Daily, on or before 1:00 P.M. by telecopier:
                  1.
      A Borrowing Base Certificate, as of the close of business for the prior
      Business Day, including a calculation of the "EFFECTIVE ADVANCE RATE"
      reflecting the outstanding balance of the Loan Account as compared to
      Collateral eligible for borrowing. Each such calculation shall be
      performed consistently in the form of a fraction, the numerator of which
      shall be the outstanding balance of the Loan Account, and the denominator
      of which shall be the cost of the Borrower's

                                       -6-
<Page>

      Eligible Inventory (currently shown as " Line (A) ELIGIBLE RETAIL
      INVENTORY" on the Borrower's Borrowing Base Certificate). The Borrowing
      Base Certificate shall be in the form annexed hereto marked Exhibit "A".
                  2.
      A statement calculating the Borrowers' Excess Availability as of the close
      of business for the prior Business Day.
            B.
Weekly, on or before 3:00 P. M. on Tuesday of each week, by telecopier:
                  1.
      A report comparing the Borrowers' projected performance as shown on the
      Business Plan to the Borrowers' actual performance during the prior week,
      and on a cumulative basis, with respect to (i) sales, (ii) gross
      Inventory, (iii) Eligible Inventory, (iv) the outstanding balance of the
      Loan Account, and (iv) Availability; and
                  2.
      A report of aggregate receipts of Inventory for the prior week.
            C.
Monthly:
                  1.
      Within Twenty (20) days after the close of each calendar month, a flash
      sales report for each of the Borrowers' stores;
                  2.
      Within Thirty (30) days after the close of each calendar month, a report
      for each of the Borrowers' stores setting forth each location's actual
      performance for the prior month and calculating "four-wall" profitability
      for each store.
            D.
On or before January 15, 2003(1):
                  1.
      An updated Business Plan for the fiscal year commencing on or about
      February 2, 2003, including monthly projections for each of the following:
                  a.    A balance sheet.
                  b.    An income statement.
                  c.    Availability analysis.
                  d.    A statement of cash flow.
                  e.    A pro forma profitability analysis on a "four-wall",
                        per store basis.
                  2.
      An updated 13-week cash flow projection.
            E.
As and when requested by the Lender, such other and further information as the
Lender

------------------------
      (1) The Borrowers shall use their reasonable best efforts to provide
preliminary versions of these items to the Lender on or before January 4, 2003.

                                       -7-
<Page>

reasonably may require, to be delivered as promptly as is reasonably
practicable.
            F.
With respect to the monthly financial statements required to be provided to the
Lender pursuant to the Loan Agreement, the Lead Borrower's Chief Executive
Officer, in his or her capacity as such and not individually, shall deliver a
certificate to the effect that the subject statement was prepared in accordance
with GAAP (except for the lack of footnotes and being subject to year-end audit
adjustments) presents fairly the Consolidated financial condition of the
Borrowers at the close of the period covered.
            G.
With respect to other financial information provided to the Lender by the
Borrowers pursuant to the financial reporting requirements contained in the Loan
Agreement and this Amendment, the Lead Borrower's Chief Executive Officer, in
his or her capacity as such and not individually, shall deliver a certificate
confirming that the subject financial report(s) was(were) prepared in good faith
and that the information contained therein represents the Borrowers' good faith
determination.
      II..
AUDITS AND EXAMINATIONS. The Lender shall be permitted, either directly or
through agents retained for that purpose, after delivery of reasonable advance
notice to the Lead Borrower, to conduct during regular business hours such
audits, inspections, and field examinations of the Borrowers' books, records,
and assets as the Lender may require from time to time, as the Lender in its
reasonable discretion may determine are necessary and/or appropriate. The
Borrowers, subject to receipt of reasonable advance notice, during regular
business hours shall cooperate with and assist the Lender, or its agents, in
connection with the performance of any such audit, inspection, and field
examination.
      III..
THE REVOLVING CREDIT.
            A.
The definition of Borrowing Base beginning on Page 3 of the Loan Agreement is
hereby deleted in its entirety, and the following is inserted in its place:

      "Borrowing Base": The result of the lesser of (a) or (b), where:
            (a)   Is the lesser of:
                        (i)   The Credit Limit,
                        or
                        (ii) The product of the Cost of Eligible Inventory (net
                        of Inventory Reserves) multiplied by the Standard
                        Inventory Advance Rate.
            and
            (b)   Is 85% of the NRLV Percentage.
            B.
The definition of Eligible In-Transit Inventory commencing on Page 7 of the Loan
Agreement is hereby amended by deleting the figure "Seven Million Dollars
($7,000,000.00)" therefrom, and inserting the figure "Seven Hundred Thousand
Dollars

                                       -8-
<Page>

($700,000.00)" in its place.
            C.
Section 5-8 of the Loan Agreement, as amended, is hereby deleted in its entirety
and the following is inserted in its place:

            INVENTORIES, APPRAISALS, AND AUDITS.

            (a) The Lender, at the expense of the Borrowers, may participate in
      and/or observe each physical count and/or inventory of so much of the
      Collateral as consists of Inventory which is undertaken on behalf of any
      Borrower.

            (b) The Borrowers shall obtain (at the Borrower's expense in all
      instances) financial or SKU based physical counts and/or inventories
      conducted by such inventory takers as are satisfactory to the Lender and
      following such methodology as is consistent with the Borrowers' practices
      in effect at the execution of this Agreement and as provided in this
      Section 0.

                  (i) Unless an Event of Default has occurred, the Borrowers
            shall cause the following number of such counts / inventories to be
            undertaken in each twelve (12) month period during which this
            Agreement is in effect:

                  (a)   Retail operations : One (1).

                  (b)   Direct operations (catalogue and web): One (1).

                  (ii) If an Event of Default occurs, the foregoing limit on the
            number of such counts and/or inventories shall terminate and the
            Lender may require such counts and/or inventories (at the expense of
            the Borrowers in each instance) at such intervals as the Lender, in
            its discretion, may determine as being appropriate.

                  (iii) The Borrowers shall cause their accountants to observe
            the Borrowers' year end retail operations and direct operations
            counts / inventories (and such other counts / inventories as the
            accountants may require so as to permit those accountants to express
            its opinion on the Borrowers' annual Consolidated financial
            statement to the standard set out in this Agreement).

                  (iv) The Lead Borrower shall provide the Lender with a copy of
            the preliminary results of each such count and/or inventory (as well
            as of any other physical inventory undertaken by any Borrower)
            within ten (10) business days following the completion of such
            inventory.

                  (v) The Lead Borrower, within thirty (30) days following the
            completion of such count and/or inventory, shall provide the Lender
            with a reconciliation of the results of each such count and/or
            inventory (as well as of any

                                       -9-
<Page>

            other physical inventory undertaken by any Borrower) and shall, in
            the case of a year-end inventory, post such results to the
            Borrowers' stock ledger and, as applicable to the Borrowers' other
            financial books and records . The Lender may use the reconciliation
            and results of each such count and/or inventory and implement them
            in accordance with the terms of this Agreement.

            (c) The Lender may obtain such appraisals of Collateral consisting
      of Inventory, from time to time during the period that this Agreement is
      in effect, conducted by such appraisers as are satisfactory to the Lender
      (at the Borrowers' expense in each instance).

            (d) The Lender from time to time (in all events, at the Borrowers'
      expense) may undertake "mystery shopping" (so-called) visits to all or any
      of the Borrowers' business premises.
            D.
The definition of NRLV Percentage on Page 19 of the Loan Agreement is hereby
deleted, and the following is inserted in its place:

      "NRLV Percentage": That percentage of the Cost of the Borrowers' Eligible
      Inventory that is estimated to be recoverable in an orderly liquidation of
      such Eligible Inventory, net of liquidation expenses, determined by the
      Lender from time to time, in the Lender's reasonable and exclusive
      discretion, based upon the then most recent appraisal of the Borrower's
      Inventory.
            E.
The definition of Standard Inventory Advance Rate on Page 25 of the Loan
Agreement is hereby deleted in its entirety, and the following is inserted in
its place:

      "Standard Inventory Advance Rate": 73%, or such greater or lesser
      percentage as the Lender may determine from time to time, in the Lender's
      reasonable and exclusive discretion, based upon the most recent appraisal
      of the Borrowers' Inventory.
            F.
Sections 2-2(b) and (c) are hereby deleted. The Lender may, in its reasonable
and exclusive discretion from time to time, increase then existing Availability
Reserves and Inventory Reserves and/or establish additional Availability
Reserves and Inventory Reserves, in such amounts as the Lender deems appropriate
based upon the then existing facts, circumstances, or factors that the Lender,
in its reasonable and exclusive discretion, deems relevant relating to both the
Borrowers, as a whole, and the additional Reserve being established, including
the fact that the Reserves being implemented as of the Effective Date, as set
forth in Section III(F), below, are being implemented in so-called "REDUCED
AMOUNTS" . Any such Reserve shall take effect on the Business Day after notice
thereof has been provided by the Lender to the Borrower.
            G.
The following Availability Reserves shall be implemented in the corresponding
amounts, as set forth Section III(G), below:

                                       -10-
<Page>

                  1.
      Customer Credit Liabilities   $2,113,000.
                  2.
      Documentary L/C's In an amount equal to the aggregate of (i) 50% of the
      then outstanding face amount of all such L/C's that have been open for
      fewer than 46 days, and (ii) 100% of the then outstanding face amount of
      all such L/C's that have been open for greater than 45 days, as shown on
      the daily Borrowing Base Certificate.
                  3.
      Self-funded insurance         $252,000.
                  4.
      Past due common area
                        maintenance charges           $139,000.
                  5.
      Rent, in landlord lien states $156,000.
                  6.
      Rent, where liens have been
                        granted to landlords          $140,000.
                  7.
      Catalog returns               $590,000.
                  8.
      Sales tax                           $25,000.
            H.
From and after the Effective Date of this Amendment, the Borrower may obtain an
overriding reduction in the amount of $750,000.00 in the then existing aggregate
amount of the then existing Reserves upon delivery of (i) written request
therefor to the Lender at any time on or before April 14, 2003, and (ii)
simultaneous payment to the Lender of $75,000.00. The overriding reduction shall
take effect two Business Days after receipt of the foregoing items by the
Lender. If ever implemented, the overriding reduction shall automatically
terminate on April 15, 2003, at which time, the full amount of all Reserves
shall be reinstated and implemented in their entirety. Once received by the
Lender, the $75,000.00 fee shall be fully earned, shall be retained by the
Lender under all circumstances, and shall not be applied in reduction of any
other Liabilities. The Lender is hereby authorized by the Borrowers to make an
advance under the Revolving Credit to pay the $75,000.00 fee, whether or not
sufficient Availability exists therefor.
            I.
The bifurcation of the Revolving Credit into the Standard Line Credit Limit and
the Special Line Credit Limit is hereby eliminated. The Credit Limit shall be
$25,000,000.00.
      IV..
CASH MANAGEMENT. Since the occurrence of a Cash Concentration Trigger Event, all
cash, collections, and other proceeds of the Lender's Collateral shall be
directly deposited to the Borrowers' concentration account with the Lender on a
daily

                                       -11-
<Page>

basis. Each day, all such funds shall be applied in reduction of the Liabilities
in such manner as the Lender, in its sole and exclusive discretion, may
determine. Further, no proceeds of any borrowing under the Revolving Credit
shall be used, nor shall any be requested, with a view towards the accumulation
of any general fund or funded reserve of the Borrowers, other than as reasonably
required in the ordinary course of the Borrowers' business to conduct their
operations as they historically have been conducted. The Borrowers shall take
all reasonable steps, and execute whatever documentation reasonably may be
necessary, to insure the flow of the Borrowers' funds in a manner consistent
with the foregoing.
      V..
INTEREST. As of the date of this Amendment, there are no Eurodollar Loans. No
further Eurodollar Loans shall be permitted. All further loans and advances made
by the Lender under the Loan Agreement shall be Reference Rate Loans.
            A.
The bifurcation of Reference Rate Loans into Standard Reference Rate Loans and
Special Reference Rate Loans is terminated. No additional Reference Rate Loans
shall be classified as Special Reference Rate Loans. Upon the execution of this
Amendment, all existing Special Reference Rate Loans shall be converted to
Standard Reference Rate Loans.
            B.
The definition of Standard Reference Rate is hereby deleted and the following is
inserted in its place:

            "STANDARD REFERENCE RATE":   The aggregate of the Reference Rate
                  PLUS 250 basis points per annum, but in no event less than
                  6.75% per annum.
            C.
Upon the occurrence of an Event of Default after the date of this Amendment,
interest shall accrue on all Liabilities at a rate per annum, equal to the
aggregate of the Standard Reference Rate, PLUS 2%.
      VI..
FINANCIAL COVENANTS. In addition to the financial covenants contained in the
Loan Agreement, the Borrowers shall comply with each of the following financial
covenants. The Borrowers' compliance shall be tested at the times, and in the
manner, set forth below, and calculated in accordance with the Compliance
Certificate in the form annexed hereto marked Exhibit "B":
            A.
The Borrowers shall at all times, tested daily, maintain an Effective Advance
Rate of not greater than the following specified amounts during the
corresponding period:

         Period                         Effective Advance Rate
        ---------------------------------------------------------
         Week ending November 30             Not greater than 65%
        ---------------------------------------------------------

                                       -12-
<Page>

         Week ending December 7              Not greater than 65%
        ---------------------------------------------------------
         Week ending December 14             Not greater than 55%
        ---------------------------------------------------------
         Week ending December 21             Not greater than 50%
        ---------------------------------------------------------
         Week ending December 28             Not greater than 45%
         through the week ending
         January 25
        ---------------------------------------------------------
         Week ending February 1 and          Not greater than 50%
         thereafter
        ---------------------------------------------------------
            B.
The Borrowers shall at all times, tested daily upon receipt by the Lender of the
daily Borrowing Base Certificate, maintain net Inventory in aggregate amounts
(measured at Cost on a rolling three-week average basis) not (A) less than the
greater of (i) 85% of the amounts shown on the Business Plan, or (ii) the
following specified amounts, nor (B) greater than the lesser of (i) 115% of the
amounts shown on the Business Plan, or (ii) the following specified amounts,
during the corresponding period(2):

         Period                         Inventory Minimum and Maximum
        -------------------------------------------------------------
         Week ending December 7         As previously agreed

        -------------------------------------------------------------
         Week ending December 14        As previously agreed

        -------------------------------------------------------------
         Week ending December 21        As previously agreed

        -------------------------------------------------------------
         Week ending December 28, and   Not less than $17,307,913, nor
         thereafter                     greater than $23,416,588
        -------------------------------------------------------------
         Week ending January 4, and     Not less than $16,476,302, nor
         thereafter                     greater than $22,291,468
        -------------------------------------------------------------

---------------------
      (2) Similar figures will be determined for periods after January 25 based
upon the Borrowers' updated and extended projections.

                                       -13-

<Page>

         Week ending January 11, and    Not less than $16,127,390, nor
         thereafter                     greater than $21,819,410
        -------------------------------------------------------------
         Week ending January 18, and    Not less than $16,131,713, nor
         thereafter                     greater than $21,825,258
        -------------------------------------------------------------
         Week ending January 25, and    Not less than $16,175,421, nor
         thereafter                     greater than $21,884,393
        -------------------------------------------------------------
            C.
The Borrowers shall at all times, tested weekly on a rolling three-week average
basis, achieve revenue in amounts not less than 85% of the amounts projected in
the Business Plan as of the end of each such week(3), as follows:

         Period                         Revenue Not less Than
        -------------------------------------------------------
         Week ending November 30           As previously agreed
        -------------------------------------------------------
         Week ending December 7            As previously agreed
        -------------------------------------------------------
         Week ending December 14           As previously agreed
        -------------------------------------------------------
         Week ending December 21           As previously agreed
        -------------------------------------------------------
         Week ending December 28           $4,958,300
        -------------------------------------------------------
         Week ending January 4             $3,771,548
        -------------------------------------------------------
         Week ending January 11            $2,436,428
        -------------------------------------------------------
         Week ending January 18            $1,872,036
        -------------------------------------------------------
         Week ending January 25            $1,781,295
        -------------------------------------------------------
      VII..
EVENTS OF DEFAULT.            Each of the following events shall constitute
additional Events of Default under the Loan Agreement:
            A.
The failure of the Lead Borrower or the Borrowers to:
                  1.
      Satisfy, comply with, or perform any of their obligations to deliver, or
      cause to be
---------------------
      (3) Similar figures will be determined for periods after January 25 based
upon the Borrowers' updated and extended projections.

                                       -14-
<Page>

      delivered, information, documents, or other items to the Lender pursuant
      to this Amendment or the Loan Agreement (each a "DELIVERY OBLIGATION" and
      collectively, the "DELIVERY OBLIGATIONS") within one Business Day of the
      date or time set for delivery herein and therein; provided that, to the
      extent the Lead Borrower notifies the Lender prior to the date or time set
      for delivery herein or therein that such delivery will be late, the Lead
      Borrower shall have one Business Day (for daily Delivery Obligations) and
      up to three Business Days (for others) from such notification to comply
      with or perform such Delivery Obligation, it being expressly acknowledged
      and agreed that TIME IS OF THE ESSENCE;
                  2.
      Satisfy, comply with, or perform any of the terms and conditions of this
      Amendment (other than the Delivery Obligations provided for above) as and
      when due, it being expressly acknowledged and agreed that TIME IS OF THE
      ESSENCE;
            B.
The receipt by the Lender from the Lead Borrower of a notice pursuant to Part 1,
Section II(G), above, or the termination of the engagement of the Investment
Banker, either by the Borrowers or by the Investment Banker, without the prior
written consent of the Lender.

      PART 3.     GENERAL PROVISIONS:
      I..
The Borrowers and each Guarantor, by executing this Amendment where indicated
below, hereby ratify, confirm, and reaffirm all and singular the terms and
conditions of the Loan Documents. The Borrowers and Guarantors further
acknowledge and agree that, except as specifically modified in this Amendment,
all terms and conditions of the Loan Documents shall remain in full force and
effect.
      II..
Except as set disclosed on Exhibit "C", annexed hereto, all representations and
warranties of the Borrowers in the Loan Agreement are true, accurate, and
complete in all material respects as of this date. Without limiting the
generality of the foregoing, the Borrowers represent and warrant that there is
not presently pending or threatened by or against any of the Borrowers any suit,
action, proceeding, or investigation which, if determined adversely to any of
the Borrowers, could reasonably be expected to (i) have a Material Adverse
Effect, or (ii) interfere with the prompt and expeditious closing on a
Transaction.
      III..
The Borrowers acknowledge and agree that there is no basis nor set of facts on
which any amount (or any portion thereof) owed by the Borrowers or any Guarantor
under any Loan Document could be reduced, offset, waived, or forgiven, by
rescission or otherwise; nor is there any claim, counterclaim, offset, or
defense (or other right, remedy, or basis having a similar effect) available to
any of the Borrowers or to any Guarantor with regard thereto; nor is there any
basis on which the terms and conditions

                                       -15-
<Page>

of any of the Liabilities could be claimed to be other than as stated on the
written instruments which evidence such Liabilities.
      IV..
The Borrowers and each Guarantor, by executing this Amendment where indicated
below, hereby acknowledge and agree that they have no offsets, defenses, claims,
or counterclaims against the Lender or the Lender's officers, directors,
employees, attorneys, representatives, parent, affiliates, predecessors,
successors, and assigns with respect to the Liabilities or otherwise, and that
if the Borrowers now have, or ever did have, any offsets, defenses, claims, or
counterclaims against the Lender or the Lender's officers, directors, employees,
attorneys, representatives, parent, affiliates, predecessors, successors, and
assigns, whether known or unknown, at law or in equity, from the beginning of
the world through this date and through the time of execution of this Amendment,
all of them are hereby expressly WAIVED, and the Borrowers each hereby RELEASE
the Lender and the Lender's officers, directors, employees, attorneys,
representatives, parent, affiliates, predecessors, successors, and assigns from
any liability therefor.
      V..
The Borrowers and the Guarantors shall, from and after the execution of this
Amendment, execute and deliver to the Lender whatever additional documents,
instruments, and agreements that the Lender reasonably may require in order to
vest or perfect the Loan Documents and the Collateral granted therein more
securely in the Lender and to otherwise give effect to the terms and conditions
of this Amendment
      VI..
The Borrowers agree that upon the filing of any Petition for Relief by or
against any one or more of the Borrowers under the United States Bankruptcy
Code, the Lender shall be entitled to immediate and complete relief from the
automatic stay, and the Lender shall be permitted to proceed to protect and
enforce its contractual and state law rights and remedies. The Borrowers hereby
expressly assent to any motion filed by the Lender seeking relief from the
automatic stay. The Borrowers further hereby expressly WAIVE the protections
afforded under Section 362 of the United States Bankruptcy Code with respect to
the Lender.
      VII..
Upon the execution of this Amendment, the Borrowers shall pay to the Lender an
Amendment Fee in the amount of $175,000.00. The Amendment Fee shall be fully
earned by the Lender upon the execution of this Amendment, shall be retained by
the Lender under all circumstances, and shall not be applied in reduction of any
other Liabilities. The Lender is hereby authorized by the Borrowers to make an
advance under the Revolving Credit to pay the Amendment Fee, whether or not
sufficient Availability exists therefor.
      VIII..
The Borrowers shall pay on demand all reasonable costs and expenses of the
Lender, including without limitation, reasonable attorneys' fees heretofore or
hereafter incurred by the Lender in connection with the loan arrangement
maintained with the Borrowers, the Loan Agreement and any of the other Loan
Documents, or in connection with the

                                       -16-
<Page>

preparation, negotiation, execution, and delivery of this Third Amendment. The
Lender is hereby authorized to pay all those costs and expenses by making
advances under the Revolving Credit from time to time, whether or not sufficient
Availability exists therefor, and whether or not the Lender is otherwise making
loans and advances to the Borrowers at that time.
      IX..
This Amendment shall be binding upon the Borrowers and the Borrowers' respective
employees, representatives, successors, and assigns, and shall inure to the
benefit of the Lender and the Lender's successors and assigns. This Amendment
and all documents, instruments, and agreements executed in connection herewith
incorporate all of the discussions and negotiations between the Borrowers and
the Lender, either expressed or implied, concerning the matters included herein
and in such other documents, instruments and agreements, any statute, custom, or
usage to the contrary notwithstanding. No such discussions or negotiations shall
limit, modify, or otherwise affect the provisions hereof. No modification,
amendment, or waiver of any provision of this Amendment, or any provision of any
other document, instrument, or agreement between the Borrowers and the Lender
shall be effective unless executed in writing by the party to be charged with
such modification, amendment, or waiver, and if such party be the Lender, then
by a duly authorized officer thereof.
      X..
Terms used in this Third Amendment which are defined in the Loan Agreement are
used as so defined.
      XI..
This Third Amendment may be executed in several counterparts and by each party
on a separate counterpart, each of which when so executed and delivered shall be
an original, and all of which together shall constitute one instrument.
      XII..
In connection with the interpretation of this Amendment and all other documents,
instruments, and agreements incidental hereto:
            A.
All rights and obligations hereunder and thereunder, including matters of
construction, validity, and performance, shall be governed by and construed in
accordance with the law of the Commonwealth of Massachusetts and are intended to
take effect as sealed instruments.
            B.
The captions of this Amendment are for convenience purposes only, and shall not
be used in construing the intent of the Lender and the Borrowers under this
Amendment.
            C.
In the event of any inconsistency between the provisions of this Amendment and
any other document, instrument, or agreement entered into by and between the
Lender and the Borrowers, the provisions of this Amendment shall govern and
control.
            D.
The Lender hereby agrees that to the extent that any Event of Default has arisen
under the Loan Agreement or any of the other Loan Documents prior to and through
the

                                       -17-
<Page>

Execution Date of this Amendment, the Lender shall not take or pursue any of the
Lender's Rights and Remedies under the Loan Agreement or any of the other Loan
Documents, unless and until an Event of Default occurs subsequent to the
Execution Date.
            E.
The Lender and the Borrowers have prepared this Amendment and all documents,
instruments, and agreements incidental hereto with the aid and assistance of
their respective counsel. Accordingly, all of them shall be deemed to have been
drafted by the Lender and the Borrowers and shall not be construed against
either the Lender or the Borrowers.
            F.
Any determination that any provision or application of this Amendment is
invalid, illegal, or unenforceable in any respect, or in any instance, shall not
affect the validity, legality, or enforceability of any such provision in any
other instance, or the validity, legality, or enforceability of any other
provision of this Amendment.
            G.
The Borrowers warrant and represent to the Lender that the Borrowers:
                  1.
      Have read and understand all of the terms and conditions of this
      Amendment;
                  2.
      Intend to be bound by the terms and conditions of this Amendment;
                  3.
      Are executing this Amendment freely and voluntarily, without duress, after
      consultation with independent counsel of their own selection.

                               [Signatures follow]

                                       -18-
<Page>

                                                                 dELiA*S CORP.
                                                            (" LEAD BORROWER")

                                           By /s/ Evan Guillemin
                                             --------------------------------
                                        Title: Chief Operating Officer

                                                                 dELiA*S CORP.
                                                     dELiA*S OPERATING COMPANY
                                                  dELiA*S DISTRIBUTION COMPANY
                                                        dELiA*S RETAIL COMPANY
                                                                  "BORROWERS":

                                           By /s/ Thomas Murphy
                                              ---------------------------------
                                        Title: Senior Vice President of Finance

                                                WELLS FARGO RETAIL FINANCE LLC
                                                                    ("LENDER")

                                           By /s/ Daniel Durkin
                                             ---------------------------------
                                        Title: Vice President

Acknowledged and Agreed:
("GUARANTORS")

iTurf Finance Company

By: /s/ Thomas Murphy
    -----------------------------------
Title: Senior Vice President of Finance

dELiA*S Group, Inc.

By: /s/ Thomas Murphy
    -----------------------------------
Title: Senior Vice President of Finance

dELiA*S Properties, Inc.

By: /s/ Thomas Murphy
    -----------------------------------
Title: Senior Vice President of Finance

                                       -19-
<Page>

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