FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

VARELA AMELIA 		2. Issuer Name and Ticker or Trading Symbol

STEVEN MADDEN, LTD. [ SHOO ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
EVP of Wholesale
(Last)          (First)          (Middle)

C/O STEVEN MADDEN LTD, 52-16 BARNET AVENUE 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/31/2011
(Street)

LONG ISLAND CITY, NY 11104
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.0001 per share   5/31/2011     M    15000   A $12.88   15000   D    
Common Stock, par value $0.0001 per share   5/31/2011     S    15000   D $55.29   0   D    
Common Stock, par value $0.0001 per share   5/31/2011     M    56250   A $12.52   56250   D    
Common Stock, par value $0.0001 per share   5/31/2011     S    56250   D $55.29   0   D    
Common Stock, par value $0.0001 per share   5/31/2011     M    7499   A $32.53   7499   D    
Common Stock, par value $0.0001 per share   5/31/2011     S    7499   D $55.29   0   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   $12.88   5/31/2011     M         15000    4/29/2011   4/29/2015   Common Stock   15000   $0   30001   D    
Stock Option (Right to Buy)   $12.52   (1) 5/31/2011     M         56250   (1)   4/1/2011   (1) 4/29/2016   Common Stock   56250   $0   56250   D    
Stock Option (Right to Buy)   $32.53   (2) 5/31/2011     M         7499   (2)   4/1/2011   4/29/2017   Common Stock   7499   $0   30001   D    

Explanation of Responses:
( 1)  The actual vesting schedule for this entire option grant was four annual installments commencing on the first anniversary of the grant date. A Form 4 filed on April 2, 2009 to report an aggregate option grant of 75,000 shares erroneously indicated that the option would vest over a 5-year period with respect to 25,000 shares and over a 4-year period with respect to 50,000 shares. This option was previously reported as covering 37,500 shares at an exercise price of $18.78 per share, but was adjusted to reflect the three-for-two stock split (effected as a stock dividend) that occurred on April 30, 2010.
( 2)  The option was issued at an exercise price of $48.80 per share, which was the closing price of the issuer's common stock on March 31, 2010. A Form 4 filed on April 27, 2010 to report the option grant erroneously indicated the exercise price of the option as $48.96. The number of shares available upon exercise of the option and the exercise price of the option have been adjusted to reflect the three-for-two stock split (effected as a stock dividend) that occurred on April 30, 2010.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
VARELA AMELIA
C/O STEVEN MADDEN LTD
52-16 BARNET AVENUE
LONG ISLAND CITY, NY 11104

EVP of Wholesale

Signatures
/s/ Amelia Varela 6/2/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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