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[GARGOYLES LETTERHEAD]


                                             NEWS
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FOR IMMEDIATE RELEASE:          CONTACT: Doug Hauff, Gargoyles
April 11, 1997                           206-872-6100, x3400
                                         Rich Scaglione, Buntin Public Relations
                                         615-244-5720

GARGOYLES COMPLETES ACQUISITION OF SUNGOLD I-WEAR

   KENT, Wash. -- Gargoyles Performance Eyewear (NASDAQ: GOYL) today completed
its acquisition of Sungold I-Wear, a Farmingdale, N.Y.-based manufacturer of
premium sunglasses.

   Sungold manufactures two principal lines -- Stussy EyeGear, a successful
young men's fashion brand; and Anarchy Eyewear, a cutting-edge brand popular
with snowboarders, skateboarders and other alternative sports enthusiasts age
15-25.

   According to Doug Hauff, president and CEO of Gargoyles, the acquisition of
Sungold represents a key step in the company's continuing growth strategy, and
elevates Gargoyles to the number-three position in domestic sunglass sales,
behind Bausch & Lomb and Oakley.

   "We're extremely pleased to welcome Sungold to the Gargoyles family," said
Hauff. "This acquisition gives us entree into two new areas that will
incrementally grow our business by expanding our distribution channels. The
consumers served by the Stussy and Anarchy brands have been two important
targets for us."

   Gargoyles will continue to look for additional acquisitions that are
consistent with its strategies, said Hauff.

   Sungold, which was founded in 1955, becomes a Gargoyles subsidiary.

   Stussy EyeGear is the only licensed brand of Stussy, Inc., a leading
designer and manufacturer of "streetwear" apparel and accessories featuring
styles that reflect everything from easy California living to the grit of inner
city culture. Stussy EyeGear offers a vast array of styles at price points
ranging from $60 to $120. Stussy also offers an up-and-coming women's eyewear
collection.

   Anarchy Eyewear features a combination of cutting-edge styling and affordable
pricing. The brand's variety of fun, colorful and aggressive styles -- which
reflect Anarchy's "Altercation with the Norm" tag line --retail from $40 to $70.
A similarly styled women's line -- Angel Eyewear -- is also offered by Sungold.

   Gargoyles Performance Eyewear, located in Kent, Wash., designs, manufactures
and markets a broad line of performance and outdoor-lifestyle-oriented
sunglasses, as well as protective eyewear, under the Gargoyles, Hobie and
Timberland brands. Gargoyles' net sales have grown from $6 million in 1992 to
more than $33 million in 1996.

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