Steve Madden Eyes Katy Perry, Helps Out Betsey Johnson

October 12, 2010 • Fashion

Katy Perry and Elmo in her "Sesame Street" headline-making dress

Steve Madden certainly seems to be busy these days. The footwear tycoon has reportedly been in discussion with brightly-colored, headline-making starlet Katy Perry on a possible "creative collaboration" a la SJP and Halston (but not the same, at all). Perry has recently been under public scrutiny after her Sesame Street scandal, where a duet with Elmo was yanked off TV after Perry was deemed as being dressed to cleavage-y. Those kid's shows—what are they thinking, right? Add that to her upcoming nuptials to self-proclaimed playboy and leather pants lover Russell Brand, and Perry is downright famous these days. So Steve Madden noticed.

Madden himself has already partnered with Mary-Kate and Ashley Olsen for their Olsenboye and Elizabeth and James clothing lines, and with Zac Posen for his lower priced Z-Spoke label. And currently, is in the throws of helping out fellow designer Betsey Johnson with her financial woes. In September, Madden took over a $48.8 million loan to Betsey Johnson, which was in default. The company had until Aug. 20, 2012, to pay it back or else Madden would own the company.

But now, sources are saying Madden is expected to forgive the loan altogether by the end of the week, giving Betsey Jonson back its financial autonomy. "Steve Madden is not taking over the company, and Betsey Johnson is not leaving the company," Jonathan Friedman, Betsey Johnson's executive vice president and chief operating and financial officer, told The New York Post's Page Six. Speculation was high that the Betsey Johnson label would dissolve or at least, crumble under Madden's name, when longtime Chief Exec of the label, Chantal Bacon, left the company last week and talk of layoff and shutterings ran rampant. But Bacon's departure was apparently arranged long before the Madden loan was even an option, and Friedman assured the press that the company would continue its operations as normal.  On the actual loan, Friedman said,"We're in positive talks with them and looking to finalize an arrangement."

Article Source: The New York Post
Photo Source:
-Alia Rajput

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