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Transcript of Orv Madden
The start of Hot Topic
In 1989 Hot Topic was founded. In a very risky move on his part Madden put all of his saving into starting the first store. This store sold t-shirts with logos of popular bands, music posters and trendy costume jewelry. The store is described as catering to the alternative culture and keeping up with the quick changing tastes of teenagers. The store broke even in the first year. In the next few years Madden raised over $11 million from investors wanting in on this market. With this money Madden started other stores throughout the country still following the “Gothic”- style lighting that shocked parent and delighted kids. Hot Topics target consumers are kids 12 to 22 years old.
Giving up owner ship
As announced in February 2000, Orv Maddden had designated Elizabeth McLaughlin as the new owner. She was elected to the board in May 2000. Orval Madden, the company's founder and former CEO, announced his intention to retire at the end of the current fiscal year. He plans to continue as a director of the company. When he sold Hot Topic it was worth 2,043,198
Hot Topic is now worth $708 million
What he does now
Orv Madden was born and raised in Alton, Iowa. He has spent his entire life working in the retail industry. Orv Madden earned the position as vice-president of the Children's Place stores. This experience prepared him for starting his own business.
In the 80's when MTV was a big thing to the teens and young adults with playing modern music,He saw that there could be a large market for music influenced apparel and accessories which was being largely overlooked by many national stores. He decided to see if he could capture this market
He sold Hot Topic at the age of 50, but he stayed part of Hot Topic as director of the company. Other then that he spends time with his family