THE ATHLETE'S FOOT (TAF) OPENS NEW STORE IN MIDTOWN ATLANTA
Lifestyle Store Offers Premium Sports Fashion Merchandise

ATLANTA - Oct. 7, 2008 - The Athlete's Foot (TAF), a world leader in athletic footwear franchising, and its parent company NexCen Brands, Inc., (NASDAQ: NEXC), have announced the opening of a new store in Midtown Atlanta. The store, located at 950 West Peachtree Street, opened its doors for business in September. The store reflects the recent re-branding efforts instituted by NexCen, including the modernized logo, store design, and merchandising system. TAF's state of the art merchandising system allows franchisees to merchandise their stores under four athletic categories; performance, classic, street, and fusion.

The owners of the midtown location will concentrate product inventory under the street athletics category to cater to the more fashion forward customer of the Atlanta market. The black, white and brushed aluminum 2,100 square foot interior is a customized retail environment designed exclusively for the Midtown location, which is positioned as more of a boutique than TAF's flagship performance store environment.

"Our mission for TAF is to create a global brand that maintains local relevance, and the new merchandising system allows our franchisees to adapt the TAF concept to the specifics of their market," said Darius Billings, director retail brand marketing and merchandising, NexCen Franchise Managment. "The Midtown store utilizes the street athletics merchandising composition to meet the needs of the more fashion forward community in the Atlanta area."

The Midtown location is owned and operated by Magneato International Inc., a company that specializes in the design, import, and sale of modern fashion forward athletic footwear.

About TAF (www.theathletesfoot.com)
The Athlete's Foot, now known as TAF, is the world's first franchisor of athletic footwear stores. The concept, founded in 1971 in Pittsburgh, Pennsylvania, began domestic franchising in 1972 and opened the first international store in Adelaide, Australia in 1978. Today, TAF is recognized as the world leader in athletic footwear franchising with nearly 600 stores operating in more than 30 countries. NexCen Brands acquired TAF in November of 2006 and launched a global re-branding effort in 2007. With a mission on meeting the needs of the everyday athlete, the 37 year-old brand is being reinvigorated with a modernized company logo, a new merchandising system, new in-store design, an urban fashion boutique concept known as TAF UP and a line of TAF branded apparel.

About NexCen Brands, Inc. (www.nexcenbrands.com)
NexCen Brands, Inc. is a strategic brand acquisition and management company with a focus on franchised brands. The company franchises, licenses, and markets a portfolio of global brands that includes; The Athlete's Foot®, Bill Blass®, Great American Cookies®, MaggieMoo's®, Marble Slab Creamery®, Pretzelmaker®, Pretzel Time® and Shoebox New York™. NexCen Franchise Management, a subsidiary of NexCen Brands, supports approximately 1,900 franchised stores in over 42 countries around the world with its experienced brand management, marketing and operations teams.

Media Contact:
Brian Smith
Ogilvy Public Relations
404-881-2320
brian.smith@ogilvypr.com