By StyleWatch
Updated September 24, 2008 05:44 PM

Richard Young/startraks

With their new jewelry collection just hitting stores now, co-designers already have their sights set on another venture: shoes! Mary-Kate and Ashley Olsen have joined forces with Steve Madden Ltd. to create a line of footwear to add to their successful sportswear collection Elizabeth and James. “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 Ashley will drive the creative direction of the Elizabeth and James shoe collection towards the sophisticated and chic woman they already cater to. “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 and we cannot wait! Mary-Kate and Ashley have always had outrageous taste in shoes, from sky-high gladiator sandals to trendy peep-toe booties, so we can’t wait to see what they have in store for us. Pick up this week’s issue of PEOPLE to hear what Mary-Kate and Ashley have to say about their jewelry collection.