Steve Madden
| Steve Madden | |
| Public | |
| Traded as | NASDAQ: SHOO |
| Industry | Footwear & Accessories |
| Founded | 1990 |
| Headquarters | 52-16 Barnett Ave. Long Island City, New York, USA |
|
Key people
|
Steve Madden - Founder, Creative & Design Chief Edward Rosenfeld - CEO |
| Products | Shoes & Accessories |
| Revenue |  USD $1.23 Billion (FY 2012) |
| Website | stevemadden |
Steve Madden (born 1958) is the founder and former CEO of Steven Madden, Ltd., a publicly traded footwear company.
Contents
Life and career
Madden was born in Far Rockaway, Queens, and has Irish and Jewish ancestry.[1] He grew up in adjoining Lawrence (and graduated from the local high school)[2][3] in Nassau County, New York.[4][5] The youngest of three brothers, he started the company with $1,100 in 1990 by selling shoes out of the trunk of his car. The brand reported revenues of $1.23 billion in 2012(FY 2012),[6] and is sold throughout the world.
Personal life
He is married to Wendy Ballew, his former director of operations. The couple has three children, twins Jack and Stevie Madden,[7] and Goldie Ryan Madden.[8]
Retail stores
There are approximately 100 Steve Madden stores across the United States, and 185 in over 55 countries.
Awards and honors
- Footwear News Person of the Year Award (December 2011)[9]
- Footwear News Best Performing Wholesaler Award (December 2011)[9]
- Footwear News Company of the Year Award (November 2011)[10]
- NASDAQ Honors Steve Madden & 20 Year Anniversary (June 2010)[11]
- Two Ten Foundation Honors Steve Madden (June 2010)[12]
- Nordstrom "Partners in Excellence" Award (May 2010)[13]
- AAFA American Image Awards - Brand of the Year (May 2010)[14]
- Footwear News Milestone Issue (February 2010) [15]
- Footwear News Company of the Year Award (December 2009)[16]
Fraud
Madden's financial affairs were closely entangled with Long Island "pump and dump" brokerage house Stratton Oakmont, cofounded by Madden's childhood friend Danny Porush.
In June 2000, a "class action" lawsuit was filed against Madden[17] for issuing materially false and misleading statements during the Class Period. A settlement of $9,000,000 was reached in 2004.[18] In 2001, the SEC filed charges against Madden in Federal Court in New York state, alleging SEC violations.[19] Because the violations were not criminal in nature, the SEC was seeking to recover $1,637,000 in a combination of illegally avoided losses, interest, and a civil penalty.
In 2002, Madden was convicted of stock manipulation, money, and securities fraud. He was sentenced to 31 months in prison, and was made to resign as CEO from Steven Madden, Ltd. and from the board of directors.[20]
Shortly after resigning as CEO, Madden set himself up as a creative consultant with Steven Madden, Ltd., a position for which he drew $700,000 even when he was in prison.[20]
Madden served time in the Federal Prison Camp, Eglin, at Eglin Air Force Base, and later Coleman Federal Correctional Complex, near Ocala FL. Madden was released from prison in April 2005.[21] He then attended a New York City halfway house.[22] Madden's attorney, Joel Winograd, said that Madden would stay at the house for 60 days.[23] After his release from a halfway house, he was restricted to home confinement for a period.[24]
In popular culture
Steve Madden (played by Jake Hoffman) is featured in the Martin Scorsese film The Wolf of Wall Street, which is based on the Jordan Belfort memoir of the same name. In the movie, Madden is seen visiting Stratton Oakmont, where Belfort gives the brokers a rousing pep talk about pushing Madden's stock.[25]
References
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- ↑ Lawrence a Winner in NBC Smash Contest Designer Steve Madden also set to match prize. "Lawrence High School will see an infusion of $6,000 to get its Sandy-damaged auditorium in top shape after the school was named one of five grand prize winners in NBC Smash’s “Make a Musical” contest, which will be matched by alumnus and fashion designer Steve Madden."
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- ↑ Setoodeh, Ramin. "Back on His Feet Again." Newsweek. 2007. 1. Retrieved on January 10, 2010.
- ↑ "MADDEN BACK IN NYC AFTER PRISON RELEASE.(Steve Madden, New York City)(Brief Article)." Footwear News. April 25, 2005. Retrieved on January 10, 2010.
- ↑ "Steve Madden released from federal prison." Newsday. April 16, 2005. Retrieved on January 10, 2010.
- ↑ Bonawitz, Amy. "Passages." People. June 27, 2005. Volume 63, No. 25. Retrieved on January 10, 2010.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
Sources
- Ron Telpner, Marketing Magazine: "Ron's Red Shoe Diary". Toronto: Rogers Publishing, September 8, 2003.
- Steve Madden: Crisis of the Sole 2001 New York article on Stratton Oakmont and their client Steve Madden.
