Steve Madden Net Worth
How much money does Steve Madden have?
Steve Madden is a businessman and fashion designer from the United States. He is worth $300 million. Steve Madden started his shoe business, Steve Madden Ltd., in 1990 with just $1,100. As of this writing, the company makes more than $1.5 billion in sales each year and has a market cap of $3.42 billion. Madden’s autobiography, “The Cobbler: How I Disrupted an Industry, Fell from Grace, and Came Back Stronger than Ever,” was published in 2020.
Best Paid Executives:
Steve is sometimes one of the best paid executives in the United States. In 2012, he made $85 million, and in 2011, he was able to negotiate two more stock grants worth a total of $80 million. The first part became available in 2017, and the second will become available in 2023.
Steve Madden was born in 1958 in the New York City neighborhood of Far Rockaway, Queens. He heightens in the nearby town of Lawrence with his Irish-Catholic father, Jewish mother, and John and Luke, his older brothers. As a teen, Steve went to Lawrence High School and worked at a shoe store. Madden went to the University of Miami after high school. After his sophomore year, he moved back to Long Island and sold shoes for two years, learning what women liked and didn’t like about shoes.
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Start of Steve Madden Ltd:
Steve started working for L.J. Simone, a wholesaler, in 1980. There, he learned everything he could about making things and designing them. At the age of 31, he went out on his own and started Steve Madden Ltd. He sold shoes in the back of his car. The wholesale price was $16 and the retail price was $24. The Marilyn was the name of his first shoe. Madden opened his first store in 1993. Since then, he has opened more than 250 stores in more than 65 different countries. Steve Madden, Ltd. has won the “Footwear News” Company of the Year Award more than once, and Steve was named the “Footwear News” Person of the Year in 2011.
American Image Award:
The company won the “Best Performing Wholesaler” award from “Footwear News” in 2011 and the “Partners in Excellence” award from Nordstrom in 2010. At the AAFA American Image Awards in 2010, the company was also named Brand of the Year. Steven Madden, Ltd. made $1.65 billion in sales in 2018.
In 2001, the Securities and Exchange Commission accused Madden of taking part in a “pump and dump” scheme involving the financial firm Stratton Oakmont and its founder, Jordan Belfort (who would later be known as “The Wolf of Wall Street”). In 2002, Steve was found guilty of stock manipulation, securities fraud, and other crimes and given a 41-month prison sentence.
He did 31 months in prison, while Belfort did 22 months. During his time in prison, Madden had to step down as CEO of Steve Madden Ltd., but he quickly accepted a job with the company as a “creative consultant.” He was able to keep making $700,000 a year from this job while he was in prison. After Steve got out of prison in April 2005, he had to live in a halfway house in New York City for 60 days. After that, he had to stay at home for a certain amount of time.
Steve married Wendy Ballew, who had been his operations director, in 2005. They had three children, a daughter named Goldie and twin sons named Stevie and Jack. In 2015, they got a divorce. Madden has always had problems with drugs and alcohol, and the court has ordered him to go to rehab.