**Exhibit      21.1**

**SUBSIDIARIES      OF NEXCEN BRANDS, INC.**

| Subsidiary                                                                                                                     |   | Jurisdiction                of Incorporation |
|--------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|
| **NexCen**                                                                                                                     |   |                                         |
| Nexcen                Brands, Inc. (F/K/A Aether Holdings, Inc.)                                                               |   | Delaware                                     |
| Nexcen                Holding Corp. (F/K/A NexCen Acquisition Corp. and formerly NexCen                Franchise Brands, Inc.) |   | Delaware                                     |
| NexCen                Franchise Management, Inc.                                                                               |   | Delaware                                     |
| NexCen                Brand Management, Inc.                                                                                   |   | Delaware                                     |
| NexCen                Fixed Asset Company, LLC                                                                                 |   | Delaware                                     |
| NexCen                Asset Acquisition, LLC                                                                                   |   | Delaware                                     |
|                                                                                                                           |   |                                         |
| **Athletes                Foot**                                                                                               |   |                                         |
| Athlete's                Foot Brands, LLC                                                                                      |   | Delaware                                     |
| Athlete's                Foot Marketing Support Fund, LLC*                                                                     |   | Delaware                                     |
|                                                                                                                           |   |                                         |
| **Bill                Blass:**                                                                                                 |   |                                         |
| Bill                Blass International, LLC                                                                                   |   | Delaware                                     |
| Bill                Blass Jeans, LLC                                                                                           |   | Delaware                                     |
| Bill                Blass Holding Co., Inc.                                                                                    |   | Delaware                                     |
| Bill                Blass Licensing Co., Inc.                                                                                  |   | New                York                      |
|                                                                                                                           |   |                                         |
| **Great                American Cookies**                                                                                      |   |                                         |
| GAC                Franchise Brands, LLC                                                                                       |   | Delaware                                     |
| GAC                Franchising, LLC                                                                                            |   | Delaware                                     |
| GAC                Brand and Marketing Fund, LLC*                                                                              |   | Delaware                                     |
| GAC                Supply, LLC                                                                                                 |   | Delaware                                     |
| GAC                Manufacturing, LLC (formerly GAM Assets)                                                                    |   | Delaware                                     |
| NB                Supply Management Corp                                                                                       |   | Delaware                                     |
|                                                                                                                           |   |                                         |
| **Marble                Slab:**                                                                                                |   |                                         |
| Marble                Slab Franchise Brands, LLC                                                                               |   | Delaware                                     |
| Marble                Slab Franchising, LLC                                                                                    |   | Delaware                                     |
| Marble                Slab Brand and Marketing Fund, LLC*                                                                      |   | Delaware                                     |
|                                                                                                                           |   |                                         |
| **Maggie                Moos**                                                                                                 |   |                                         |
| Maggie                Moo's International, LLC                                                                                 |   | Delaware                                     |
| Maggie                Moo's Franchising, LLC (Formerly                Maggie Moo Master Franchise, LLC)                        |   | Delaware                                     |
| MaggieMoo's                Franchise Brands, LLC(Formerly                NexCen Creamery & Treatery, LLC)                  |   | Delaware                                     |
| MaggieMoo's                Brand and Marketing Fund, LLC*                                                                      |   | Delaware                                     |
|                                                                                                                           |   |                                         |
| **Pretzelmaker**                                                                                                               |   |                                         |
| PM                Franchise Brands, LLC                                                                                        |   | Delaware                                     |
| PM                Franchising, LLC                                                                                             |   | Delaware                                     |
| PM                Brand and Marketing Fund, LLC*                                                                               |   | Delaware                                     |
|                                                                                                                           |   |                                         |
| **Pretzel                Time**                                                                                                |   |                                         |
| PT                Franchise Brands, LLC                                                                                        |   | Delaware                                     |

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| PT                Franchising, LLC                                           |   | Delaware |
|------------------------------------------------------------------------------|--------|----------|
| PT                Brand and Marketing Fund, LLC*                             |   | Delaware |
| **Shoe                Box**                                                  |   |     |
| Shoe                Box Holdings, LLC                                        |   | Delaware |
| Shoe                Box Franchise Brands, LLC                                |   | Delaware |
| Shoe                Box Franchising, LLC                                     |   | Delaware |
| Shoe                Box Brand and Marketing Fund*                            |   | Delaware |
|                                                                         |   |     |
| **Waverly**                                                                  |   |     |
| WV                IP Holdings, LLC                                           |   | Delaware |
|                                                                         |   |     |
| **UCC:**                                                                     |   |     |
| UCC                Capital Corp. (formerly AHINV)                            |   | Delaware |
|                                                                         |   |     |
| **Aether:**                                                                  |   |     |
| Aether                Systems, Inc.                                          |   | Delaware |
| Aether                Capital, LLC                                           |   | Delaware |
| Cerulean                Technology, Inc. (formerly Aether Mobile Government) |   | Delaware |

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