Jones Apparel Announces Successful Completion of Tender Offer for Maxwell Shoe

Jones Apparel Announces Successful Completion of Tender Offer for
Maxwell Shoe 


NEW YORK, July 7  /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc. ("Jones")
(NYSE:JNY) announced that it successfully completed its cash tender offer for
all the outstanding shares of common stock, together with the associated
preferred stock purchase rights, of Maxwell Shoe Company Inc. ("Maxwell")
(NASDAQ:MAXS).  Approximately 13.9 million shares of Maxwell common stock were
tendered pursuant to Jones' offer (including 305,411 shares with respect to
which notices of guaranteed delivery were submitted), representing
approximately 93.4% of the issued and outstanding shares of Maxwell common
stock.

Peter Boneparth, Chief Executive Officer of Jones, stated, "The acquisition of
Maxwell Shoe Company is an excellent strategic fit for Jones Apparel.  It is a
wonderful complement to our existing footwear business and allows us to further
consolidate the highly recognizable AK Anne Klein brand within our portfolio. 
This acquisition will also provide us with the ability to serve a more
diversified target audience with such notable brands as Joan & David, circa
Joan & David, Mootsies Tootsies, and Sam & Libby."

Wesley Card, Chief Operating and Financial Officer, commented, "The transaction
was funded with borrowings under our revolving credit facility and cash on
hand.  We look forward to updating investors on this transaction during our
previously scheduled second quarter earnings announcement on Tuesday, July 27,
2004."

Jones' tender offer for Maxwell's shares expired as scheduled at 5:00 p.m., New
York City time, on Tuesday, July 6, 2004.  All validly tendered shares were
accepted for purchase at a price of $23.25 per share, net to the holder in cash
without interest, in accordance with the terms of the tender offer, and payment
for these shares will be made promptly.

Jones intends to complete the acquisition of Maxwell through a merger in which
all Maxwell shares not validly tendered into the tender offer will be converted
into the right to receive $23.25 per share, net to the holder in cash without
interest, subject to applicable appraisal rights. Following the merger, which
is expected to be completed on Thursday, July 8, 2004, Maxwell will become an
indirect wholly-owned subsidiary of Jones.  Payment of the merger consideration
will be made following the merger upon proper presentation of certificates
formerly representing Maxwell shares to The Bank of New York, the paying agent
for the merger, together with a properly completed letter of transmittal.
Transmittal materials will be sent to Maxwell stockholders following the
merger. Under applicable law, the proposed merger is not subject to the
approval of the remaining stockholders of Maxwell.

Jones Apparel Group, Inc. (http://www.jny.com/), a Fortune 500 Company, is a
leading designer and marketer of branded apparel, footwear and accessories. The
Company's nationally recognized brands include Jones New York, Polo Jeans
Company licensed from Polo Ralph Lauren Corporation, Evan-Picone, Norton
McNaughton, Gloria Vanderbilt, Erika, l.e.i., Energie, Nine West, Easy Spirit,
Enzo Angiolini, Bandolino, Napier, Judith Jack, Kasper, Anne Klein, Albert
Nipon and LeSuit. The Company also markets costume jewelry under the Tommy
Hilfiger brand licensed from Tommy Hilfiger Corporation and the Givenchy brand
licensed from Givenchy Corporation, and footwear and accessories under the
ESPRIT brand licensed from Esprit Europe, B.V. For more than 30 years, the
Company has built a reputation for excellence in product quality and value, and
in operational execution.

Certain statements herein are "forward-looking statements" made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
 Such forward-looking statements represent the Company's expectations or
beliefs concerning future events that involve risks and uncertainties,
including the strength of the economy and the overall level of consumer
spending, the performance of the Company's products within the prevailing
retail environment, and other factors which are set forth in the Company's 2003
Form 10-K and in all filings with the SEC made by the Company subsequent to the
filing of the Form 10-K.  The Company does not undertake to publicly update or
revise its forward-looking statements as a result of new information, future
events or otherwise. 

DATASOURCE: Jones Apparel Group, Inc.



CONTACT:  Wesley R. Card, Chief Operating and Financial Officer, or Anita

Britt, Executive Vice President Finance, both of Jones Apparel Group, Inc.,

[phone]



Web site:  http://www.jny.com/ 

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