EXHIBIT 10.02.3

                          EXHIBIT 10.02.3


                           Swank, Inc.
                         00 Xxxx Xxxxxx
                    Xxx Xxxx, Xxx Xxxx 00000
                                
                                
                                
                                
                                            As of January 1, 1992

Xx. Xxxx Xxxxx
0000 Xxxxxxx Xxxx
Xxxxxxx, Xxx Xxxx 00000

Dear Xx. Xxxxx:

     Reference is hereby made to the Agreement dated as of
January 1, 1990 between Swank, Inc. (the "Corporation") and you
concerning your employment as the Executive Vice President of the
Corporation (the "Existing Employment Agreement").  This letter
will serve to confirm our agreement to amend the Existing
Employment Agreement as of January 1, 1992 as follows:

     1.   Paragraph 4 of the Existing Employment Agreement is
hereby deleted in its entirety and the following new paragraph is
hereby inserted in its place.

                "4.  For the full, prompt and faithful
           performance of the services to be rendered as
           aforesaid, the Corporation agrees to pay, and Tulin
           agrees to accept, (a) for the period beginning January
           1, 1990 and ending December 31, 1990 a base salary at
           the rate of $210,000 per annum, (b) for the period
           beginning January 1, 1991 and ending December 31, 1991
           a base salary at the rate of $193,000 per annum, (c)
           for the period beginning January 1, 1992 and ending
           December 31, 1992 a base salary at the rate of
           $215,000 per annum, and (d) for the period beginning
           January 1, 1993 and ending December 31, 1994 a base
           salary at the rate of $220,000 per annum, payable in
           such installments as shall be mutually agreed upon,
           and such additional compensation, if any, as the Board
           of Directors of the Corporation shall from time to
           time determine."

     2.   This letter may be executed in any number of
counterparts, each of which shall be deemed an original and all
of which taken together shall constitute one and the same
agreement.

     3.   This letter shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York,
without regard to principles of conflicts or choice of law.



Xx. Xxxx Xxxxx
                               -2-


     4.   Except as modified and amended by this letter, the
Existing Employment Agreement shall remain and continue in full
force and effect on and after the date hereof.

     If the foregoing correctly sets forth our understanding and
agreement, kindly countersign this letter in the space provided
below.


                                   Very truly yours,

                                   SWANK, INC.


                                   By:     /s/ X. X. Xxxxxxx

                                   Title:    Sr. V.P., CFO

ACCEPTED AND AGREED:


   /s/ Xxxx Xxxxx
     Xxxx Xxxxx