Martha Stewart: Lifestyle Guru's Rise and Fall and Rise

From blankets and towels to dog food and kitchen equipment, Martha Stewart has gone so far from the caterer that she used to be thirty years ago. She’s now a household name plus a multimillionaire who built her name from scratch. Forbes ranks Martha Stewart number three in its one-time list of Hollywood’s richest women. In 2007, Stewart was estimated with a net worth of $638 million. America’s domestic diva has earned the reputation as one of America’s hardest working (and also most demanding!) executive. A selfmade woman, perhaps, her tough but determined personality could be best attributed to her parents, as well as to her cravings for success and staying on top. But let’s admit it, Martha’s one hell of an entrepreneur who made a name for herself.

She started out modeling when she was still in high school. She got paid $15 per hour, which she admitted was way “better than the $1 we were getting babysitting.”




She later on progressed a successful Wall Street stockbroker in the late 60s. She called this job as “the most enthusiastic and daring job I could have.” When the US economy slumped in the 70s, she left Wall Street and moved to Connecticut, where she and her husband (whom she married in 1961) purchased an old farmhouse, which she fixed and decorated to perfection. She then opened a catering business and took on a business partner. She catered on special events, ranging from birthdays and weddings to corporate affairs and big parties. However, ever the perfectionist, Martha threw tantrums when things did not happen the way she wanted them.

She was also hired as a manager at a local food and craft store, Market Basket. However, Martha had a disagreement with owners and she was forced to close her business. She eventually opened her own store. Martha’s rise to fame quickly spread because of the good food and excellent catering experience that she offered to her clients. By the late 70s, she was also writing for several food and women’s magazine and was even appointed food editor of House Beautiful. After publisher Allan Mirken fell in love with Martha’s culinary prowess during after catering in one of the dinners where Mirken was a guest, the kitchen queen, was offered to write a book. Entertaining, the first of the many books, was her first published work, which contained recipes, photographs and stories of her younger years. entertaining became a best seller, and Stewart released more books. By the late 80s, Stewart was already a syndicated columnist and her popularity was also penetrating on TV.

In 1990, Stewart launched Martha Stewart Living, under Time Publishing Ventures. The first issue was released with 250,000 copies, but circulations eventually skyrocketed to 2 million by 2002. In 1997, Stewart launched her own company, Martha Stewart Omnimedia. With the help of her business partner Sharon Patrick, Stewart secured the necessary funding to purchase and consolidate various Martha Stewarts brands. This made it easier for Stewart to gain control of the brand’s direction.

In 1999, Martha Stewart Omnimedia went public and shares of the company were sold at the New York Stock Exchange. The initial public offering was $18 per share and quickly rose to $38. Stewart became an instant billionaire on paper with her 26 million shares. However, the company’s stocks have been in decline.

In 2004, Martha was sentenced to serve five months in jail after being convicted of conspiracy, obstruction of justice and making false statements to federal investigators after she sold her stocks in ImClone Systems just before the company’s share value plunged. Stewart heed on the advice of close friend and Merrill Lynch broker Peter Backanovich.

But Stewart’s prison term and all the humiliations entailed with it never dampened her fiery spirit. Right after coming out from jail, Stewart made a stunning comeback in the limelight, although court ruling barred her from sitting in her company’s board or taking up an executive position. Nevertheless, America’s domestic goddess continues to grace the media of all platforms and her imprint is stamped in the merchandising world.