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Steve Madden Acquires Betsey Johnson

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    NEWSLETTERS

    AP
    Designer Betsey Johnson greets the audience after her spring 2011 collection is shown during Fashion Week in New York, Monday, Sept. 13, 2010. (AP Photo/Diane Bondareff)

    No, Steve Madden won't be cartwheeling down Betsey Johnson's runway anytime soon. After absolving the hefty loan he assumed from Johnson's company last month in exchange for the brand's trademarks and intellectual property, Madden is now the proud owner of the brand, including Johnson's Betseyville label, however Johnson will still be making all the creative and design-related calls.

    "Betsey is my partner. She has nothing to worry about and I will protect her.…I am honored to be partners with her. That’s the truth,” Madden told WWD. In addition to increasing marketing efforts, Madden also indicated that developing plans would include upping dress sales and, not surprisingly, the shoe business which he hopes will encompass 30 percent of all sales within the next 12 months.