1
   FOR IMMEDIATE RELEASE        CONTACT: Doug Hauff, Gargoyles
   March 10, 1997                        206-872-6100, x3400

                                         Rich Scaglione, Buntin Public Relations
                                         615-244-5720


GARGOYLES TO ACQUIRE SUNGOLD I-WEAR, CONTINUES STRONG GROWTH TREND

   KENT, Wash. -- Gargoyles Performance Eyewear (NASDAQ: GOYL), continuing
its dramatic growth, has reached a preliminary agreement to acquire
Sungold I-Wear, a Farmingdale, N.Y.-based manufacturer of premium
sunglasses. The sale is expected to close in April.

   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.

   The acquisition will allow Gargoyles, known for innovative styling,
leading-edge optics and a sports-oriented lifestyle image, to expand its
presence in the premium sunglass market by reaching new consumers, said Doug
Hauff, president and CEO of Gargoyles.

   "This acquisition gives us entree into two new areas that will
incrementally grow our business," he said. "One of our key strategies is
to acquire brands that can expand our distribution channels. The consumers
served by the Stussy and Anarchy brands have been two important targets
for us."

   The premium sunglass industry, with a domestic market of $1.7 billion in
retail revenues and an estimated annual growth rate of 7-10% -- is ripe for
consolidation, said Hauff.

   "The demand from industry channels has grown to the point where many smaller
companies no longer have the manufacturing and distribution capabilities to
remain competitive," said Hauff. "The industry is looking for strong suppliers
and partners with new products and inventory necessary to keep up with the
growth in demand. The synergy of this acquisition makes sense for both
companies."

   Gargoyles will continue to look for additional acquisitions that are
consistent with its strategies, said Hauff. "We believe Gargoyles can be a good
home for exciting brands with excellent growth opportunities," he explained.

                                     (more)
   2
Gargoyles to Acquire Sungold I-Wear. . .
Page 2

   Sungold, which will become a Gargoyles subsidiary, will benefit from
Gargoyles' existing infrastructure, particularly the company's growing
distribution channels, technological expertise and financial strength, said
Shelly Goldman, president of Sungold, which had been a family-run business since
it was founded in 1955.

   "By joining forces with Gargoyles, Sungold now has the financial support to
grow our brands," said Goldman. "We reached a point where we had to merge with a
larger company to take our business to the next level. Gargoyles' success to
date, their exciting plans for the future and their experienced management team
made them the right choice for us."

   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.

   Sungold also produces private label sunglass brands for a number of major
retailers.

   According to Hauff, the acquisition of Sungold will elevate Gargoyles to the
number-three position in domestic premium eyewear sales, behind Bausch & Lomb
and Oakley. "Since 1992, we have achieved a compounded annual sales growth rate
of 51%, and this acquisition will allow us to build on that track record by
adding to our growing portfolio of quality brands," he said.

   Net sales have grown from $6 million in 1992 to more than $33 million in
1996.

   Gargoyles Performance Eyewear, founded in 1983 and based in Kent, Wash.,
offers a variety of products in the sports, fashion and traditional segments
within the premium sunglass market under the Gargoyles, Hobie and Timberland
brands.

   Gargoyles is known for its patented dual lens toric curve design, which
allows sunglasses to match the contours of the face without sacrificing overall
optical clarity or introducing distortion, helping the eye to focus more easily.

   Gargoyles' sports-oriented lifestyle image is supported by its celebrity
endorsement marketing initiatives. The company has established a roster of
marquee athletes to promote the brand and specific models, including Ken
Griffey, Jr. (baseball), Scottie Pippen (basketball), Dale Earnhardt (NASCAR
racing), Alexi Lalas (soccer) and Tommy Moe (skiing). Gargoyles also recently
announced that it will collaborate with golfing legend Jack Nicklaus on the
design of sunglasses specifically for use on the golf course.

   Additionally, Gargoyles clear protective eyewear is worn exclusively on the
hit television series "ER."

                                   ##