Oxford To Sell Womenswear Group

Atlanta-based apparel producer and
marketer Oxford Industries Inc. has agreed to sell its Womenswear Group to a division of Hong
Kong-based Li & Fung Group for approximately $37 million cash upon closing plus additional cash
proceeds of approximately $30 million from retained accounts receivable and in-transit inventories,
for total after-tax cash proceeds of approximately $67 million. Closing is anticipated on or about
June 2, 2006.

“Our Womenswear Group has made a significant contribution to our success over the years, and
the decision to pursue its sale has been very difficult,” said J. Hicks Lanier, chairman and CEO,
Oxford. “However, we believe this divestiture is an important step in the ongoing strategic
repositioning of our company. This transaction will result in a significant improvement in our
balance sheet and enable us to continue to invest in the growth of our key consumer lifestyle
brands as well as to pursue the acquisition of similar businesses.”

May 9, 2006