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Note N - Consolidated Variable Interest entity

12 Months Ended

Dec. 31, 2011

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

Note N – 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 Consolidated Financial Statements. The other members’ interests are reflected in “Net loss attributable to noncontrolling interests” in the Consolidated Statements of Income and “Noncontrolling interests” in the Consolidated Balance Sheets. The following table summarizes the carrying amount of Madlove’s assets and liabilities included in the Company’s Consolidated Balance Sheets at December 31, 2011:

Accounts receivable – net		$	293
Inventory			140
Fixed assets – net			40
Current assets			473

Due to Steven Madden, Ltd.			28
Other current liabilities			69
Current liabilities		$	97