Jones Apparel Group Raises Offer for Maxwell Shoe Company Inc. to $22.50 Per Share

Jones Apparel Group Raises Offer for Maxwell Shoe Company Inc. to
$22.50 Per Share 


NEW YORK, May 26  /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc. ("Jones")
 today announced that MSC Acquisition Corp. ("MSC"), an indirect wholly owned
subsidiary of Jones, has increased the price of its cash tender offer for all
of the outstanding shares of Class A Common Stock, together with the associated
preferred stock purchase rights, of Maxwell Shoe Company Inc. ("Maxwell")  to
$22.50 per share in cash from $20.00 per share in cash.

Peter Boneparth, Chief Executive Officer of Jones, stated, "We have
significantly increased the price of our offer to bring our tender offer to a
prompt resolution.  Our revised offer is scheduled to expire on June 21, 2004,
and we urge Maxwell stockholders to accept the offer while they have the
opportunity to do so.  We believe that the offer provides an outstanding
opportunity for Maxwell's stockholders to maximize the value of their
investment in Maxwell.  It represents a premium of approximately 34% over the
closing price for Maxwell shares on February 19, 2004, the day after we
informed Maxwell of our initial proposal, and a premium of approximately 2%
over the closing price of Maxwell shares on February 25, 2004, the day we
publicly announced our initial proposal.  Based on the approximate $105 million
of cash on the balance sheet Maxwell released last week, which equates to
approximately $7.07 of cash per outstanding share of Maxwell stock, our offer
price represents an even greater premium multiple to the earnings of Maxwell's
operating business."

Mr. Boneparth continued, "We believe we have been extremely responsive to
Maxwell stockholders by increasing our offer price.  Now it is time for
Maxwell's Board to start listening to their stockholders as well.  We urge
Maxwell's Board to consider the best interests of their stockholders by meeting
with us to finalize a merger agreement.  If the Board persists in ignoring our
offer and refuses to meet with us, then there is only one thing for Maxwell
stockholders to do in order to maximize the value of their shares -- to send a
clear and strong message to the Board by tendering their shares into our offer
and supporting our consent solicitation to replace the Maxwell directors."

Mr. Boneparth added, "Time is running out for Maxwell's stockholders.  On June
21, Jones's tender offer will expire and we will abandon our proposed
acquisition unless we have entered into a merger agreement with Maxwell or have
received sufficient consents from Maxwell's stockholders to replace the Maxwell
Board.  If Maxwell's Board and management are unwilling to do the right thing
for stockholders, then stockholders will need to step forward and make their
views known by tendering their shares into the offer and delivering consents to
replace the Maxwell directors with nominees who put stockholder value and
interests first."

The revised tender offer for all outstanding shares of Maxwell is scheduled to
expire on Monday, June 21, 2004 at 5:00 p.m. New York City time. The deadline
for submitting consents pursuant to the consent solicitation is June 20, 2004.

Jones will host a conference call with management today at 8:30 a.m. New York
City time, which is accessible by dialing 412-858-4600 or through a web cast at
http://www.jny.com/.  A replay of the conference call is available through June
3 by dialing 877-344-7529, enter account number 051 and conference number
346314.

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.  With over 30 years of service,
the Company has built a reputation for excellence in product quality and value,
and in operational execution.

                        **************************

                          IMPORTANT INFORMATION



Investors and security holders are urged to read the disclosure documents filed
with the Securities and Exchange Commission (the "SEC") from time to time,
including the tender offer statement filed on March 23, 2004 and the supplement
to the tender offer statement that will be filed later today, regarding the
tender offer by MSC for all the outstanding shares of Class A Common Stock,
together with the associated preferred stock purchase rights, of Maxwell. 
Investors and security holders may obtain a free copy of the disclosure
documents (when they are available) and other documents filed by Jones or MSC
with the SEC at the SEC's website at http://www.sec.gov/.  In addition,
documents filed with the SEC by Jones or MSC may be obtained free of charge
from Jones by directing a request to Jones Apparel Group, Inc., 250 Rittenhouse
Circle, Keystone Park, Bristol, Pennsylvania 19007, Attention: Chief Operating
and Financial Officer.

Jones filed a definitive consent solicitation statement on April 21, 2004 with
the SEC.  Investors and security holders may obtain a free copy of the
definitive consent solicitation statement and other documents filed by Jones or
MSC with the SEC at the SEC's website at http://www.sec.gov/.  In addition,
documents filed with the SEC by Jones or MSC may be obtained free of charge
from Jones by directing a request to Jones Apparel Group, Inc., 250 Rittenhouse
Circle, Keystone Park, Bristol, Pennsylvania 19007, Attention: Chief Operating
and Financial Officer.

CERTAIN INFORMATION CONCERNING PARTICIPANTS

Jones, MSC and, in each case, certain of its officers, directors and nominees
for the directorships of Maxwell, among others, may be deemed to be
participants in the solicitation of Maxwell's stockholders.  The security
holders of Maxwell may obtain information regarding the names, affiliations and
interests of individuals who may be participants in the solicitation of
Maxwell's stockholders in the definitive consent solicitation statement filed
by Jones with the SEC on Schedule 14A on April 21, 2004. 

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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