“I could tell you the hottest shoe from 1980 to now.” Sitting on a stool inside PMC Studios in New York, Steve Madden — wearing his signature Yankees cap — is reflecting on some of his own greatest hits through the years. He lights up when he talks about the Mary Lou, the big-toed patent leather Mary Jane that defined ’90s style and became an instant favorite among teen girls.

More than three decades after launching his namesake firm, Madden is still the same consummate product guy. Creating is what drives the founder — and it’s his biggest strength. That’s why Madden has long relied on his two loyal partners — chief executive officer Ed Rosenfeld and president Amelia Newton Varela — to execute the business vision.

At a time when industry turnover is rampant, this trio has been together for almost two decades — transforming the company from a single brand into a $2 billion powerhouse that also includes Dolce Vita, Betsey Johnson, Blondo, Greats and the licenses for Anne Klein footwear and handbags.

Newton Varela began her career with Madden in 1998 as the account executive for the women’s wholesale division, ultimately becoming president in 2015. Rosenfeld joined the executive management team in May 2005 before rising to CEO in 2008.

“One of the great things is that we all have different skill sets,” Madden said during a conversation with Rosenfeld and Newton Varela. “We also share a value system. We have certain principles in our company that we all deeply believe in.”

The leaders, united in their vision, have been working closely together to navigate a complex footwear climate. Reflecting on a particularly difficult 2023, Rosenfeld calls it a “once-in-a-generation dynamic,” particularly in wholesale. But amid broader industry recovery, the company is bullish about a brighter 2024.

Tacey Powers, Nordstrom executive vice president and general merchandise manager for shoes, said the brand continues to resonate with consumers for its aspirational design at an accessible price point. She said, “They are one of the first brands to identify footwear trends and can move with speed to maximize the moment with product.”

“We’re positioned nicely,” Madden said. “Inflation is coming to an end — maybe. We thought we were going to have a very nasty recession and we’re not. Everybody’s kind of breathing a
sigh of relief.”

As one of the most acquisitive footwear players, the company has been expanding its apparel business through a series of deals. Madden snapped up Almost Famous in October for $52 million, following its purchase of contemporary brand BB Dakota in 2019.

“I’m excited to see shoes, handbags and apparel all clicking at the same time,” Newton Varela said.
Madden, a master of collaboration, isn’t slowing down on that front either. The founder has always had his finger on the pulse of the cultural zeitgeist, teaming with Cardi B, Olivia Jade, Sydney Sweeney, Caroline Vreeland, Winnie Harlow, the Olsen twins and more through the years.

In March, Madden will debut a collaboration with rising designer Jessica Rich, who took home the Emerging Talent Award at the 2022 FN Achievement Awards. “She’s a young woman trying
to make her way, and I dig that,” said Madden.

“We’re both very strong-minded, take-it-or-leave-it type of people and we get business done no matter what,” said Rich of the collab. “His consistency, work ethic and his business have proven [that] over the last 30 years. Steve Madden believing in me and my brand is validation.”

Here, Madden and his team sit down for their first joint interview to discuss their unwavering dedication to the job, hybrid work and the road ahead.

Why does your partnership still work after all these years?
Amelia Newton Varela: “We’re brainwashed [laughs]. Every day is a new day. It keeps it interesting. If you have a good work ethic and passion, you usually do well here. We’re a big company, but we run it like a small company. We’re always thinking of everything.”
Ed Rosenfeld: “We share a similar work ethic. You have to care a lot. No matter how big we get or how the business changes, we work hard to make sure we stay scrappy, entrepreneurial and gritty — and that we move fast and act with a sense of urgency. That has been important to me since I started, and it remains so.”
Steve Madden: “We have a responsibility to care about what we do and not take it for granted — to understand that if the firm does well, more people get to work. If we make more money, then more people get jobs and health insurance. And all three of us think about that. We think about the consequences of not doing well. There’s a lot of respect for our work. We tend to like self-starters. It was very outside the box when we appointed Ed [a former finance and banking executive] as CEO. It’s obviously worked very well, and it’s one of the things I’m most proud of. It wasn’t done like that back then.”

You’ve always focused on cultivating a distinct culture, and in this hybrid era you’re in the office four days a week. Do you think being together in person is critical to Steve Madden’s success?
ANV: “Yes, I do. We’re in the fashion business. It’s moving fast.”
SM: “I agree with her. And I disagree with her. Like, let’s go back to work. But one must be aware of the marketplace now. The world has changed. It’s tricky. I was totally against [remote]. And now I think it’s good for recruitment to [enable us to get] top, talented people. It’s a benefit. And one needs to be thoughtful about it.”

What are the biggest ways the business has changed since you started out?
ANV: “You’re in consumers’ faces every day, all day long. In the past, you would just see a billboard when you passed. Or when you opened up the magazine, that’s when you saw the ad. Now it’s constant. It’s a complete game changer. The influencers are the ones driving sales. It’s a completely different industry to me now.”
ER: “The industry is always evolving. And there’s lots of continual change in terms of styling and consumer behavior and distribution channels, but I also think some things remain the same. Like great brands, products, customer experiences, that’s what matters. If you’re consistent with that, you’ll be OK.”

As the industry continues to shift and evolve, what sets Steve Madden apart after all these years?
ER: “Product has always been what separates us from others. We always focus on that. That doesn’t change. We have to make sure that we’re also continuing to raise our game in terms of marketing and consumer engagement. But it’s always going to be product first.”
ANV: “We could be in a meeting going over next year’s budgets, but if the design team comes in with a shoe, everything stops and we focus on that. Product is first. Then it’s all about our speed to market and constant testing and reacting. That’s what keeps us different from our competition.”

How has your sourcing strategy evolved with the China landscape becoming more complicated?
ANV: “We work with Mexico, and we do a lot in Brazil. We’ll continue with some China production. But we haven’t slowed down at all. If anything, I think we’re going to be getting faster.”

The weakness in the wholesale business last year impacted Steve Madden more than some of your competitors. What is your outlook for this channel going forward and how important is it to your future?
ER: “Last year was a uniquely challenging dynamic in the wholesale business, particularly in the U.S. Virtually every major retailer at the end of 2022 found themselves with way too much inventory. They went into 2023 pulling back, and that definitely impacted us because that’s a big part of our business. The good news now is that almost all those retailers have their inventories much more in line. The channel is much healthier, so I do think we’re positioned to see a recovery in that business, which is so core to us in 2024.”

Has your target consumer evolved? Where is your sweet spot today?
ANV: “We continue to hit all ages. We want that young girl coming in because once we get her, we have her. And we also still want the mom buying for her kid.”
SM: “We just try to make cool shoes and that’s it. We let the chips fall where they may. People put us into little slots. But the shoes are quite universal. And particularly when you get out of the coasts, they tend to skew older.”

Every brand wants to figure out how to win over Gen Z. Amelia and Steve, do you use your teens as sounding boards?
SM: “All of my kids are a big influence. My daughter Stevie wears Sambas and it makes me crazy. It’s heartbreaking. It’s about what they’re listening [to], what they’re watching — that kind of inspiration.”
ANV: “I have a son who is 14. I look at his little friend group and the girls who come over. I see the shoes they leave by the doorway and what they’re wearing, so I’m always asking questions. I know Steve gets crazy with Sambas. I get crazy with Uggs.”

In terms of categories, what are you seeing as the biggest opportunity?
ANV: “Dress. I’m seeing a lot of closed-toe, open-back footwear happening. And I feel like the girl doesn’t have it in her closet. Kitten heels, slingbacks, and sneakers continue. Flat sandals are still important. In that category, I would say footbeds are going to continue. All our embellished flats have been getting excellent reads, so we’re happy about that. I’m excited about spring.”

Steve, you’ve made many hit shoes — the Mary Lou and the Slinky are just two examples. How do you strike gold like that now?
SM: “I always think, ‘Could this be it?’ It’s always possible. It’s no different than before. It’s just the way you reach them now. The stars have to be aligned. It’s an amazing thing when it happens. I think about what makes a big song. It’s a wonderful mystery that I love.”

Earlier today, you mentioned the viral mob wife aesthetic that’s trending on TikTok. How do you organically immerse yourself in that conversation and other TikTok trends?
SM: “We’ve sort of always had a little ‘mob wife’ vibe. We were voted number-one organized crime.” [laughs]
ER: “[That is an example] where we would take a shoe that we already have in leopard and style it [for the trend].”
ANV: “Sometimes the items emerge. We know it’s a good item, but we don’t know how big it’s going to be. And then you go on TikTok, it’s there. From there, it’s all about what we do best, chasing and reacting. That’s why speed is important when something emerges within the season.”

You’ve been aggressive about expanding into categories beyond footwear. Talk about your strategy there and what’s working.
ER: “Handbags and apparel have been growing rapidly for us. Non-shoe categories are 25 percent of our business now. We bought BB Dakota in 2019 and converted that to Steve Madden Apparel. We’re pleased with what we’re seeing there. And then we also did another acquisition at the tail end of last year — Almost Famous — which rounds out our apparel capability. It’s complementary because the Steve Madden business is [focused] on contemporary styling and [targeted to] premium channels. This gives us a business that’s focused on more value-priced channels.”

Getting the wholesale/direct-to-consumer balance right has been a challenge for every company. How are you approaching this strategy?
ER: “DTC has become increasingly important for us. It’s up over 50 percent since pre-COVID. Most of that has been driven by digital. Digital used to be a little over a quarter of our DTC business, now it’s half. That’s obviously a continued focus because we want to be where our customers are. But [online] is not the only place they are. We’re still focused on brick-and-mortar and on wholesale.”

What is in the pipeline for your physical stores this year?
ER: “We’re going to add to the store base, mostly outside the U.S. [Seven openings are planned for the Middle East, two in Canada, two in Mexico, two in South Africa and one in Europe.] We’re also investing in the U.S. stores via remodels. We’re refreshing the fleet, kicking off with our Times Square location.”

Internationally, where do you see the biggest opportunity?
ER: “Europe has been the biggest and fastest-growing market for us over the
last several years. We’re also excited about the Middle East.”

You’re focused on looking ahead, but let’s look back for a minute. What advice would you give your younger self?
ANV: “Live in the solution more and worry less. When I was younger, I stressed out so much, but I wasn’t living in the solution. It took me time, as I grew, to focus on that.”
ER: “I would tell myself that you can take your job very seriously and still be able to sleep at night.”
SM: “I would say, you know, you’re not that ugly. That’s the answer.”

The German athletic brand introduced its newest soccer boot, the Future Z 1.1, with a little help from star athletes Neymar Jr., James Maddison, Eugénie le Sommer, Marco Reus and Dzsenifer Marozsán. The new look is made to keep the foot locked down during play, using innovative technology and materials to create a dynamic fit.

You can shop the Puma Future Z on pre-sale now with a general global release on Jan. 21 online at Puma.com as well at Puma stores and soccer retailers worldwide.

The Future Z is built with the brand’s adaptive FuzionFit+ compression band, a flexible and supportive strap across the top of the foot for an advantageous locked-in feel. The uppers also feature a new knitted fabric coated with a thin layer of GripControl Pro for optimal ball control.

“The biggest innovation of the Future Z is the FuzionFit+ compression band, placed at the midfoot,” said Lilly Cocks, developer of teamsport footwear for Puma, in a release. “The band was developed using a special combination of polyester and spandex yarns, along with special technical yarns to create the perfect balance of compression, comfort and durability, giving the wearer that second-skin feeling.”

The performance-led design continues with a Dynamic Motion System outsole for superior traction on the pitch, which features a Z-shaped soleplate with reduced weight for an easy foundation during strides in addition to providing a 360-degree lock-in for even more stability in matches.

“Fit and comfort are essential for agile, creative playmakers. To support this type of player we developed the outsole from a super lightweight PEBA material that has undergone vigorous testing through the development stage. During 20-meter agility tests, players achieved on average 3% faster times when wearing the Future Z in comparison to wearing its predecessor,” added Florian Nemetz, senior PLM manager of teamsport footwear for Puma, in a statement. “The boot has been developed using key insights and analysis which has enabled us to innovate and evolve the Future silo, whilst maintaining the Future DNA.”

What do Steve Madden’s three leading ladies have in common? A whole lot of passion and determination.

Amelia Newton Varela, president of Steven Madden Ltd., Liz Rodbell, group president of retail, accessories and licensing, and Karla Frieders, chief merchandising officer, all shared insight on supporting the next generation and climbing the ladder. 

“Early on in my career, I was fortunate to work alongside some of the most imaginative and hardworking people in the industry,” said Newton Varela. “Steve was among those who pushed me to home in on my skills, expand my thinking and be relentless in my pursuits. As the company grew and my role grew along with it, many people were looking to me to step up.”

The executive said as she climbed the ladder, she was partly terrified but believed in the brand and vision of the company. “I felt I had no other choice but to rise to the occasion,” she recalled. “I soon learned that Steve and others had been training me all along for the opportunities that came my way.  All I had to do was be willing to say yes.”

Frieders also talked about the pros and cons of taking every opportunity along the way. “I canceled plans, changed vacations, worked through holidays — you name it, I rearranged it. But by saying yes, I got exactly what I wanted. I used those learning opportunities to push myself forward, and I’m better for it,” she said. “The worst decision I made was also saying yes to everything. Seeking out each available opportunity is a crucial part of success, but so is having boundaries.”

Sometimes shifting focus is the key to capitalizing on the right opportunities. Rodbell said her new chapter at Steve Madden marks a significant tipping point in her career. “It holds [fresh] opportunities and challenges,” said the executive, who was formerly president of Hudson’s Bay and Lord & Taylor.

The three executives are all well established, and they shared some words of wisdom for how the next generation of women should position themselves for success.

Newton Varela said technology is dramatically reshaping business fundamentals — and future leaders must embrace swift change. “The biggest challenge for the next generation of leaders in general, not just women, is developing and sustaining teams that are responsive to a rapidly changing technological world. Today’s consumer knows they can go online and get what they need in no time, from a variety of sources,” she said. “Future leaders need to set up and train teams that not only use technology to assess the needs of consumers but are responsive in creative ways that are both cost effective and at the speed of light. They can’t be afraid to fail forward and try something new as well as use strategies that may seem antiquated but are still relevant and necessary.” 

Rodbell said she is consistently looking to support [future leaders]. “My style is inclusive and accessible. I like to problem-solve,” she said.

One example? Rodbell likes to host roundtable meetings with team members of all levels to identify issues and build solutions together. “I love to mentor women to help them meet their goals. Many of these mentor/mentee relationships last for years,” she said. “I also believe in sponsorship, truly advocating for a person, advising them and platforming them for future opportunities.”

Whether execs are rising stars or well established, Frieders said it is critical for them to advocate for themselves, particularly when it comes to their salaries.

“Unfortunately, the pay gap is still very real for women,” Frieders said. “I encourage them to know their worth, research their line of work, and assess whether their pay is in line based on what they find. It is also so important to understand that you can’t put a price on experience. While that’s rarely ever black and white, if you go above and beyond in this industry, you absolutely will be rewarded.”

Newton Varela said that if women don’t exercise their voices early in their careers, “they often fade into the backdrop.”

“I make it a point to create platforms where they can share their ideas and opinions openly. I also push them to continue to learn about the industry and to develop the skills they need to take their career to the next level and think outside the box,” she said.