Award-Winning Designer Assumes Role with New Parent Company

NEW YORK, May 21 /PRNewswire-FirstCall/ -- NexCen Brands, Inc. (NASDAQ:NEXC) ("NexCen") announced today that Pamela Maffei Toolan will remain Vice President of Design for the Waverly Lifestyle Group. NexCen completed its acquisition of Waverly on May 2, 2007.

In her role at Waverly, Maffei Toolan has been responsible for creating best-selling collections of signature prints, wovens and finished products for many of America's most recognized brands. Maffei Toolan, who has served as Vice president of Design for Waverly Lifestyle Group since 2000, has consistently launched successful home collections with America's leading retailers including JC Penney, Target, Jo-Ann Fabrics and Hancock. She spearheads the creative development of all Waverly licensed categories for the home including fabric by-the-yard, home textiles, wallcoverings and decorative accessories. In addition to her role in product development, Maffei Toolan manages Waverly's team of design directors, stylists and colorists.

"The acquisition of the Waverly brand reflected NexCen's commitment to developing our Home Division of luxury consumer brands," said Robert W. D'Loren, President and CEO of NexCen Brands, Inc., noting, "Waverly's premier position in the marketplace was built on the savvy and creativity of its very talented team of designers, led by Pamela Maffei Toolan. We are very pleased that she will continue in her role, and lend her considerable expertise to NexCen's Home Division."

Maffei Toolan has been honored for her work in the home design field; earning a 2005 Aspire Award and 2001 HomeTex Design Award from the Home Fashion Products Association, four Tommy Awards sponsored by The American Printed Fabrics Council and two Window Covering Manufacturers Association awards. She is a graduate of the School of Visual Arts in New York.

About Waverly ( www.waverly.com )

Waverly is a premier lifestyle brand and one of the most recognized names in home furnishings. Its signature look is expertly translated into countless classic styles among licensed home furnishings products, including fabrics, wallpapers, paint, bedding, window treatments, decorative accessories and other key products. Launched in 1923 by F. Schumacher & Co., the 118-year-old home furnishings concern, Waverly is available through retailers and interior design showrooms nationwide.

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

NexCen Brands, Inc. (NASDAQ:NEXC) is the premier 21st century brand acquisition and management company focused on assembling a diversified portfolio of intellectual property (IP) 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(R), Bill Blass(R), MaggieMoo's(R), Marble Slab Creamery(R) and Waverly(R). The Company licenses and franchises its brands to a network of leading retailers, manufacturers and franchisees that touch every major segment of retail distribution from the luxury market to the mass market in the U.S. and in over 45 countries around the world and consists of in excess of 1,150 of its own franchised stores. NexCen, through its information technology (IT) and 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.

Forward Looking Statement Disclosure

This press release contains "forward-looking statements," as such term is used in the Securities Exchange Act of 1934, as amended. Such forward-looking statements include those regarding expectations for the development of our intellectual property ("IP") business, expectations for the performance of Waverly. When used herein, the words "anticipate," "believe," "estimate," "intend," "may," "will," "expect" and similar expressions often indicate that a statement is a "forward-looking statement." Forward-looking statements are based on current expectations and assumptions, which are subject to risks, uncertainties and other factors. They are not guarantees of future performance or results. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include: (1) we may not be successful in implementing our IP business, (2) we may not be successful in operating, expanding or integrating any of our IP businesses, (3) risks associated with marketing and licensing our acquired trademarks and with successfully developing, marketing and licensing new products particularly in light of rapidly changing fashion and market trends, (4) risks associated with the ability of licensees to successfully market and sell branded products and (5) other factors discussed in our filings with the Securities and Exchange Commission. NexCen undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: NexCen Brands, Inc.

CONTACT: Susan Goodell of Warschawski, ext. 25, for
NexCen Brands, Inc.

Web site: http://www.nexcenbrands.com/
http://www.waverly.com/