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Elizabeth & James Footwear to Launch in 2009

Mary-Kate and Ashley Olsen sign deal with Steve Madden Ltd.

Mary-Kate and Ashley Olsen are piling on the accessories.

Dualstar Entertainment Group, their management firm, has signed Steven Madden Ltd. to create a collection of footwear under the Elizabeth and James brand. The collection is scheduled to hit high-end specialty retailers in mid-2009. 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 new Elizabeth and James footwear is meant to complement Mary-Kate and Ashley’s Elizabeth and James contemporary sportswear collection, which is sold in more than 300 doors globally including Intermix and Saks Fifth Avenue. They also signed a deal with Robert Lee Morris for a line of fashion jewelry under the Elizabeth and James brand, which hit stores this fall.

In addition to Elizabeth and James, the sisters have a significant merchandising and branding business that, in the past, has been estimated at about $1 billion. They’ve made a significant dent in the industry over the past 17 years — having gone from selling DVDs at Wal-Mart to $600 skirts at Barneys New York from their high-end ready-to-wear label, The Row.