FROM:    THE WARNACO GROUP, INC.
         New York, NY 10016

         Rubenstein Associates, Inc.
         Public Relations
         Contact: Howard J. Rubenstein Tel: (212) 843-8080
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        Warnaco Expects to Take A Charge and Restate Certain Results

         NEW YORK, August 22, 2001--The Warnaco Group, Inc. (OTC Bulletin
Board: WACGQ) announced today that it expects to take a charge to earnings
and to restate its financial results for the last three fiscal years in an
amount preliminarily estimated to aggregate $43 million in order to correct
certain errors discovered in its recording of its intercompany pricing
arrangements and accounts payable and accrued liabilities and, accordingly,
such financial statements should not be relied upon. Warnaco noted that the
actual amount of the charge to earnings, as well as the allocation to the
prior periods, will not be definitively determined, and amended reports
will not be filed with the Securities and Exchange Commission, until a
review by the Company is completed. Warnaco also noted that although it was
providing a preliminary estimate of the charge at this time in order to
keep all of its interested constituencies informed, it could not give
assurance that the finally determined amount would not be materially
different than the amount of its preliminary estimate or that other
adjustments may not be necessary.

         The Warnaco Group, Inc., headquartered in New York, is a leading
manufacturer of intimate apparel, menswear, jeanswear, swimwear, men's and
women's sportswear, better dresses, fragrances and accessories sold under
such brands as Warner's(R), Olga(R), Van Raalte(R), Lejaby(R), Weight
Watchers(R), Bodyslimmers(R), Izka(R), Chaps by Ralph Lauren(R), Calvin
Klein(R) men's, women's, and children's underwear, men's accessories, and
men's, women's, junior women's and children's jeans, Speedo(R)/Authentic
Fitness(R) men's, women's and children's swimwear, sportswear and swimwear
accessories, Polo by Ralph Lauren(R) women's and girls' swimwear, Oscar de
la Renta(R), Anne Cole Collection(R), Cole of California(R) and Catalina(R)
swimwear, A.B.S.(R) Women's sportswear and better dresses and
Penhaligon's(R) fragrances and accessories. As previously announced, on
June 11, 2001, the Company and certain of its subsidiaries voluntarily
petitioned for protection under Chapter 11 of the U.S. Bankruptcy Code with
the U.S. Bankruptcy Court for the Southern District of New York.

         This release includes forward-looking statements within the
meaning of Section 27A of Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which represent the
Company's expectations of beliefs concerning future events that involve
risks and uncertainties. All statements other than statements of historical
facts included in this release are forward-looking statements. Although the
Company believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations
will prove to have been correct.