Perry Ellis International, Inc (Nasdaq:PERY) has announced that its board of directors has authorized a share repurchase program in which up to 500,000 shares of common stock may be purchased by the company from time to time during the next 12 months in the open market or in privately negotiated transactions. As of June 26, 2000, Perry Ellis International, Inc had approximately 6.7 million primary shares outstanding.

George Feldenkreis, chairman and chief executive officer of the company, commented: "I am very confident in our long term business prospects, and believe that our stock represents an exceptionally good value to current prices. Recently, our shares have been trading at a considerable discount to book value. We believe that initiating this stock repurchase program will enhance long term shareholder value."

Perry Ellis International is a publicly traded company (Nasdaq:PERY) which designs, imports, markets, and licenses men's, women's and children's products at all levels of distribution in the US and more than 26 countries worldwide. Its Perry Ellis division markets 42 different categories of product under the Perry Ellis (R), Perry Ellis Portfolio and Perry Ellis America Trademarks. Its Supreme International division, distributes and licenses more than 30 other trademarks both domestically and internationally including Crossings, Natural Issue, Grand Slam, Penguin Sport, Munsingwear, John Henry, Manhattan, Career Club, Andrew Fezza, Ping, and PNB Nation among others.

Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The actual results of PEI could differ materially from those expressed or indicated by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, changes in fashion trends, risks relating to the retail industry, use of contract manufacturing and foreign sourcing, import restrictions, competition, seasonality and other factors. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission.