Magento is an open-source ecommerce web application launched on March 31, 2008. It was created by Varien, building on components of the Zend Framework. Magento is available under the Open Software License version 3.0. Since version 1.1.7 some parts are licensed under the Academic Free License version 3.0.
Magento Enterprise Edition, a paid for version of Magento aimed at larger companies, was launched on April 15, 2009
Below is a compilation of FREE magento themes ready for download
Magento Classic Theme | Live Demo | Download
Templates-Master’s first free professional Magento theme, the Classic Theme is available in 10 colors, all available for free download. This is CSS3-powered theme, easy to customize and coming with free updates.
Electronics Store Theme | Full Preview | Download
This theme has a rugged, mechanical appearance. The strong color and font would show off electronic devices well. To download this theme, just go to the store checkout and pay nothing; you’ll receive the theme by email within 24 hours.
Linen Theme | Live Demo | Download
Another free theme from MagThemes. Linen Theme is very flexible. It has a stretch design (can stretch to fit 90% of your browser window) and a clean and simple layout that draws your customer’s attention to the products.
Eco Fashion | Full Preview | Download
The Eco Fashion e-commerce template is very easy to customize. With minor changes to the CSS and images, you can transform this into your own personal theme. It comes loaded with some key SEO tools, such as lightweight CSS menus and main page content that appears before the column, footer and header blocks.
Girly Store Theme | Live Demo | Download
A free pink theme for stores targeted at girls. Includes theme files, the PSD source file for the logo and fonts. It has the same power as the default Magento template; only some minor changes were made to the CSS, images and theme code, but not the core files. So, you can update to new releases of Magento with no problem.
Refresh | Full Preview | Download
Refresh is a free W3C-compliant, CSS-based template based on the original HTML/CSS template by StyleShout.com. This work is distributed under the Creative Commons Attribution 2.5 License, which means you are free to use and modify it for any purpose.
iPhone Optimized Theme | Full Preview | Download
One more alternative skin to the default Magento interface. The very clean layout was created mainly with the iPhone in mind. It includes automatic detection and delivery of packages and themes (templates, skins, CSS, layout) based on the user-agent (client) that can be configured to global, website and store views. This video shows a preview of how Magento looks on the iPhone.
Thanks to smashingmagazine.com which was referred for the selected themes