Talbots Launches New 'Talbots Mens' Line; First Talbots Mens Catalog To Arrive Next Week

Business Wire, Oct 4, 2002

Business Editors

HINGHAM, Mass.--(BUSINESS WIRE)--Oct. 4, 2002

Leading specialty retailer Talbots (NYSE: TLB) will unveil its new line of classic men's clothing in a 24-page catalog set to arrive in customer mailboxes the week of October 7th.

Commented Arnold B. Zetcher, Talbots Chairman, President and Chief Executive Officer, "We are tremendously excited to be launching Talbots Mens, our first major new concept since the introduction of Talbots Woman in 1998."

"This catalog debut will be followed by a more comprehensive product line in the spring of 2003, when we begin opening separate Talbots Mens stores. Our current plan is to open approximately six Talbots Mens stores in 2003--three in the spring and three in the fall--six to nine stores in 2004, and then if all goes well, to begin a serious rollout of the Talbots Mens concept in 2005. However, as is our custom, we will methodically fine-tune every aspect of the shopping experience prior to any full-fledged rollout, including testing a variety of store formats,"* Mr. Zetcher continued.

"We believe that Talbots strong brand name, classic styling, and reputation for outstanding quality and service will benefit our newest brand extension, which we think has significant potential for long-term growth,"* Mr. Zetcher continued.

"In short, we feel that if someone is looking for high-quality men's clothing, reasonable prices, good taste, and classic style, then Talbots Mens will definitely be the place to shop, "* Mr. Zetcher concluded.

With an initial circulation of 750,000, the Talbots Mens catalog features classic men's sportswear made exclusively for Talbots under the Talbots Mens label. The line is distinguished by high-end tailoring, a balance of basic and classic fashion colors, and exceptional fabrics and yarns, many of which originate in Italy. The assortment is appropriate for business casual environments as well as weekend activities. It includes sport coats, dress trousers, dress shirts, sweaters, casual pants, jeans and sport shirts as well as a selection of outerwear and silk ties. Currently, Talbots Mens does not offer suits or shoes.

The initial catalog will be mailed primarily to current Talbots customers. In addition, all merchandise featured in the Talbots Mens catalog will be available on the Company's website at www.talbots.com beginning October 4, 2002.

Based on research that indicates that over 60% of the people shopping in upscale men's stores are women buying clothes for men, Talbots expects its initial Talbots Mens customer to be primarily its current female customer. The male customer is expected to be her counterpart: someone typically between 35-55 years old, largely college educated, professionally employed, married and living in the suburbs.

Talbots Mens represents the Company's sixth retail concept. Existing concepts include Talbots, Talbots Petites, Talbots Kids, Talbots Accessories & Shoes, and Talbots Woman. The company offers its merchandise through its 869 retail stores, catalog, and website at www.talbots.com.

The foregoing contains forward-looking information within the meaning of The Private Securities Litigation Reform Act of 1995. The statements may be identified by an "asterisk" ("*") or such forward-looking terminology as "expect," "look," "believe," "anticipate," "may," "will," or similar statements or variations of such terms. All of the "outlook" information constitutes forward-looking information. The specialty apparel retail business is an evolving and highly competitive marketplace and such forward-looking statements may involve material known and unknown risks and uncertainties as to future events which may or may not occur, including levels of sales, effectiveness of the Company's brand awareness and marketing programs, effectiveness and profitability of new concepts, effectiveness of its e-commerce site, store traffic, acceptance of Talbots fashions, appropriate balance of merchandise offerings, the Company's ability to sell its merchandise at regular prices as well as its ability to successfully execute its major sale events, including the timing and levels of markdowns, retail economic conditions including the impact of consumer spending and consumer confidence and the impact of a highly promotional retail environment. In each case, actual results may differ materially from such forward-looking information. Certain other factors that may cause actual results to differ from such forward-looking statements are included in the Company's Current Report on Form 8-K dated October 30, 1996 filed with the Securities and Exchange Commission (a copy of which may also be obtained from the Company at 781-741-4500) as well as other periodic reports filed by the Company with the Securities and Exchange Commission and you are urged to consider such factors. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. The Company assumes no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.