Steve Madden’s billion-dollar shoe business began with a $1,100 investment.
In 1990, the now-famous shoe maker launched his namesake company with just a little over a thousand dollars. Now more than three decades later, chances are you’ve seen his bold designs in malls or have a pair or two in your closet.
Madden started in Queens, New York, and initially sold shoes from his car trunk to local stores. His chunky platform styles stood out in the ’90s, helping the business find its footing (literally) with shoppers looking for footwear with a little attitude. The company opened its first store in New York’s SoHo neighborhood and went public on Nasdaq in 1993.
“There’s this one shoe from the ’90s that everybody talks about, an elastic shoe, and then we made all these big-bottom shoes, and now I’m making all these great sneakers,” Madden told Teen Vogue in 2019. “But there was a moment when every kid had to have Steve Maddens”
The business continued to expand beyond shoes into handbags, accessories, and apparel. By 2020, its 30th year, Steven Madden Ltd. reported nearly $1.19 billion in net sales, according to its SEC filing. That came during the COVID-19 pandemic, which the company said contributed to a 32.8% drop in total revenue from 2019.
But all the success brought some serious legal trouble. In 2001, Madden pleaded guilty to federal securities fraud and money laundering charges connected to stock manipulation. He was sentenced the following year to 41 months in prison and had to step down as CEO. Separately, the Securities and Exchange Commission said he agreed to pay more than $7.8 million and accept a seven-year ban from serving as an officer or director of a public company.
Madden returned to the company after serving time, working as its creative and design chief. Edward R. Rosenfeld serves as chairman and CEO—a role he has held since 2008.
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