Kenneth Cole Proposes Transaction to Acquire 100% of Public Interest in Kenneth Cole Productions for $15 per Share

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Kenneth D. Cole today announced that he has proposed to acquire through a merger transaction 100 percent of the outstanding publicly held shares of common stock of Kenneth Cole Productions, Inc. (NYSE: KCP). Mr. Cole is Chairman and Chief Creative Officer of the Company and currently owns approximately 47% of the common stock (representing approximately 89% of the voting power) of the Company.Under the proposed transaction, transmitted following the close of the market yesterday in a letter to the Company's Board of Directors, public stockholders would receive $15.00 per share in cash. The proposal values the total equity of the Company at approximately $280 million.

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