How a shoe tycoon got back on his feet
• Steve Madden, founder and design chief of a multibillion- dollar eponymous shoe brand, knows something about being sanguine in a tough situation.
In 2002, Madden was convicted of stock manipulation, money laundering and securities fraud. He was sentenced to 41 months in prison. Madden had to resign as CEO of Steven Madden Ltd. the company he founded in 1990 with just US$ 1,100 in the bank. He remains the company’s creative and design chief.
“First thing I learned in prison is to not whine about my situation. It was not helpful,” Madden said. “You can easily get into ‘ Woe is me’ — everybody does. But you’re better off looking at the positive.”
Last fall, Madden published a memoir, The Cobbler: How I Disrupted an Industry, Fell From Grace & Came Back Stronger Than Ever, about his experiences building his company, his conviction, prison time and recovery from drug addiction.
Madden, 62, talked to Reuters about all the lessons he learned along the way and how he is surviving this pandemic. Edited excerpts are below.
Q What is the toughest job you have had?
A Working in a shoe store. I started when I was 20, at Jildor in Cedarhurst, New York. It rivals prison as the longest two years of my life.
As a shoe salesman, you have to learn how to be subservient and work hard and pay attention. But the biggest thing I learned was how to sell and what women want. That was a big thing.
Q What kept you going in prison?
A. I worked out a lot, and I read a lot of novels. I was always a reader but being able to take flight and go to another place when you read the book — it was really wonderful. I read a lot of ’ 70s and ’80s novels because that’s what was available to me.
Q What is your biggest challenge now?
A Spending a lot of time alone is not the greatest place for someone who’s a recovering addict. An alcoholic by himself is behind enemy lines. So I’ve been talking to other alcoholics and addicts online.
I know once I open that trap door there’s no coming back — and that’s very scary.
Q What big lesson did you learn in 2020?
A I always thought it would be bad shoes or something that would do me in — I didn’t think it would be a bug. Anything can happen. Stay somewhat humble and know that some of the gifts in our lives can be taken away.
Q What advice do you have for those starting out right now?
A There’s always time for a new idea, good ideas and hard work. I can’t remember ever in my life feeling that I’d hate to be a newcomer starting out now. I don’t buy that. There’s always room for something new.