Wilsons The Leather Experts Inc. Announces Appointment of Michael Sweeney as Chairman of the Board and Retention of Financo, Inc., Telsey Advisory Group and IDEO

Mr. Sweeney said, "Goldner Hawn invested in Wilsons Leather because we are excited about the Company's prospects, particularly with regard to our future in the women's accessories business. We believe that the Company's 411 stores across the United States uniquely position us for success. As Chairman, I look forward to working directly with the Company's leadership team in solidifying and implementing our strategy."

The Company has retained Financo, Inc., an investment banking firm that specializes in advisory services to retailers and merchandising companies, Telsey Advisory Group, an independent research and consulting firm focused on the consumer sector, and IDEO, a design and innovation firm, as strategic advisors to assist Wilsons Leather as it pursues a future business strategy. As previously indicated, the Company expects that the future business strategy will build on one of its prior initiatives, which is to expand its accessories business. This expansion is expected to include accessories-only stores and may include the acquisition of an established accessories brand.

About Wilsons Leather

Wilsons Leather is the leading specialty retailer of leather outerwear, accessories and apparel in the United States. As of August 4, 2007, Wilsons Leather operated 411 stores located in 45 states, including 280 mall stores, 117 outlet stores and 14 airport stores.

About Goldner Hawn Private Equity

Founded in Minneapolis in 1989, Goldner Hawn invests in seasoned, middle-market companies that are headquartered in the Midwest, have capable management teams, distinct market advantages and clear growth potential. The approach of keeping management teams of acquired companies in place, and a history of holding investments for five years or more, are hallmarks of Goldner Hawn's investing philosophy. Goldner Hawn has made 27 private equity investments through the company's Marathon Fund Partnerships and has established long-term relationships with many of America's leading financial institutions to support its investments. Including the Wilsons Leather investment, Goldner Hawn investments have total transaction values approximating $3.0 billion.

About Financo, Inc.

Financo, Inc. is an investment bank that specializes in mergers and acquisitions, divestitures, restructuring, private placements and consulting. The firm's significant transaction history is heavily concentrated in retail, apparel, fashion, footwear, cosmetics, fragrance, e-commerce, consumer products and other merchandising-related industries. For 36 years, Financo has succeeded on its ability to offer industry expertise through its well-renowned organization of professionals, many of whom have had direct operating experience in the retail and merchandising sector. This combination ensures that Financo brings transactional experience and operational understanding to all of its clients' projects. Headquartered in New York City, Financo has offices in London and Los Angeles. For additional information, please visit the Company's web site at www.financo.com.

About Telsey Advisory Group LLC

Telsey Advisory Group LLC, (TAG), founded by leading retail industry analyst, Dana Telsey, is an independent research and consulting firm focused on the consumer sector. With the unparalleled ability to evaluate and assess the consumer market, TAG is uniquely positioned to provide clients with the detailed analysis and market context that is necessary to make strategic investment decisions. For more information on TAG, visit the Company's website at www.telseygroup.com.

About IDEO

IDEO is an innovation and design firm that has been independently ranked as one of the most innovative companies in the world. Known for the design of Apple's first mouse, the first laptop computer and the Palm V handheld computer, IDEO more recently contributed to the Mayo Clinic's SPARC innovation center, Bank of America's Keep the Change banking service, and the new Shimano Coasting bike strategy and experience. Learn more about IDEO at www.ideo.com.

Except for historical information, matters discussed in this press release are forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Such statements are based on information available to management as of the time of such statements and include statements related to future comparable store sales results, business strategies, changes to merchandise mix, and future sales results. Factors that could cause actual results to differ include: risks associated with strengthening our existing store base and brand strategy development; continued declines in comparable store sales; our ability to expand the accessories business and acquire a suitable accessories brand; the potential need for funding in addition to our cash flow from operations and existing credit facilities; dependence on our key supplier to implement our designer label outerwear merchandise strategy; changes in customer shopping patterns; risks associated with the development of our wholesale business; the potential for additional impairment losses if our operating performance does not improve; competition in our markets; uncertainty in general economic conditions; unseasonably warm weather; our inability to effectively respond to changes in fashion trends and consumer demands; decreased availability and increased cost of leather; risks associated with foreign sourcing and international business; seasonality of our business; our inability to renew existing license agreements and/or enter into new licensing agreements; the public sale into the market of common stock issued pursuant to options granted under our employee benefit plans or shares issued in our 2004 equity financing or issuable upon exercise of warrants delivered in connection with our 2004 equity financing, as well as shares issuable upon conversion and exercise of the preferred stock and warrants issued in connection with the financing that was completed on June 15, 2007; risks associated with estimates made by management based on our critical accounting policies; changes to financial accounting standards that may affect our results of operations; loss of key members of our senior management team; concentration of our common stock; volatility of the market price of our common stock; reliance on third parties for upgrading and maintaining our management information systems; war, acts of terrorism or the threat of either; and interruption in the operation of our corporate offices and distribution centers. The information included in this press release is operative as of this date only. Wilsons Leather does not undertake any obligation to update its forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. In order to ensure that all investors continue to have equal access to the same information, Wilsons Leather will refrain from updating forward-looking statements made in this press release unless it does so through means designed to provide broad distribution of the information to the public.