Steve Madden is an American Businessman, founder and designer of the famous Steven Madden Company which sells trendy footwear and accessories. After an initial success run, Steve was riddled in controversy due to a civil court case against him. After serving time in prison, Steve returned to his company with renewed energy and propelled it to further financial heights. Keep reading to know more about Steve Madden’s net worth in 2018.
Steve Madden Early Life
Steve Madden was born in 1958 in Queens, New York. His father was a textile manufacturer and his mother was a homemaker. He had a mixed ancestry; Irish American from his father’s side and Jewish from his mother’s side. He has two elder brothers.
Steve studied in a high school in Lawrence, Nassau County. After he graduated from school, he studied in the Miami University for 2 years.
After working as a salesperson in various women shoes and apparel stores, Steve founded his own shoes company, The Steven Madden Ltd. in 1990.
Though the company did quite well, Steve himself got entangled in a legal-financial battle with The Securities Exchange Commission in 2000. He lost the case and had to serve several months in the prison.
After his release, he married his company’s Director of Operations, Wendy Ballew. They together have 3 kids. The couple divorced in 2015.
Steve Madden Career, Awards & Achievements
Steve Madden started his career in the footwear industry while he was still in school. He worked in the shoe store Toulouse as a teenager.
After college, Steve worked in a women’s clothing store and with a wholesaler of boots.
Drawn to the business of shoe making Steve started his first shoes company along with a friend. The company didn’t perform as expected and had to be closed.
Later in 1990 he started another company called Steven Madden Ltd. His first batch of sales included just 500 pair of women boots that he designed himself and sold to various stores from his car.
Within 3 years the company became a huge success with younger women and Steve listed his company on the NASDAQ stock exchange.
The company expanded its product line to include jewelry and handbags and earned $59 million in revenues in 1997.
In 2000, Steve was convicted in a money laundering case and was imprisoned for 31 months. He had to resign from the company position and the stocks of the company plummeted.
After his release from the prison, Steve became the head designer of the company and helped it to bounce back to its earlier glory.
Awards & Achievements
Steve Madden has received the FN achievement award for The Company of the Year 5 times with the latest being in 2017. The FN achievement awards, informally known as Shoes Oscars, honors designers, brands and companies in the footwear industry.
In 2011 Footwear News readers also voted Steve Madden as the Person of the year.
On the 20th anniversary of the company, Steve Madden was honored with the task of presiding over the closing bell of NASDAQ. The same year he also won the Brand of the year award at the Annual American Images awards.
Net Worth of Steve Madden
The Shoe Mogul, Steve Madden, who is the founder of the $2.6 billion company, has an estimated net worth of $120 million. Most of Steve’s net worth has been earned in the capacity of the former chairman of the company.
Currently, he is the design chief of the company which has also been listed as one of the fastest growing companies by Forbes in 2015.
In 2017, his company reported net sales of $1.6 billion. The net income showed an increase of 7% and was logged at $129 million.
Steve Madden has lived his dream of becoming the owner of a successful shoe empire. Despite facing financial and legal troubles early in his business, he did not lose his zeal to design shoes and sell them. Still going strong at an age when many think of retiring, Steve Madden is an inspiration for many young entrepreneurs.