<SEC-DOCUMENT>0001019056-15-000426.txt : 20150427
<SEC-HEADER>0001019056-15-000426.hdr.sgml : 20150427
<ACCEPTANCE-DATETIME>20150424181013
ACCESSION NUMBER:		0001019056-15-000426
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150424
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150427
DATE AS OF CHANGE:		20150424

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEVEN MADDEN, LTD.
		CENTRAL INDEX KEY:			0000913241
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOTWEAR, (NO RUBBER) [3140]
		IRS NUMBER:				133588231
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23702
		FILM NUMBER:		15792917

	BUSINESS ADDRESS:	
		STREET 1:		52-16 BARNETT AVE
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11104
		BUSINESS PHONE:		7184461800

	MAIL ADDRESS:	
		STREET 1:		52-16 BARNETT AVENUE
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MADDEN STEVEN LTD
		DATE OF NAME CHANGE:	19931008
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>smadden_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>WASHINGTON, DC 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>CURRENT
REPORT</B></FONT><BR>
<FONT STYLE="font: 12pt Times New Roman, Times, Serif">Pursuant to Section 13 or 15(d) of the</FONT><FONT STYLE="font-size: 12pt"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Securities Exchange Act of 1934</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date
of Report: April 24, 2015<BR>
(Date of earliest event reported)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>STEVEN
MADDEN, LTD.</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Exact Name of Registrant as Specified in Charter)</FONT></P>

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    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">000-23702</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13-3588231</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State
    or Other Jurisdiction <BR>
    of Incorporation)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Commission
    File Number)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(IRS
    Employer<BR>
    Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">52-16
    Barnett Avenue, Long Island City, New York 11104</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address
    of Principal Executive Offices) &nbsp;&nbsp;(Zip Code)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Registrant&rsquo;s
telephone number, including area code: (718) 446-1800</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 4%">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written communications
    pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material
    pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 2.02.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results of Operations and Financial Condition.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"> On April 24, 2015, Steven Madden, Ltd. (the "Company") issued a press release, furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference, announcing the Company's financial results for the quarter ended March 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The information contained in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18.  Furthermore, the information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.  The furnishing of the information in this Report is not intended to, and does not, constitute a determination or admission by the Company that the information in this Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.</FONT></P>

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    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial Statements
    and Exhibits.</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 1.55pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Press Release, dated April 24, 2015, issued by Steven Madden, Ltd.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:
April 24, 2015</FONT></P>

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    <TD STYLE="width: 62%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STEVEN
    MADDEN, LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;/s/
    Edward R. Rosenfeld&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Edward R.
    Rosenfeld</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive
    Officer</FONT></TD></TR>
</TABLE>


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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Steve Madden
Announces First Quarter 2015 Results </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LONG
ISLAND CITY, N.Y., April 24, 2015 &ndash; Steve Madden (Nasdaq: SHOO), a leading designer and marketer of fashion footwear and
accessories for women, men and children, today announced financial results for the first quarter ended March 31, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>For the First Quarter
2015:</B></FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Net
                                         sales increased 6.3% to $323.9 million compared to $304.6 million in the same period
                                         of 2014.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gross
                                         margin was 34.4% as compared to 35.6% in the same period last year.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
                                         expenses as a percentage of sales were 26.4% compared to 24.8% of sales in the same period
                                         of 2014.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Operating
                                         income totaled $29.8 million, or 9.2% of net sales, compared with operating income of
                                         $36.0 million, or 11.8% of net sales, in the same period of 2014. Operating income in
                                         the first quarter of 2015 included a net benefit of $3.0 million related to early lease
                                         termination of our 5<SUP>th</SUP> Avenue store location. Operating income in the first
                                         quarter also included a $3.0 million loss related to the partial impairment of our Wild
                                         Pair trademark. As the aforementioned items offset, operating income for the first quarter
                                         of 2015 excluding these items remained at $29.8 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Net
                                         income was $19.8 million, or $0.32 per diluted share, compared to $23.6 million, or $0.36
                                         per diluted share, in the prior year&rsquo;s first quarter. Net income for the first
                                         quarter of 2015 included the aforementioned items. As these items offset, net income
                                         excluding these items remained at $19.8 million, or $0.32 per diluted share.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Edward
Rosenfeld, Chairman and Chief Executive Officer, commented, &ldquo;We were pleased with our first quarter results, with both sales
and earnings meeting plan. Importantly, we saw a number of new fashion footwear trends begin to emerge, which contributed to double
digit comparable store sales growth in our retail business. While sales in our wholesale footwear business excluding acquisitions
were down, as expected, in the first quarter, we saw a meaningful improvement in sell-through at our retail partners compared
to the prior year. In addition, our wholesale accessories business recorded a strong sales increase, driven by growth in Betsey
Johnson, Madden Girl and private label handbags. Overall, we are pleased with the underlying trends we are seeing in our business
and remain on track to meet our sales and earnings targets for 2015.&rdquo;</FONT></P>

<P STYLE="margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>First Quarter
2015 Segment Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net
sales for the wholesale business were $277.0 million in the first quarter compared to $265.0 million in the first quarter of 2014.
Gross margin in the wholesale business decreased to 30.9% compared to 32.6% in last year&rsquo;s first quarter, with a decline
in footwear primarily attributable to the impact from the Dolce Vita acquisition and a decline in accessories driven by changes
in customer mix.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Retail
net sales in the first quarter were $46.9 million compared to $39.6 million in the first quarter of the prior year. Same store
sales increased 11.6% for the quarter. Retail gross margin decreased to 55.1% in the first quarter of 2015 compared to 55.7% in
the first quarter of 2014 as a result of increased promotional activity in the outlet stores.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">During
the first quarter, the Company opened one full price store and closed three full price stores. The Company ended the quarter with
158 company-operated retail locations, including 118 full price stores, 32 outlets, four Internet stores and four joint venture
locations in South Africa.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
effective tax rate for the first quarter of 34.3% compares to 35.1% in the first quarter of the prior year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance Sheet
and Cash Flow </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">During
the first quarter of 2015, the Company repurchased approximately 1.4 million shares of the Company&rsquo;s common stock for $52.8
million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">As of
March 31, 2015, cash, cash equivalents, and current and non-current marketable securities totaled $168.7 million. Advances payable
to the factor were $9.5 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Company
Outlook</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">For fiscal year
2015, the Company continues to expect that net sales will increase 7% to 9% over net sales in 2014. Diluted EPS for fiscal year
2015 is expected to be in the range of $1.85 to $1.95.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Conference
Call Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Interested stockholders
are invited to listen to the first quarter earnings conference call scheduled for today, Friday, April 24, 2015, at 8:30 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 for
a period of 30 days following the call. Additionally, a replay of the call can be accessed by dialing 1-877-870-5176 (U.S.) and
1-858-384-5517 (international), passcode 9958905, and will be available until May 24, 2015.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>About Steve
Madden</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Steve
Madden designs, sources and markets fashion-forward footwear and accessories for women, men and children. In addition to marketing
products under its own brands including <U>Steve Madden</U>&reg;, <U>Dolce Vita</U>&reg;, <U>Betsey Johnson</U>&reg;, <U>Big Buddha</U>&reg;,
<U>Report</U>&reg;, <U>Brian Atwood</U>&reg;, <U>Cejon</U>&reg;, <U>Blondo</U>&reg;, Wild Pair&reg; and Mad Love&reg;. Steve Madden
is the licensee of various brands, including <U>Superga</U>&reg; for footwear. Steve Madden also designs and sources products
under private label brand names for various retailers. Steve Madden&rsquo;s wholesale distribution includes department stores,
specialty stores, luxury retailers, national chains and mass merchants. Steve Madden also operates 158 retail stores (including
Steve Madden&rsquo;s four Internet stores). Steve Madden licenses certain of its brands to third parties for the marketing and
sale of certain products, including for ready-to-wear, outerwear, intimate apparel, eyewear, hosiery, jewelry, fragrance, luggage
and bedding and bath products. For local store information and the latest Steve Madden booties, pumps, men&rsquo;s and women&rsquo;s
boots, dress shoes, sandals and more, visit <U>http://www.stevemadden.com/</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Safe Harbor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This press release
and oral statements made from time to time by representatives of the Company contain certain &ldquo;forward looking statements&rdquo;
as that term is defined in the federal securities laws. The events described in forward looking statements may not occur. Generally
these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of the Company&rsquo;s
plans or strategies, projected or anticipated benefits from acquisitions to be made by the Company, or projections involving anticipated
revenues, earnings or other aspects of the Company&rsquo;s operating results. The words &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;project,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo;
&ldquo;estimate,&rdquo; and &ldquo;continue,&rdquo; and their opposites and similar expressions are intended to identify forward
looking statements. The Company cautions you that these statements concern current expectations about the Company&rsquo;s future
results and condition and are not guarantees of future performance or events and are subject to a number of uncertainties, risks
and other influences, many of which are beyond the Company&rsquo;s control, that may influence the accuracy of the statements
and the projections upon which the statements are based. Factors which may affect the Company&rsquo;s results include, but are
not limited to, the risks and uncertainties discussed in the Company&rsquo;s Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any one or more of these uncertainties,
risks and other influences could materially affect the Company&rsquo;s results of operations and financial condition and whether
forward looking statements made by the Company ultimately prove to be accurate and, as such, the Company&rsquo;s actual results,
performance and achievements could differ materially from those expressed or implied in these forward looking statements. The
Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information,
future events or otherwise.</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>STEVEN MADDEN,
LTD. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS DATA</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(In thousands,
except per share amounts)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Unaudited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE=" text-align: center">Three Months Ended</TD><TD NOWRAP STYLE="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE=" padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE=" text-align: center; border-bottom: Black 1pt solid">March 31, 2015</TD><TD NOWRAP STYLE=" padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE=" padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE=" text-align: center; border-bottom: Black 1pt solid">March 31, 2014</TD><TD STYLE=" padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 76%;  text-align: left">Net sales</TD><TD STYLE="width: 3%; ">&nbsp;</TD>
    <TD STYLE="width: 1%;  text-align: left">$</TD><TD STYLE="width: 7%;  text-align: right">323,945</TD><TD STYLE="width: 1%;  text-align: left">&nbsp;</TD><TD STYLE="width: 3%; ">&nbsp;</TD>
    <TD STYLE="width: 1%;  text-align: left">$</TD><TD STYLE="width: 7%;  text-align: right">304,624</TD><TD STYLE="width: 1%;  text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" padding-bottom: 1pt">Cost of sales</TD><TD STYLE=" padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE=" text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE=" text-align: right; border-bottom: Black 1pt solid">212,567</TD><TD STYLE=" text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE=" padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE=" text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE=" text-align: right; border-bottom: Black 1pt solid">196,276</TD><TD STYLE=" text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Gross profit</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">111,378</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">108,348</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left">Commission and licensing fee income, net</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">3,918</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">3,171</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Operating expenses</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(82,404</TD><TD STYLE=" text-align: left">)</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(75,526</TD><TD STYLE=" text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left; padding-bottom: 1pt">Impairment charge</TD><TD STYLE=" padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE=" text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE=" text-align: right; border-bottom: Black 1pt solid">(3,045</TD><TD STYLE=" text-align: left; padding-bottom: 1pt">)</TD><TD STYLE=" padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE=" text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE=" text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE=" text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Income from operations</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">29,847</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">35,993</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left; padding-bottom: 1pt">Interest and other income, net</TD><TD STYLE=" padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE=" text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE=" text-align: right; border-bottom: Black 1pt solid">496</TD><TD STYLE=" text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE=" padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE=" text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE=" text-align: right; border-bottom: Black 1pt solid">1,033</TD><TD STYLE=" text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Income before provision for income taxes</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">30,343</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">37,026</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">10,408</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">12,996</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Net income</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">19,935</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">24,030</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net income (loss) attributable to noncontrolling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">111</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">393</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net Income attributable to Steven Madden, Ltd.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">19,824</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">23,637</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Basic net income per share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">0.33</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">0.38</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="padding-bottom: 2.5pt">Diluted net income per share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.32</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.36</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="">Basic weighted average common shares outstanding</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">59,605</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">62,822</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="">Diluted weighted average common shares outstanding</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">62,078</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">65,137</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>STEVEN
MADDEN, LTD. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>CONDENSED
CONSOLIDATED BALANCE SHEET DATA</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(In thousands)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">As of</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Dec. 31, 2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Unaudited</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Unaudited</TD><TD STYLE="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 64%;  text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 3%; ">&nbsp;</TD>
    <TD STYLE="width: 1%;  text-align: left">$</TD><TD STYLE="width: 7%;  text-align: right">50,455</TD><TD STYLE="width: 1%;  text-align: left">&nbsp;</TD><TD STYLE="width: 3%; ">&nbsp;</TD>
    <TD STYLE="width: 1%;  text-align: left">$</TD><TD STYLE="width: 7%;  text-align: right">81,450</TD><TD STYLE="width: 1%;  text-align: left">&nbsp;</TD><TD STYLE="width: 3%; ">&nbsp;</TD>
    <TD STYLE="width: 1%;  text-align: left">$</TD><TD STYLE="width: 7%;  text-align: right">153,070</TD><TD STYLE="width: 1%;  text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left">Marketable securities (current &amp; non current)</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">118,244</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">121,644</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">122,659</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Accounts receivable, net</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">218,360</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">194,594</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">202,970</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="">Inventories</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">76,029</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">92,677</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">58,301</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Other current assets</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">51,349</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">42,307</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">28,776</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left">Property and equipment, net</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">69,262</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">68,905</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">58,432</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Goodwill and intangibles, net</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">295,618</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">294,416</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">227,419</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">12,562</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">15,242</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">12,269</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">891,879</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">911,235</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">863,896</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left">Accounts payable</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">$</TD><TD STYLE=" text-align: right">99,314</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">$</TD><TD STYLE=" text-align: right">92,635</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">$</TD><TD STYLE=" text-align: right">89,073</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Advances from factor</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">9,470</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">&mdash;</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">&mdash;</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left">Contingent payment liability (current &amp; non current)</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">39,060</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">38,633</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">34,917</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Other current liabilities</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">46,285</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">73,501</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">37,303</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left">Other long term liabilities</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">37,037</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">36,937</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">24,656</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Total Steven Madden, Ltd stockholders&rsquo; equity</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">660,327</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">669,255</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">677,354</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">386</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">274</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">593</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">891,879</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">911,235</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">863,896</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>STEVEN
MADDEN, LTD. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>CONDENSED
CONSOLIDATED CASH FLOW DATA</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(In thousands)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Unaudited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center">Three Months Ended</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2014</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 76%;  text-align: left">Net cash (used for)/provided by operating activities</TD><TD STYLE="width: 3%; ">&nbsp;</TD>
    <TD STYLE="width: 1%;  text-align: left">$</TD><TD STYLE="width: 7%;  text-align: right">(1,197</TD><TD STYLE="width: 1%;  text-align: left">)</TD><TD STYLE="width: 3%; ">&nbsp;</TD>
    <TD STYLE="width: 1%;  text-align: left">$</TD><TD STYLE="width: 7%;  text-align: right">21,560</TD><TD STYLE="width: 1%;  text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left"><U>Investing Activities</U></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Purchases of property and equipment</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(3,669</TD><TD STYLE=" text-align: left">)</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(4,392</TD><TD STYLE=" text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left">Purchases of marketable securities</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(19,090</TD><TD STYLE=" text-align: left">)</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(9,969</TD><TD STYLE=" text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Sales of marketable securities</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">21,521</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">530</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Acquisition, net of cash acquired</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(9,129</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(6,750</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net cash used for investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(10,367</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(20,581</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left"><U>Financing Activities</U></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Common stock share repurchases for treasury</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(52,777</TD><TD STYLE=" text-align: left">)</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(29,336</TD><TD STYLE=" text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left">Net proceeds from settlement of awards under stock plans</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">15,557</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">521</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE=" text-align: left">Advances from factor</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">9,470</TD><TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">&mdash;</TD><TD STYLE=" text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Tax benefit from the exercise of options</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">8,319</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">631</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net cash used for financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(19,431</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(28,184</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE=" text-align: left">Net decrease in cash and cash equivalents</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(30,995</TD><TD STYLE=" text-align: left">)</TD><TD STYLE="">&nbsp;</TD>
    <TD STYLE=" text-align: left">&nbsp;</TD><TD STYLE=" text-align: right">(27,205</TD><TD STYLE=" text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents - beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">81,450</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">180,275</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents - end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">50,455</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">153,070</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><U>Contact</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">ICR, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Investor Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Jean Fontana/Megan Crudele</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">203-682-8200</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">www.icrinc.com</FONT></P>

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