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M-K and Ash Add Shoes

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Adding onto their estimated $1 billion merchandising and branding business, Mary-Kate and Ashley have signed a deal with Steve Madden Ltd. to create a footwear collection under their Elizabeth and James label. WWD reports, "The sisters will head the design of the footwear collection as creative directors while Madden plans to hire a dedicated designer and sales team to sell the line." The collection will hits store in mid-2009. This just after the news that Ashley has created a men's collection for their high-end label, The Row. [WWD, subscription req]