Blum Group to Acquire 6 Million Playtex Shares From Childs Fund; Company Agrees to Nominate Two Blum Directors.

WESTPORT, Conn.--(BUSINESS WIRE)--June 2, 1998--Playtex Products, Inc. (NYSE: PYX) announced today that Richard C. Blum & Associates, L.P. and its affiliates have agreed to purchase a total of 6 million shares of Playtex common stock from J.W. Childs Equity Partners, L.P., an investment fund managed by John W. Childs of Boston. The Blum group is a private equity and strategic block investment firm based in San Francisco which focuses on achieving long-term capital appreciation.

The closing of the purchase is subject to compliance with the Hart-Scott-Rodino Antitrust Improvements Act and certain customary closing conditions. As a result of the privately negotiated transaction, the Blum group will have raised its ownership stake in Playtex to approximately 11.8 million shares, or 19.5% of the outstanding Playtex common stock.

In connection with the closing of the transaction, Playtex has agreed to appoint Blum principals Richard C. Blum and Jeffrey W. Ubben to its board. Playtex also agreed to amendits by-laws to provide for the Blum group to continue to nominate two directors as long as it owns at least 11% of the Company's common stock. In addition, Playtex granted certain demand registration rights to the Blum group which may not be exercised prior to one year following the purchase of the Childs shares.

J.W. Childs acquired the Playtex shares in connection with the sale of its Personal Care Group to Playtex in January 1998. Following consummation of the Blum transaction, the Childs group will continue to own approximately 2.6 million shares which will remain subject to restrictions as to their inclusion in any Company registration statement prior to November 19, 1998.

Playtex is a leading manufacturer and distributor of personal care products marketed under such brand names as Playtex(R), Banana Boat(R), BioSun(R), Chubs(R), Wet Ones(R), Mr. Bubble(R), Binky(R), Woolite(R), Binaca(R), Jhirmack(R), Ogilvie(R), Dentax(R), and Tek(R).

    CONTACT: Michael F. Goss
              Chief Financial Officer, 203/341-4264