EXHIBIT 99.2

                  Company Contact:     Ed Rosenfeld
                                       Senior Vice President, Strategic Planning
                                          & Finance
                                       Steven Madden, Ltd.
                                       (718) 446-1800

                  Investor Relations:  Cara O'Brien/Melissa Myron
                                       Financial Dynamics
                                       (212) 850-5600

FOR IMMEDIATE RELEASE
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          STEVEN MADDEN, LTD. ANNOUNCES SPECIAL ONE-TIME CASH DIVIDEND

         LONG ISLAND CITY, N.Y. - November 1, 2006 - Steven Madden, Ltd.
(NASDAQ: SHOO), a leading designer and marketer of fashion footwear and
accessories for women, men and children, today announced that its Board of
Directors has authorized a special one-time cash dividend of $1.00 per
outstanding share of common stock. The dividend will be paid on November 22,
2006 to shareholders of record at the close of business on November 13, 2006.

         Combined with the $8.3 million of share repurchases so far in 2006,
this one-time dividend will increase the amount of capital the Company has
returned to shareholders this year to approximately $29.3 million, which is in
addition to the approximately $21.5 million the Company returned to shareholders
in 2005.

         "With this special one-time dividend, we will have substantially
exceeded the promise we made last November to return at least $15 million to
shareholders over the next 15 months. Our strong operating performance allowed
us to provide this special dividend to our shareholders even while reinvesting
in the business and funding our initiatives for future growth," stated Jamieson
Karson, Chairman and Chief Executive Officer of Steven Madden, Ltd. "We are very
pleased to be able to provide this additional return to our shareholders and
look forward to continuing to drive growth as well as return significant value
to our shareholders."

         The Company separately announced today financial results for its third
quarter of fiscal 2006.

         Steven Madden, Ltd. designs and markets fashion-forward footwear and
accessories for women, men and children. The shoes and accessories are sold
through company-owned retail stores, department stores, apparel and footwear
specialty stores, and online at www.stevemadden.com. The Company has several
licenses for its brands, including dresses, watches, outerwear, eyewear, girls
apparel, and hosiery and owns and operates 96 retail stores, including its
online store. The Company is also the licensee for Candie's Footwear and
UNIONBAY Men's Footwear, and through its wholly-owned subsidiary, Daniel M.
Friedman & Associates, is the licensee for Betsey Johnson handbags and belts,
Ellen Tracy belts, and Tracy Reese handbags and belts.

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.

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