Steve Madden is an American fashion designer and businessman. He is the founder of shoe company “Steve Madden Ltd.” He is born on 23 March 1958 in Far Rockway, Queen, New York. His father was Irish-Catholic and mother is Jewish.
Steve Madden have 2 brother named John and Luke. He joined Lawrence High School for starting his education. He also worked at a shoe store in very small age. After graduation, Steve Madden joined the University of Miami
Net Worth and Source of Income
Steve Madden net worth is about $300 million. He is a founder and chief executive officer of Steve Madden, Ltd. In 1990, he launched his business with just $1,100. Today the company generates more than $1.5 billion per year in revenue.
In 2020, Steve Madden published his memoir “The Cobbler, How I Disrupted an Industry, Fell from Grace & Came Back Stronger Then Ever”. Steve Madden as been one of the highest-paid executives in America. He earned $85 million in 2012. He negotiated two additional stock grants valued at a total of $80 million in 2011. In 2017, the first chunk vested and the second was vest in 2023.
Career
In 1980, Steve Madden started working for wholesale firm L.J. Simone and learned everything about designing and manufacturing of product. He launched his own business “Steve Madden” at age 31. He starts his business by sold shoes from the back of his car.
In 1993, he opened his first shoe store. And now, he owned 120 stores in the U.S. and 250 stores in more than 65 countries. His company won “Footwear News” Company of the Year award many times. In 2011, he was named the “Footwear News” Person of the year.
In 2011, the company also won the “Footwear News” Best Performing Wholesaler award. In 2010, also won the Nordstrom “Partners” in Excellence” award. Steve Madden, Ltd. reported $1.6 billion in revenue.
Criminal Conviction
The Securities and Exchange Commission charged Madden with being involved in a stock “pump and dump” in 2011. Jordan Belfort who would infamous by the movie “The Wolf of Wall Street”. In 2002, he was sentenced to 41 months in prison and other charges for stock manipulation and fraud. He spent 31 months, and Belfort served 22 months.
During this time in prison, Steve madden is forced to resign as CEO of Steve Madden Ltd. He takes the position “creative consultant” with the company. This position allowed him to continue generating salary of $700,000 a year while in prison. In April 2005, he releases from prison. He lived in a halfway house for 60 days in New York City.
In 2005, after he was released from prison, the company quickly welcome back and increasing revenue by $100 million in 2006. In that same year, this company won Footwear News achievement awards and named “Company of the Year”.
Steve Madden currently serving as the founder and design chief and increase the growth year over year reporting $1.9 billion in revenue for FY2021.
