ascena retail group, inc. Announces Retirement of Elliot S. Jaffe as Non-Executive Chairman of the Board of Directors

MAHWAH, N.J.–(BUSINESS WIRE)–ascena retail group, inc. (NASDAQ:ASNA) (the “Company” or
“ascena”) announced today that Elliot S. Jaffe, the Company’s Co-Founder
and Non-Executive Chairman of the Board of Directors, notified the
Company’s Board of Directors (the “Board”) on October 19, 2016 of his
intention not to stand for re-election at the 2016 Annual Meeting of
Stockholders, and to retire as an officer of the Company and from the
Board, effective at the end of the 2016 Annual Meeting of Stockholders.

Mr. Elliot S. Jaffe (“EJ”) co-founded dressbarn in 1962 and served as
Chief Executive Officer until 2002. Mr. Jaffe was ascena’s Chairman of
the Board until January 2011 and then transitioned to Non-Executive
Chairman.

“EJ’s leadership has, from the start, provided the vision and passion to
evolve from a single store with one banner to a family of brands. The
Board thanks EJ for his outstanding leadership and commitment to the
success of ascena,” said David Jaffe, President and Chief Executive
Officer of ascena.

Randy Pearce, ascena’s Lead Independent Director, stated, “EJ’s
contributions to ascena are countless. He has provided outstanding
vision and thoughtful leadership and we thank him for his service.”

Elliot Jaffe commented, “It has truly been my life’s pleasure to serve
ascena from its glorious infancy to the multi-billion dollar brand it is
today. I look forward to watching the company as it continues to grow.”

About ascena retail group, inc.

ascena retail group, inc. (NASDAQ:ASNA) is a leading
national specialty retailer offering apparel, shoes, and accessories for
women under the Ann Taylor, LOFT, Lou & Grey, Lane Bryant, maurices,
dressbarn and Catherines brands, and for tween girls under the Justice
brand. ascena retail group, inc. operates ecommerce websites and
approximately 4,900 stores throughout the United States, Canada and
Puerto Rico.

For more information about ascena retail group, inc. visit:
ascenaretail.com, AnnTaylor.com, LOFT.com, louandgrey.com,
lanebryant.com, cacique.com, maurices.com, dressbarn.com,
Catherines.com, shopjustice.com.

Contacts

For investors:
ascena retail group, inc.
Stacy Turnof,
551-777-6928
Vice President of Investor Relations
stacy.turnof@ascenaretail.com
or
For
media:
ascena retail group, inc.
Sue Ross, 218-491-2110
Executive
Vice President, ascena Corporate Affairs
sue.ross@ascenaretail.com