1. I took the original photo here and cropped it and sharpened it as needed making it look something like this:
 


2. Since the icon looked really dark and plain I triend to brighten it up a bit. So I duplicated it and set the duplicate to screen 80%(the opacity depends on the picture) and merged the layers. Then to add color, I went to layers>color>hue-saturation and set the saturation to 50%. Then I went to layers>color>color balance. Midtones: Cyan/Red -100, Magenta/Green -20, Yellow/Blue 50. Highlights: Cyan/Red -30. Shadows Cyan/Red 10. Now it should look something like this.



3. Next I duplicated the picture and set it to overlay opacity(or soft light) 50% and merged the layers. Then I went to Filters>Blur>Gaussian Blur and set it to 0.3. Then I made a new layer and filled it with #cfffff and set it to burn 100%. Now it looks something like this.



4.Next I duplicated the base and set it to multiply 20% and merged them. Then I duplicated the base again and set that to overlay(or soft light) 40% and merge those layers. And finally duplicate the layer one more time and set it to screen 50%. Now it should look something like this.

 

5. Next I duplicated the base and went to filters>blur>motion blur and set it to Linear. Length 24 and Angle 200. Then I duplicated that layer twice and set the first to overlay(or soft light) 70% and the second to screen 100%. Now the blur layer should look something like this.

 

6.Last I erased the areas around the wardrobe, Lucy and the floor. And tada... its done. If you have any questions please feel free to ask me.