Mary-Kate Olsen And Ashley Olsen’s Dualstar Entertainment Group Announces Elizabeth And James Shoe License With Steven Madden, Ltd.

Elizabeth and James footwear to debut Spring 2009

New York, NY (September24, 2008) – Dualstar Entertainment Group has entered into an exclusive shoe license agreement with Steven Madden, Ltd. (NASDAQ: SHOO) for Elizabeth and James branded footwear. Under the creative direction of Mary-Kate Olsen and Ashley Olsen, Steven Madden, Ltd. is creating its own infrastructure including a dedicated designer and salesperson to head the Elizabeth and James footwear division. The line will debut at luxury global retailers mid-2009.

“This agreement marks the beginning of a much-anticipated expansion of the Elizabeth and James brand into a key category that complements our core apparel business,” said Jill Collage, Executive Vice President of Dualstar. “Interest in the Elizabeth and James brand has been overwhelmingly positive and we are confident Steve Madden is the perfect fit for the Elizabeth and James footwear endeavor.”

Mary-Kate Olsen stated, “We are excited to partner with Steve Madden to create the new Elizabeth and James footwear line. With their proven experience in all aspects of design, production and distribution, we intend to take the contemporary shoe market to a new level.”

“Mary-Kate and I found Steve Madden to truly understand our design philosophy and how we want this brand to grow over the coming years. They have the resources and talent to help execute our vision for the Elizabeth and James brand,” said Ashley Olsen.

“We are extremely pleased to add the Elizabeth and James collection to our footwear portfolio,” said Edward Rosenfeld, Chairman & Chief Executive Officer of Steven Madden, Ltd. “Steve and his team are excited to have the opportunity to partner with Ashley and Mary-Kate to create a line of contemporary footwear for the sophisticated and chic woman. The combination of Ashley and Mary-Kate’s creative talent and Steve Madden’s footwear expertise is an ideal partnership.” Steven Madden, Ltd. designs and markets fashion-forward footwear and accessories for women, men and children. The shoes and accessories are sold through company-owned retail stores, department stores, apparel and footwear specialty stores, and online at www.stevemadden.com. The Company has several licensees for its brands, including for outerwear, cold weather accessories, eyewear, and hosiery and owns and operates 100 retail stores, including its online store. The Company is the licensee for footwear, handbags and belts for Fabulosity, for footwear for l.e.i. and for handbags and belts for Betsey Johnson, Daisy Fuentes and Tracy Reese.

Dualstar Entertainment Group, founded in 1993 by Mary-Kate Olsen and Ashley Olsen, is a distinctive boutique global brand management company with offices in Culver City and New York.

For more information, please contact:

For Dualstar Entertainment Group
Tori Matt, Director of Marketing and Publicity
tori@dualstarmail.com
(310) 945-3706

Kristen Walsh, Publicity Coordinator
kristen@dualstarmail.com
(310) 228-7001

For Steven Madden, Ltd.
FD
(212) 850-5600
Investors: Cara O’Brien/Leigh Parrish
Media: Diane Zappas