ITHACA INDUSTRIES ACQUIRES GLENDALE HOSIERY


WILKESBORO, N.C., MARCH 25, 1998--ITHACA INDUSTRIES, INC., one of the nation's
largest manufacturers of private-brand men's and women's underwear and women's
hosiery products, today announced it has completed the acquisition of privately
held Glendale Hosiery Company of Siler City, N.C., a quality manufacturer of
women's sheer hosiery. Ithaca expects the transaction to be accretive to net
income and earnings per share during its 1990 fiscal year that commenced
February 1, 1998.

Ithaca also announced the closing of $110 million in senior credit facilities.

In announcing the acquisition, Jim D. Waller, Ithaca's chairman, president and
chief executive officer said, "The private-brand apparel market is highly
fragmented, featuring many small, private companies. Ithaca management
anticipates realizing substantial annual savings through production
efficiencies, streamlining of operations and economies of scale. We're excited
this acquisition of a quality hosiery company will expand our business with
existing customers and give us entry into others."

Glendale, the former hosiery division of Kellwood, was the subject of a
management buyout in 1986. It has been operating as a profitable private company
since then, and posted 1997 revenues of $45 million. Glendale is a principal
supplier of women's hosiery to Sears, Roebuck & Co., J.C. Penny and other major
national retailers.

Senior management of Glendale will remain with the company after the
acquisition. Brian F. Slagle, Glendale's president and chief executive officer,
said, "We're pleased and excited about joining the Ithaca team. Our
complementary strengths and the efficiencies of this combination will serve our
customers well." Slagle will become executive vice president, heading Ithaca's
combined hosiery division.

Ithaca Industries, Inc. is one of the largest manufacturers of private-brand
men's and women's underwear and women's hosiery products in the United States.
Products are sold through a wide range of retail distribution channels and are
offered to the public through more than 10,000 customer outlets, including
discount stores, department stores, specialty stores, drug stores and
supermarkets. Ithaca stock is currently traded via the Nasdaq bulletin board.

THIS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS
INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM FUTURE RESULTS IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THESE
RISKS INCLUDE BUSINESS RISKS SUCH AS CHANGES IN THE PRICE OF RAW MATERIALS,
CONCENTRATION OF ITHACA'S PRINCIPAL CUSTOMERS, AVAILABILITY OF LABOR



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AND COMPETITIVE FACTORS; INDUSTRY RISKS SUCH AS CHANGES IN THE RETAILING
INDUSTRY AND SHIFTS IN CONSUMER PREFERENCES; FINANCIAL RISKS SUCH AS LIQUIDITY
AND ACCESS TO CAPITAL; CONSUMMATION OF THE GLENDALE HOSIERY COMPANY ACQUISITION
AND SUBSEQUENT INTEGRATION; AND OTHER RISKS AS SET FORTH FROM TIME TO TIME IN
THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.


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                     DIAL 1-800-PRO-INFO AND ENTER "ITHA9."