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Mary-Kate and Ashley Olsen are teaming up with Steve Madden to launch Elizabeth and James shoes.

“We are excited to partner with Steve Madden to create the new Elizabeth and James footwear line,” Mary-Kate says in a released statement. “With their proven experience in all aspects of design, production and distribution, we intend to take the contemporary shoe market to a new level.”

“Mary-Kate and I found Steve Madden to truly understand our design philosophy, and how we want this brand to grow over the coming years,” Ashley told the press.

“They have the resources and talent to help execute our vision for the Elizabeth and James brand.”

The line is scheduled to hit high-end specialty retailers in mid-2009.