THE ATHLETE’S FOOT EXPANDS INTERNATIONAL PRESENCE WITH MASTER FRANCHISE AGREEMENT IN SWEDEN
Plans Call for a Minimum of Ten Locations in Sweden in Next Ten Years

NEW YORK, February 21, 2008 - NexCen Brands, Inc. (Nasdaq: NEXC), the parent company of The Athlete’s Foot (TAF), a world leader in athletic footwear retail franchising, announced today that the company has expanded operations to Sweden, signing a Master Franchise Agreement with TAF Sweden AB. The ten-year agreement calls for the development of a minimum of ten stores in Sweden. TAF Sweden AB opened its first store in Malmö in July 2007, launching TAF’s first store in the country, and marking TAF’s entry into its ninth European market.

“The opening of The Athlete’s Foot in Sweden represents the power of the TAF brand on a global scale,” stated Robert W. D’Loren, President and CEO of NexCen Brands, Inc., parent company of TAF. “This Master Franchise Agreement speaks to the type of relationships we plan to build around the world. The developers are community entrepreneurs who have already invested locally in Malmö with great success, and are now a part of our team helping to grow the brand in new markets.”

TAF (www.theathletesfoot.com)

The Athlete's Foot (TAF) is the world's first franchisor of athletic footwear stores and is recognized today as the world leader in athletic footwear franchising. Robert and David Lando opened the first The Athlete's Foot store in 1971 in Pittsburgh, Pennsylvania. It was the first athletic footwear specialty store of its kind in the United States. Soon thereafter, The Athlete's Foot began franchising domestically, with the first store opening in Oshkosh, Wisconsin. The first international franchise store opened in 1978 in Adelaide, Australia. The Company is now in more than 40 countries.

In June, 2007, NexCen Brands launched a global re-branding effort for TAF. With a mission on meeting the needs of athletes everyday, there are plans for reinvigorating the 37 year-old brand to include an innovative new modular merchandising system, new in-store design, a modernized company logo, and a line of TAF branded apparel.

NexCen Brands, Inc. (www.nexcenbrands.com)

NexCen Brands, Inc. is a vertically integrated global brand management company focused on assembling a diversified portfolio of intellectual property-centric companies operating in the consumer branded products and franchise industries. The Company owns, licenses, franchises and markets a growing portfolio of consumer and franchise brands including The Athlete's Foot®, Bill Blass®, Great American Cookies®, MaggieMoo's®, Marble Slab Creamery®, Pretzel Time®, Pretzelmaker®, Shoebox New York™ and Waverly®.

The Company licenses and franchises its brands to a network of leading retailers, manufacturers and franchisees that includes every major segment of retail distribution from the luxury market to the mass market in the U.S. and in over 50 countries around the world, and consists of approximately 1,900 franchised stores. NexCen, through its information technology, franchisee support systems and advertising, marketing and public relations team, markets its brands to continually drive greater consumer awareness and brand equity for each of its brands. NexCen touches nearly every aspect of a consumer's lifestyle from the food they eat to the furnishings in their homes and the clothes and footwear they purchase.