Steve Madden shoes have been confidently carrying women for decades, with an estimated 120 locations in America, plus 250 more across 65 other countries. The man behind the brand was born in Far Rockaway, Queens, New York in 1958. Interestingly, Madden’s interest in footwear began as a teenager when he started working at a local shoe store. After high school, the creative went off to the University of Miami, but wound but back in Long Island after his sophomore year. At the time, Madden felt called to spent more time selling footwear and learning about the female consumer’s preferences to perfect his own designs.
People associate Steve Madden with the company itself more than the visionary behind the products, but the fashion icon actually has a very interesting story. Outside of starting a family with his former director of operations (and eventual wife from 2005 to 2015), Wendy Ballew, the East Coast native managed to secure a $700K salary during his 31 months in prison, even after stepping down as the CEO of Steve Madden Ltd. Keep reading to learn more about the company’s net worth and how Madden recovered from his fall from grace alongside Jordan Belfort.
Steve Madden Launched His Business With Just $1,100 In 1990
Ten years before launching his business in 1990, Madden spent time working for L.J. Simone, a wholesale firm. In this position, the 66-year-old sought to learn all he could about manufacturing and design. He launched his business with just $1,100, initially selling shoes from the back of his car for $16 wholesale or $24 retail. Madden’s first design was called the Marilyn, and by 1993, he was selling them in his first storefront location.
Shoe Designer Didn’t Let Prison Stop Him From Securing The Bag
On his climb to the top, Steve Madden became friends with Jordan Belfort (of The Wolf of Wall Street fame). The two saw an opportunity to make some serious money together, but unfortunately it wasn’t exactly legal. In 2001, Madden was charged for his involvement in a Stratton Oakmont “pump and dump” stock scheme by the Securities and Exchange Commission. The CEO was sentenced to 41 months in prison for stock manipulation and securities fraud, among other things. He served 31 months total while Belfort was in prison for 22.
While he was forced to resign as CEO while serving his time, Madden found a way to keep bringing in money by accepting a position as a creative consultant for the brand. In doing so, the father of three was able to bring home a $700K salary from his cell, keeping his pockets from bleeding out amid the backlash. Upon release in 2005, Steve Madden lived in a halfway house for 60 days then spent time under home confinement to complete his sentence.
How Much Are Steve Madden And His Company Worth Today?
At points in his career, Madden has been among America’s highest-paid executives. Per Celebrity Net Worth, his estimated value as of June 2024 is an astounding $300 million. In 2012, a decade after the Stratton Oakmont scandal, Madden earned $85M, proving his reputation with the public had repaired. His company reported $1.65 billion in revenue in 2018, and those numbers have remained fairly consistent since. In 2024, Steve Madden Ltd. generates more than $1.5B annually with a current market cap of $3.21B according to Forbes.
