Mar 1, 2001

Gymboree Appoints Chief Operating Officer

Burlingame, CA, March 1, 2001. The Gymboree Corporation (Nasdaq: GYMB) today announced that Alison May has been appointed Executive Vice President and Chief Operating Officer.

Reporting to Lisa Harper, who is Vice Chair and Chief Executive Officer of Gymboree, Ms. May will be responsible for management of finance, real estate, supply chain and information systems.

"We are delighted to welcome Alison to Gymboree," said Ms. Harper. "She brings the right complement of skills to help us continue improving our execution and efficiency as we proceed with our turnaround."

Most recently, Ms. May was a management and strategic planning consultant for Internet startups. She was Chief Operating Officer of Esprit de Corp. from 1998 to 2000, where she also served as Chief Financial Officer from 1997 through 1998. Her experience before Esprit included Patagonia, Inc. where she was Chief Financial Officer and then President and General Manager between 1991 and 1996, and 20 years of banking and international business experience.

Ms. May received a Masters of Business Administration degree from the University of Southern California and a bachelor’s degree from Purdue University.

The Gymboree Corporation designs, manufactures and retails unique, high-quality apparel and accessories for children. As of February 3, 2001, Gymboree operated 599 stores, including 547 stores in the United States, 20 stores in Canada and 32 in Europe, as well as an online store at The company also offers directed parent-child developmental play programs at more than 440 franchised and company-operated centers in the United States and 16 other countries.

The foregoing November and year-to-date sales figures are unaudited and subject to quarter-end and year-end adjustment and could differ materially from those indicated. The foregoing paragraphs contain forward-looking statements relating to Gymboree’s anticipated sales growth and future financial performance. These are forward looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results could differ materially as a result of a number of factors, including customer reactions to new merchandise and marketing activity, success in meeting our delivery targets, the level of our promotional activity, our ability to maintain appropriate inventory aging, general economic conditions, and competitive market conditions. Other factors that may cause actual results to differ materially include those set forth in the reports that we file from time to time with the Securities and Exchange Commission.