STEVEN MADDEN, LTD. ANNOUNCES THAT STEVE MADDEN WILL REMAIN CEO; APPOINTS
DIRECTOR CHARLES KOPPELMAN ACTING CHAIRMAN


LONG ISLAND CITY, N.Y., June 21 /PRNewswire/ -- Steven Madden Ltd. (Nasdaq:
SHOO) today announced that Steve Madden will continue to serve as Chief
Executive Officer of the Company. Mr. Madden will temporarily relinquish his
role as Chairman of the Board. The Company's Board of Directors unanimously
requested that Charles Koppelman assume the position of Acting Chairman of the
Board of Directors. Mr. Koppelman, currently an outside Director, accepted the
appointment, which is effective immediately.

The Company's Board of Directors met on Wednesday to review charges filed in
federal court against Mr. Madden. The Board unanimously agreed that Mr. Madden
should continue in his capacity as Chief Executive Officer.

No charges have been filed against the Company or any of its other Officers or
Directors. Mr. Madden has denied any improper conduct and will vigorously defend
himself against any and all charges.

An outside director of the Steven Madden Ltd. Board of Directors since June
1998, Mr. Koppelman is also Chairman and Chief Executive Officer of CAK
Entertainment and CAK Universal Credit Corp., a company that provides financing
for the entertainment, sports and licensing industries. Mr. Koppleman is also
Chairman of Worldwide Entertainment & Sports Corp. From 1988 to 1997, Mr.
Koppelman, who is 60, served as Chairman and Chief Executive Officer of EMI
Capital Music, NA.

Mr. Koppelman said, "As a member of the Board since 1998, I have been pleased to
be associated with this innovative and creative Company. Steven Madden Ltd. has
experienced strong growth and established itself as one of the premier
fashion-forward footwear manufacturers and retailers. The Company has a senior
management team with tremendous talent and depth of experience. I look forward
to working with them even more closely in my new role."

"I am gratified by the support I have received from the Board, our employees and
our partners," said Mr. Madden. "I look forward to continuing to serve the
Company as CEO and leading our eleven-member design team. Over the coming weeks,
we will be working diligently to prepare for the launching of our new line at
the WSA Shoe Show in Las Vegas in August."

Rhonda J. Brown, President and Chief Operating Officer, commented, "The outlook
for our business remains strong, and we will remain focused on executing our
business plans."

Steven Madden Ltd. designs and markets fashion-forward footwear for women, girls
and "tween" consumers. The shoes are sold through Steve Madden Retail Stores,
Department Stores, Apparel and Footwear Specialty Stores, and on-line @
http://www.stevemadden.com and @ http://www.stevies.com. The Company has several
licenses -- including leather sportswear, outerwear, eyewear, hosiery, jewelry,
belts, fashion accessories, and handbags -- owns and operates a retail store
under its David Aaron brand, and is the licensee for l.e.i. Footwear and
Jordache Footwear.

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.