SHOO Steven Madden Ltd

Barington Capital Group Applauds Appointment of Harold Kahn to the Board of Directors of Steven Madden, Ltd. NEW YORK, Dec. 16 /PRNewswire/ -- Barington Capital Group, L.P. ("Barington") announced today that it applauds the appointment of Harold Kahn to the Board of Directors of Steven Madden, Ltd. (NASDAQ:SHOO) (the "Company"). "We are delighted that Steven Madden, Ltd. has taken this first step to address our concerns by appointing Harold Kahn to its Board of Directors," stated James Mitarotonda, Chairman and Chief Executive Officer of Barington. "Hal Kahn is one of the most respected leaders in the retail and merchandising sector. His track record and experience are outstanding. He brings to Steven Madden, Ltd. much needed management and industry experience." "Hal is the type of accomplished executive that the Company could use as its Chief Executive Officer. We look forward to the positive impact that he will have on the Company's plans and performance," Mitarotonda concluded. Barington also stated its hope that the Board will address its numerous other concerns that were outlined in the letter Barington sent to the Company's outside directors earlier this week. As one of the Company's largest stockholders, Barington is committed to improving shareholder value for the benefit of all stockholders of Steven Madden, Ltd., and reiterates its willingness to meet with the Board to discuss ways to address its other concerns in greater detail. About Barington Capital Group, L.P. Barington Capital Group, L.P. is an investment management firm that primarily invests in undervalued, small-capitalization companies. Barington and its principals are experienced value-added investors who have taken active roles in assisting management teams in creating or improving shareholder value. Barington represents a group of investors that own 1,005,420 shares of Steven Madden, Ltd., or approximately 7.7% of the Company's outstanding common stock. * * * * * CERTAIN INFORMATION CONCERNING PARTICIPANTS Barington Capital Group, L.P. ("Barington"), together with the other participants named herein, may make a preliminary filing with the SEC of a proxy statement and an accompanying WHITE proxy card to be used to solicit votes for the election of their nominees at the 2005 annual meeting of stockholders of Steven Madden, Ltd., a Delaware corporation (the "Company"), which has not yet been scheduled. In the event that a determination is made to file a proxy statement with the SEC, Barington strongly advises all stockholders of the Company to read the proxy statement when it is available because it will contain important information. Such proxy statement, if filed, will be available at no charge on the SEC's web site at http://www.sec.gov/. In addition, the participants in any solicitation will provide copies of the proxy statement, if filed, without charge upon request. Requests for copies should be directed to the participants' proxy solicitor, Mackenzie Partners, Inc., at its toll-free number: 800-322-2885 or . The participants in such potential proxy solicitation are anticipated to be Barington, Barington Companies Investors, LLC, James Mitarotonda, Barington Companies Offshore Fund, Ltd. (BVI), Barington Companies Advisors, LLC, Barington Companies Equity Partners, L.P., LNA Capital Corp., Parche, LLC, Starboard Value & Opportunity Fund, LLC, Admiral Advisors, LLC, Ramius Capital Group, LLC, C4S & Co., LLC, Peter A. Cohen, Morgan B. Stark, Jeffrey M. Solomon, Thomas W. Strauss, RJG Capital Partners, LP, RJG Capital Management, LLC and Ronald Gross (together, the "Participants"). Information regarding the Participants and their direct or indirect interests is available in their Amendment No. 3 to Schedule 13D, jointly filed with the SEC on December 13, 2004. CONTACT: Ellen Barry / Robin Gilliland Brunswick Group (212) 333-3810 DATASOURCE: Barington Capital Group, L.P. CONTACT: Ellen Barry or Robin Gilliland, both of the Brunswick Group, +1-212-333-3810

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