UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934


                                Steven Madden Ltd
--------------------------------------------------------------------------------
                                (Name of Issuer)

                         Common Stock, $.0001 par value
                      ------------------------------------
                         (Title of Class of Securities)

                                    556269108
--------------------------------------------------------------------------------
                                 (CUSIP Number)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     [X] Rule 13d-1(b)
     [_] Rule 13d-1(c)
     [_] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



                                       13G

--------------------------------------------------------------------------------
  1   NAME OF REPORTING PERSON
      S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

      Wells Fargo & Company
      Tax Identification No. 41-0449260
--------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a) [_]
                                                                (b) [_]
--------------------------------------------------------------------------------
  3   SEC USE ONLY

--------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION

      Delaware
--------------------------------------------------------------------------------
                      5   SOLE VOTING POWER

                          984,847
    NUMBER OF      -------------------------------------------------------------
     SHARES           6   SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY              0
      EACH         ------------------------------------------------------------
   REPORTING          7   SOLE DISPOSITIVE POWER
     PERSON
      WITH                987,747
                   -------------------------------------------------------------
                      8   SHARED DISPOSITIVE POWER

                          0
--------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      987,747
--------------------------------------------------------------------------------
 10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

      Not applicable
--------------------------------------------------------------------------------
 11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      7.5%
--------------------------------------------------------------------------------
 12   TYPE OF REPORTING PERSON

      HC
--------------------------------------------------------------------------------

                                        2



                                       13G

--------------------------------------------------------------------------------
  1   NAME OF REPORTING PERSON
      S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

      Benson Associates, LLC
      Federal ID No.  91-1797260
--------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a) [_]
                                                                (b) [_]
--------------------------------------------------------------------------------
  3   SEC USE ONLY

--------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION

      Oregon
--------------------------------------------------------------------------------
                      5   SOLE VOTING POWER

                          978,600
    NUMBER OF      -------------------------------------------------------------
     SHARES           6   SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY              0
      EACH         ------------------------------------------------------------
   REPORTING          7   SOLE DISPOSITIVE POWER
     PERSON
      WITH                981,500
                   -------------------------------------------------------------
                      8   SHARED DISPOSITIVE POWER

                          0
--------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      981,500
--------------------------------------------------------------------------------
 10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

      Not applicable
--------------------------------------------------------------------------------
 11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      7.4%
--------------------------------------------------------------------------------
 12   TYPE OF REPORTING PERSON

      IA
--------------------------------------------------------------------------------

                                        3




                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G
                    Under the Securities Exchange Act of 1934


DISCLAIMER: Information in this Schedule 13G is provided solely for the purpose
of complying with Sections 13(d) and 13(g) of the Act and regulations
promulgated thereunder, and is not to be construed as an admission that Wells
Fargo & Company or any of its subsidiaries is the beneficial owner of the
securities covered by this Schedule 13G for any purpose whatsoever.

Item 1(a)  Name of Issuer:

           Steven Madden Ltd

Item 1(b)  Address of Issuer's Principal Executive Offices:

           52-16 Barnett Avenue
           Long Island City, NY  11104

Item 2(a)  Name of Person Filing:

           Wells Fargo & Company
           Benson Associates, LLC

Item 2(b)  Address of Principal Business Office:

           1. Wells Fargo & Company
              420 Montgomery Street
              San Francisco, CA  94104

           2. Benson Associates, LLC
              5335 Meadows Road, Suite 290
              Lake Oswego, Oregon 97035

Item 2(c)  Citizenship:

           1. Wells Fargo & Company:  Delaware
           2. Benson Associates, LLC:  Oregon

Item 2(d)  Title of Class of Securities:

           Common Stock, $.0001 par value

Item 2(e)  CUSIP Number:

           556269108

Item 3     The person filing is a:

           1. Wells Fargo & Company: Parent Holding Company in accordance with
              240.13d-1(b)(1)(ii)(G)

                                       4



           2. Benson Associates, LLC: Investment Adviser registered under
              Section 203 of the Investment Advisers Act of 1940

Item 4     Ownership:

           See 5-11 of each cover page. Information as of November 30, 2003.

Item 5     Ownership of Five Percent or Less of a Class:

           If this statement is being filed to report the fact that as of the
           date hereof the reporting person has ceased to be the beneficial
           owner of more than five percent of the class of securities, check the
           following [_].

Item 6     Ownership of More than Five Percent on Behalf of Another
           Person:

           Not applicable.

Item 7     Identification and Classification of the Subsidiary Which Acquired
           the Security Being Reported on by the Parent Holding Company:

           See Attachment A

Item 8     Identification and Classification of Members of the Group:

           Not Applicable

Item 9     Notice of Dissolution of Group:

           Not Applicable

Item 10    Certification:

           By signing below, I certify that, to the best of my knowledge and
           belief, the securities referred to above were not acquired and are
           not held for the purpose of or with the effect of changing or
           influencing the control of the issuer of the securities and were not
           acquired and are not held in connection with or as a participant in
           any transaction having that purpose or effect.

Date:  December 9, 2003

WELLS FARGO & COMPANY

By:  /s/ Laurel A. Holschuh
         Laurel A. Holschuh, Senior Vice President
          and Secretary

                                       5



                                  ATTACHMENT A

The Schedule 13G to which this attachment is appended is filed by Wells Fargo &
Company on behalf of the following subsidiaries:

         Benson Associates, LLC
         Wells Capital Management Incorporated
         Wells Fargo Investments, LLC

                                       6



                                    AGREEMENT

The undersigned hereby agree that the statement on Schedule 13G to which this
Agreement is attached shall be filed by Wells Fargo & Company on its own behalf
and on behalf of Benson Associates, LLC.

Dated:  December 9, 2003

WELLS FARGO & COMPANY


By:  /s/ Laurel A. Holschuh
         Laurel A. Holschuh, Senior Vice President
          and Secretary

BENSON ASSOCIATES, LLC



By:  /s/ Mark D. Cooper
         Mark D. Cooper, Member

                                       7