Steve Madden is a popular fashion designer from the United States who is the founder of the company called ‘Steven Madden, Ltd.’. This is a publicly traded company where he serves as the chief executive officer. He was convicted for stock manipulation in 2002 and was released in 2005. He has received many awards in his career and was also portrayed in a movie. To know more about the net worth of Steve Madden in 2020, read the following article.
Early Life & Biography
Steve Madden was born in 1958 in Queens, New York. He was raised in Lawrence and was the youngest of three brothers. His father was an Irish Catholic, and his mother was a Jewish.
During his childhood, he went to a local high school located in New York’s Nassau County and completed his high school. When he was still in a high school, he used to work in a shoe store. Later, he went to the University of Miami.
In 2005, Steve Madden got married to Wendy Ballew, who was his former director of operations. They have three children named Jack, Stevie, and Goldie Ryan. He divorced Ballew in 2015. In 2000, a lawsuit was filed against him for misleading statements. He was convicted for securities fraud and stock manipulation in 2002. Madden was sentenced to 31 months in prison. He has served in various prisons like Coleman Federal Correctional Complex, Federal Prison Camp, Eglin, and New York City halfway house. He got released from prison in 2005.
Career, Award & Nominations
In 1980, he used to work for a wholesale firm called L. J. Simone. He then created MCM Footwear Company in 1988. In 1990, Steve Madden created his company Steve Madden, Ltd. with $1100. He got the money by selling shoes from his car’s trunk. It was incorporated in New York and later got reincorporated in Delaware. After getting released from the prison, he was quick to get into his business.
In 2006, the revenues of his company jumped to $475 million from $100 million. In the same year, he went on to win the Footwear News Achievement Awards. Success soon followed Madden, and his company too went on to receive many awards. His company has won many awards like Nordstrom “Partners in Excellence” Award, AAFA American Image Awards – Brand of the Year, Footwear News Company of the Year Award, and Footwear News Best Performing Wholesaler Award.
In 2015, his company reported net sales of over $1.4 billion across the globe. Today, he has got more than 250 stores in almost 65 countries. In the United States alone, Madden has got almost 120 stores. In 2010, Steve Madden received the NASDAQ Honors Steve Madden & 20 Year Anniversary Award. According to his official website, his stores are now operating in more than 80 countries. He has got millions of customers from across the world.
Net Worth & Earnings
For someone who has got stores in more than 80 countries across the planet must have got good net worth. He is a very successful businessman who has got a net worth of over $140 million. He saw troubles during his career but came out positively out of it. He has launched several brands like Freebird by Steven, Mad Love, Report Signature, Betsey Johnson, Steven by Steve Madden, Wild Pair, Big Buddha, Betseyville, Madden Girl, and Cejon.
Steve Madden is a very successful businessman. He was charged with financial misconduct but came out positively out of it. Today he is an accomplished businessman and has launched several brands of his own. He continues to come up with creative designs and is also dramatized in the movie ‘The Wolf of Wall Street’.