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Steve Madden history
Steve Madden company history timeline
In 1990 he struck out on his own, renting a small office in the Long Island City neighborhood of New York City's borough of Queens with a $1,000 grubstake and one employee.
1990: Steven Madden opens his eponymous company.
In 1990 Madden founded Steven Madden, Ltd.
In early 1990, Madden launched his own company, naming it after himself and using a line of credit to pay for the cost of manufacturing 500 pairs.
What began as a modest $1100 investment in 1990 has developed into one of the most iconic brands in footwear.
According to the company website, Steve Madden started the company with $1,100 in 1990 by selling shoes out of the trunk of his car.
1991 Steve Madden introduced the chunky platform shoe which redefined the category and propelled the company into an overnight sensation.
It made a small profit in 1992 but lost $98,351 the following year, which the company attributed to amortization of deferred financing costs and factor interest expenses.
The company went public in 1993, raising about $5.6 million in net proceeds by selling 1.725 million shares at $4 each.
In 1993 he opened his first retail store.
In court, Madden claimed he had been misled into signing the agreement by Belfort, whom he "trusted as my friend, business associate, underwriter, and confidant," he said, according to the New York profile by Berkman. It dated back to the time of the 1993 IPO, when Belfort was under investigation by the SEC and was barred from holding executive office or a board seat with any publicly traded company.
Steven Madden moved its headquarters and warehouse facility back to Long Island City in 1994 and acquired Marlboro Leather, Inc., a marketer of finished leather to manufacturers of shoes, apparel, and accessories.
1995 The company hit sales of $38.7 million.
In 1995 Steven Madden acquired Adesso Shoes of Roslyn Heights, Long Island, which, as Adesso-Madden, Inc., became a subsidiary serving as a buying agent for the manufacture abroad and import to the United States of private label shoes.
1996 Steve Madden printed his first ad.
The parent company's sales reached $38.74 million that year and rose to $45.82 million in 1996, when it acquired the David Aaron brand for older, more sophisticated, career- and fashion-oriented women.
By 1997 Madden's styles, which included leopard print platforms, zebra print loafers, chunky four-inch heels, and satin prom night shoes, were hits with young women such as 'first daughter' Chelsea Clinton and centerfold Jenny McCarthy.
1997: Madden signs its first licensing agreements.
By 1997, sales had reached $59 million, and Madden began to cut licensing deals for a denim line as well as handbags, hosiery, and jewelry.
Meanwhile, Madden and Belfort had had a falling-out in 1997, and their disagreement mushroomed into a lawsuit.
Madden's childhood friend Porush and another partner, Jordan Belfort, were arrested in September of 1998, and agreed to cooperate with law-enforcement authorities after spending a week in jail.
Net sales rose to $85.78 million and then nearly doubled to $162.04 million in 1999.
The company also fielded one store under the David Aaron name and six outlet stores at the end of 1999.
A former Monroe Parker executive testified in 1999 that Madden gave him $80,000 in a brown paper bag as part of the stock-manipulation scheme.
In January 2000 Steven Madden announced the creation of its new Stevies brand of footwear for girls ages six to 12.
2000 Steve Madden hit $205 million in sales and opened his 50th store.
Founder's Arrest in 2000
Madden's ties with Stratton Oakmont came back to haunt him in 2000, when he was accused of receiving shares below the offering price in many of the companies for whom the firm underwrote initial public offerings.
2000: Steven Madden is indicted on charges of federal securities fraud.
In May of 2001, he resigned as chief executive officer, too, and the company's stock seemed to recover once Wall Street affirmed a capable management team was handling affairs.
2001 Steve Madden Men's collection was launched in this year.
He entered a plea bargain with federal prosecutors for one of the criminal cases, and in April of 2002 a federal judge handed down a sentence that called for 41 months in prison, levied an $80,000 fine, and ordered him to pay $3.1 million in restitution.
Madden began his stint at a federal prison in Florida in September of 2002.
2002 Piper Jaffrey named Steve Madden 2nd most preferred footwear brand behind Nike amongst teenagers nationally.
The following year he pleaded guilty to securities fraud and money laundering, and in 2002 he was sentenced to 41 months in prison.
2003 The new ad campaign was released.
2005 Steve Madden went global! Steve Madden opened his 100th store in the US. Madden Girl was launched.
In 2006 sales increased to $475.2 million.
2006 The label was named "Company of the Year" by Footwear News.
2008 Steve launched Steve Madden Music with a debut performance at the Ludlow store featuring then unknown Katy Perry.
2009 K'NAAN and Chester French performed at the Ludlow store.
His brand was again named as "Company of the Year" for 2009 by Footwear News.
2010 Steve Madden launched a new ready-to-wear collection.
Madden’s dealings with Stratton Oakmont were dramatized in the film The Wolf of Wall Street (2013), directed by Martin Scorsese.
The company reported net sales of $1.4 billion for 2015.
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Steve Madden competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| GUESS | 1981 | $3.0B | 14,701 | 308 |
| Abercrombie & Fitch Co | 1892 | $4.9B | 44,000 | 2,307 |
| Ralph Lauren | 1967 | $6.6B | 18,250 | 350 |
| American Eagle Outfitters | 1977 | $5.3B | 37,000 | 1,234 |
| True Religion | 2002 | $467.3M | 50 | 41 |
| Gap Inc. | 1969 | $15.1B | 117,000 | 33 |
| Levi Strauss & Co. | 1853 | $6.4B | 15,100 | 719 |
| The Children's Place | 1969 | $1.6B | 2,100 | 226 |
| Foot Locker | 1974 | $8.0B | 32,175 | 819 |
| Tailored Brands | 1973 | $2.9B | 19,300 | 1,627 |
Steve Madden history FAQs
Zippia gives an in-depth look into the details of Steve Madden, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Steve Madden. The employee data is based on information from people who have self-reported their past or current employments at Steve Madden. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Steve Madden. The data presented on this page does not represent the view of Steve Madden and its employees or that of Zippia.
Steve Madden may also be known as or be related to STEVEN MADDEN LTD, Steve Madden, Steven Madden Ltd, Steven Madden Ltd. and Steven Madden, Ltd.