Note T - Consolidated Variable Interest entity

9 Months Ended

Sep. 30, 2011

Variable Interest Entity, Qualitative or Quantitative Information, Nature of VIE

Note T – Consolidated Variable Interest entity

On April 15, 2011, the Company formed a joint venture with two individuals through a limited liability company, Madlove, LLC (“Madlove”), as to which the Company is the primary beneficiary. Madlove designs and markets women’s footwear under the Madlove label. As the primary beneficiary of Madlove, the assets, liabilities and results of operations of Madlove are included in the Company’s Condensed Consolidated Financial Statements. The other members’ interests are reflected in “Net loss attributable to noncontrolling interests” in the Condensed Consolidated Statements of Income and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. The following table summarizes the carrying amount of Madlove’s assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets at September 30, 2011:

Accounts receivable – net	$	277
Inventory		93
Fixed assets – net		43
Current assets		413

Due to Steven Madden, Ltd.		17
Other current liabilities		147
Current liabilities	$	164