Steve Madden Bails Out Miss Betsey Johnson

Event- On October 8th, we found our very own fashion extraordinare Betsey Johnson in a financial crisis. Luckily, one of her partners Steve Madden (famous for his glamorous shoes) was there to bail out her failed 48.8 million loan she was expecting by September. Instead of being in debt of Madden, he ended up taking over her entire business. Betsey will still be designing what she wants, and Madden has made clear that she isn't "on the hook" for anything. Everyone loves a hero, especially one with good fashion sense.
New York's shoe lovers are about to become very happy, as Steve Madden is on the the break of huge expansion. Since he has took our lovely Betsey under his wings, he will be making footwear 30 percent of the yearly sales. Madden will be making more money (100 million more), and with that, he will be making more Madden magic! Six years ago the same Steve Madden was in prison for his poor handling of the green paper we all know and love, and look at him now, a great turnover from the past.

Personally- I think that any way to keep the divine Betsey Johnson from going under is greatly appreciated by all. Everyone has issues with money from time to time, and I think this was a perfect solution to her unsolved equation. I think that we will be seeing bigger and better things from Steven Madden as he starts to expand his company. Madden found himself one great shot to success, and after his trip behind the bars, I think we can trust he'll do it right this time. I'm excited to see what comes next from both Betsey and Madden, and am very impressed by Maddens kind gesture. I guess the lesson learned is keep your enemies close, and keep your partners closer, you never know if they could end up running your company.








Sources-
http://nymag.com/daily/fashion/2010/09/steve_madden_might_end_up_owni.html (NY Fashion, Amy Odell)
http://nymag.com/daily/fashion/2010/10/steve_madden_now_owns_betsey_j.htmlealityla.com (NY Fashion, Amy Odell)
http://www.dailyfrontrow.com/the-fix/article/steve-madden-controls-betsey-johnson (The Fix, Emily Popp)



-Aubree Joy
October 9th, 2010