Mossimo, Inc. and Mossimo Giannulli Announce That Third Party Has Expressed It is No Longer Interested in Pursuing Acquisition

As previously announced by Mossimo, Inc. (NASDAQ: MOSS)
(the "Company") and Mossimo Giannulli ("Giannulli") on October 31,
2005, Mossimo Acquisition Corp. (MAC), a wholly-owned subsidiary of
Mossimo Holding Corp. (MHC), itself a corporation wholly-owned by
Giannulli, deferred their planned tender offer for the outstanding
shares of the Company's common stock to allow Giannulli and the
Special Committee to consider an unsolicited proposal received from a
third party indicating an interest in pursuing a business combination
with the Company. Giannulli and the Special Committee announced today
that they received a letter from the third party indicating that the
third party has decided at this time to discontinue its discussions
with Giannulli and the Special Committee regarding a possible
acquisition of the Company.
   Giannulli and MAC expect to commence the tender offer next week,
with the goal of completing the transaction before the end of the
year. The tender offer will be subject to the condition that the
majority of the publicly held minority shares be validly tendered and
not withdrawn before the expiration of the tender offer, as well as
other customary conditions, including the receipt of financing
sufficient to complete the tender offer and the merger.
   Founded in 1987, Mossimo, Inc. is a designer, licensor and
distributor of men's, women's, boy's and girl's apparel, footwear, and
other fashion accessories such as jewelry, watches, handbags, and
belts.
   This press release is intended for informational purposes only and
is not an offer to buy, a solicitation of an offer to sell or a
recommendation to sell any shares of Mossimo, Inc. common stock. The
solicitation of offers to sell Mossimo, Inc. shares will only be made
pursuant to a tender offer statement on Schedule TO and an offer to
purchase and related materials. Mossimo, Inc. stockholders and other
interested parties are urged to read the tender offer statement on
Schedule TO, the offer to purchase and Mossimo, Inc.'s
solicitation/recommendation statement on Schedule 14D-9 and other
relevant documents filed with the SEC by Giannulli, MHC, MAC and
Mossimo, Inc. when they become available because they will contain
important information. Mossimo, Inc. stockholders will be able to
obtain such documents free of charge at the SEC's web site:
www.sec.gov or by directing a request to Mossimo, Inc. at 2014
Broadway, Santa Monica, CA 90404, Attention: Chief Financial Officer.
   CAUTIONARY STATEMENT: Statements in this release represent the
current intentions, plans, expectations and beliefs of Giannulli and
Mossimo, Inc. and involve risks and uncertainties that could cause
actual events to differ materially from the events described in this
release, including risks or uncertainties related to whether the
conditions to the tender offer will be satisfied, and if not, whether
the tender offer and merger will be completed, as well as changes in
general economic conditions, stock market trading conditions, tax law
requirements or government regulation, and changes in the apparel
industry or the business or prospects of Mossimo, Inc. Giannulli and
Mossimo, Inc. wish to caution the reader that these factors, as well
as other factors described or to be described in Giannulli's or
Mossimo, Inc.'s SEC filings with respect to the transaction, are among
the factors that could cause actual events or results to differ
materially from Giannulli's or Mossimo, Inc.'s current expectations
described herein.