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Nexcen Brands, Inc., Selects Axis Imex Inc. As New Licensee To Expand Waverly Brand Into Decorative Home Storage Category

NEW YORK, January 24, 2008 / PRNewswire / -- NexCen Brands, Inc., ("NexCen") (Nasdaq: NEXC) parent company of the Waverly brand announced today that it has added Axis Imex Inc. to its growing list of key partners to expand the Waverly brand into new lifestyle categories. Axis Imex Inc.will immediately become the Waverly, Waverly Home (Target) and Waverly Home Classics (Lowes) licensee for decorative home storage and accessories. The Axis Imex product line will include decorative storage boxes, fabric hangers, fabric lined baskets, closet organizers, china storage, travel bags, home office storage, desk accessories, garment bags, shoe storage and children's organization.

"Our decision to partner with Axis Imex strengthens our portfolio of licensing partners and allows the Waverly brand to expand into additional home categories. We are committed to providing best in class resources to our brands and the Axis Imex Inc. relationship provides yet another opportunity to deliver value to our stakeholders," said Robert W. D'Loren, President and CEO of NexCen Brands, Inc.

"The Axis Imex relationship is representative of the progress we have made in our effort to become a complete lifestyle resource for our Waverly consumer. The home storage category was identified as a key growth opportunity through our consumer research and is a natural product extension for the Waverly brand," commented Rick Platt, President of Waverly. "The synergies created between key licensee PK Lifestyles, who will provide fabric to Axis Imex for the new Waverly line, will assure a beautiful and cohesive branded storage program at retail."

"Storage doesn't have to be boring. We have found our niche in glamorizing home organization," stated Tom St. John, President of Axis Imex Inc.

Donna St. John, Vice President of Axis Imex Inc., added, "We are also thrilled to announce the grand opening on February 4th, 2008, of our New York showroom, located in the 7 West building, where we will debut our new Waverly line of decorative storage starting that week aimed at the mid-tier retailers."

About Waverly (http://www.waverly.com)

Launched in 1923, Waverly is a premier home fashion and all encompassing lifestyle brand and one of the most recognized names in home furnishings. Its signature look is expertly translated into countless classic styles among home furnishing products including fabrics, wall coverings, paint, bedding, window treatments, decorative accessories and other key products. Waverly is available through retailers and interior design showrooms in over 7,000 doors nationwide. Its family of brands consists of Waverly, Waverly Home, Waverly Home Classics, Waverly Baby, and Waverly Sun N Shade. Key vendor partners include Welspun USA, PK Lifestyles, Blue Mountain, Ellery Homestyles, Lowes and Target. NexCen Brands Inc. purchased the Waverly brand in May 2007.

About Axis Imex Inc. (http://www.axisimex.com)

Axis Imex Inc. was founded in 1991 by Tom and Donna St. John. The company is headquartered in San Francisco, with additional showrooms in Atlanta, Los Angeles and New York. Axis Imex Inc. is a rapidly growing industry leader in the manufacturing and distribution of decorative home storage and accessories under the trade name of Storage Sense and now launches the "Waverly" licensed brand name.

About NexCen Brands, Inc. (Nasdaq: NEXC) (http://www.nexcenbrands.com)

NexCen Brands, Inc. is the premier 21st century 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(R), Bill Blass(R), MaggieMoo's(R), Marble SlabCreamery(R), Pretzel Time(R), Pretzelmaker(R), Shoebox New York (TM) and Waverly(R). 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 more than 1,500 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.

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