Steve Madden has taken charge of Betsey Johnson’s fashion label after buying its debt.
The agreement sees Johnson pay back Madden rather than a large faceless lender, and the company’s big wigs couldn’t be happier.
“Whenever you come out of a situation with a good partner, cash coming into the business and the elimination of all debt, what’s not to love?” asking Betsey Johnson’s executive vice-president and chief operating officer Jonathan Friedman.
With Madden on board, Betsey Johnson will focus on expanding its fashion empire. He hopes to see shoe sales represent around 30% of total sales over the next year, and more daytime dresses added to the line.
While Madden has his own line and designing chops, he assures us he’ll leave all the creative work to the flamboyant Ms Johnson.
“Betsey is my partner,” he explained. “She has nothing to worry about and I will protect her. … She is not on the hook for anything.“
I may not always warm to Betsey Johnson’s outrageous accessories, but I’m thrilled to see the company’s found a way to survive despite its financial hardships. Are you excited to see what the brand comes up with next?
[Source: New York Magazine]
[Image Source: The Heart Truth/Flickr]
