Weehawken, N.J., August 3, 1998 - Hanover Direct, Inc. (AMEX: HNV) today announced that Richemont Finance S.A., the Company's largest shareholder, exercised stock purchase warrants on July 31, 1998, acquiring 5,646,490 additional shares of Common Stock of the Company.

Richemont Finance S.A. previously held 97,144,167 shares or 47.46% of the Company's issued and outstanding common stock, par value $.66-2/3 per share. The additional shares were acquired pursuant to the exercise of common stock purchase warrants, originally issued in 1991, with exercise prices ranging from $1.95 to $2.59 per share and an aggregate total exercise price of $13,640.796.21. As a result of such exercise, Richemont owns 102,790,657 shares or 48.88% of the issued and outstanding Common Stock of the Company.

President and Chief Executive Officer Rakesh Kaul stated, "Richemont's warrant exercise is further indication of their support for the Company and reiterates Richemont's confidence in the ongoing turnaround programs designed to improve the Company's operating performance and its long term potential."

Hanover Direct, Inc. (AMEX: HNV) is a leading, specialty direct marketer with a diverse branded portfolio of home fashions, general merchandise, women's and men's apparel and gift catalogs and proprietary products delivered via direct mail and electronic commerce. Its branded portfolio of catalogs includes: Domestications (Home Fashions - Mid Market brands); The Company Store and Kitchen & Home (Home Fashions - Upscale brands); Improvements, The Safety Zone and Colonial Garden Kitchens (General Merchandise brands); Silhouettes and Tweeds (Women's Apparel brands); International Male, Austad's and Undergear (Men's Apparel brands); and Gump's By Mail (Gift brands). The Company also owns Gump's, a retail store based in San Francisco.

CONTACT:
AGG International, Public Relations
Paula Zwerdling
Managing Director
(212) 869-8230

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