Page 2 – Steven Madden, Ltd. Announces First Quarter Results

          Arvind Dharia, Chief Financial Officer, commented, “We ended the quarter with $55.8 million in cash, cash equivalents, and marketable securities, no debt, and total stockholders’ equity of $175.2 million. We were pleased to have completed a Dutch Auction share repurchase at the end of the quarter which allowed us to return $44.2 million to our shareholders. Moreover, we were able to complete this share repurchase while also maintaining our very strong financial position during a difficult macroeconomic environment. We continue to position our business for future growth and remain confident in the long-term potential of the Company.”

Company Outlook

          Based on trends to date this year and current visibility, the Company is maintaining its guidance for the full fiscal year. The Company continues to expect 2008 net sales will be flat to an increase of 2% compared to fiscal 2007 and earnings per diluted share will range between $1.55 and $1.65, excluding the impact of the one-time charge recognized in first quarter. Including the impact of the one-time charge, earnings per diluted share are expected to range between $1.39 and $1.49. All earnings per share estimates reflect the benefit from the Company’s recently completed share repurchase through a Dutch Auction tender offer.

          Mr. Rosenfeld concluded, “We have been encouraged by the more positive consumer response to our merchandise that we have begun to see this year as well as the current strength of our brands in the market. Given the persisting weak consumer trends, we plan to maintain a conservative approach to managing our business. However, we are seeing some initial improvement in footwear trends that we believe may benefit us as we move into the latter half of 2008. Overall, we continue to be confident in the strength of our diversified business model and the Company’s ability to generate long-term growth.”

Conference Call Information

          Interested shareholders are invited to listen to the first quarter earnings conference call scheduled for today, Thursday, May 1, 2008, at 10 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed by logging onto http://www.stevemadden.com. An online archive of the broadcast will be available within one hour of the conclusion of the call and will be accessible until May 15, 2008. Additionally, a replay of the call can be accessed by dialing 800-642-1687, passcode 45688067, and will be available until May 8, 2008.

          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. Through its wholly-owned subsidiary, Daniel M. Friedman & Associates, the Company is the licensee for Betsey Johnson handbags and belts and Tracy Reese handbags and belts.

          Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties readers are urged to consider statements labeled with the terms “believes”, “belief”, “expects”, “intends”, “anticipates” or “plans” to be uncertain and forward-looking. The forward looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s reports and registration statements filed with the Securities and Exchange Commission.

(Tables to follow)