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 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(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * DHARIA ARVIND   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) Chief Financial Officer (Last) (First) (Middle) C/O STEVEN MADDEN, LTD, 52-16 BARNETT AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 12/09/2009 (Street) LONG ISLAND CITY, NY 11104 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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 ("Common Stock") 12/09/2009   M   60,000 A $ 13.9 92,000 D   Common Stock 12/09/2009   S   10,000 D $ 38.865 82,000 D   Common Stock 12/09/2009   S   10,000 D $ 38.5 72,000 D   Common Stock 12/09/2009   S   5,000 D $ 39.1012 67,000 D   Common Stock 12/09/2009   S   5,000 D $ 39.525 62,000 D   Common Stock 12/09/2009   S   5,000 D $ 39.5191 57,000 D   Common Stock 12/09/2009   S   5,000 D $ 40.0024 52,000 D   Common Stock 12/10/2009   S   5,000 D $ 40.0077 47,000 D   Common Stock 12/10/2009   S   5,000 D $ 40.0137 42,000 D   Common Stock 12/10/2009   S   8,150 D $ 39.7538 33,850 D   Common Stock 12/10/2009   S   850 D $ 39.7447 33,000 D   Common Stock 12/10/2009   S   1,000 D $ 39.686 32,000 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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 (Month/Day/Year)

7. Title and Amount of Underlying Securities (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)

$ 13.9

12/09/2009

M

60,000

09/09/2004

09/09/2013

Common Stock

60,000

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
DHARIA ARVIND C/O STEVEN MADDEN, LTD 52-16 BARNETT AVENUE LONG ISLAND CITY, NY 11104			Chief Financial Officer

Signatures

/s/ DHARIA ARVIND		12/10/2009
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).

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