In 1990, Malkin sold his retail store concept, 2 Rodeo Drive in Beverly Hills, California to the Japanese department store operator Sogo and then moved to London[1] where in 1992, he founded Value Retail Plc.[3] With Value Retail, he leveraged his experience in selling luxury goods and meshed it with the American outlet mall concept creating an alternative operating model to the traditional European shopping center. Value Retail focused on establishing outlet centers in the outskirts of large cities.[1] The fashion brands pay 12.5 per cent of annual turnover for the privilege of selling excess stock in one of their village outlet centers.[1] Although criticized for taking business from smaller retail stores in urban centers, the outlet centers only sell brand name goods that are a year old or older.[1]
In October 2014, it was announced that Malkin and his former college roommate Jon Ledecky would purchase the New York Islanders professional hockey team from Charles Wang.[6][7] After a two-year transition period as minority owners, Malkin and Ledecky bought controlling interest in 2016.[8]
In 1984, he married Laura Rice Russell.[9] His sister, Cynthia Allison Malkin, is married to Richard Blumenthal who was elected as a United States senator from Connecticut in 2010.[10] His brother Anthony Edward Malkin, is married to Rachelle Lisa "Shelly" Belfer, daughter of Robert A. Belfer and granddaughter of Arthur Belfer.[11][12]
