Being in debt feels bad and scary enough, but what do you think it feels like to — instead of owing money to a financial institution — owe money to Steve Madden? Betsey Johnson knows, now that Steve Madden Ltd. has taken over a $48.8 million loan to her company, according to papers filed with the SEC late yesterday. Johnson, whose Fashion Week show is in ten days, has until August 20, 2012 to repay Madden — otherwise he might get her brand. And her stuff.

Madden already holds a license for handbags, small leather goods, belts and umbrellas under the Betsey Johnson and Betseyville trademarks. The collateral for the loan includes the company’s intellectual property, so Madden could be in line for the labels it holds as licensee. Also included among the items securing the loan are “the borrower’s personal property, accounts, deposit accounts and cash, equipment, fixtures, general intangibles, goods [and] inventory.”

A designer brand would be just the thing to add to Madden’s stable. In addition to his own Steve Madden stores, he does shoes for Madonna’s Material Girl line, just bought handbag company Big Buddah for $11 million, and just invested $5 million in Bakers Footwear Group, which could lead to a one-fifth stake in the company. So while other designers, like Johnson, struggle in this economy, Madden is doing pretty well. His second-quarter results were up, with net income growing 63 percent and sales up an impressive 36 percent, while the stock is up 71.2 percent from a year ago. Somewhere American Apparel is crying into all the overpriced meatpacking-district-nightclub shoes they never made.

Betsey Johnson Defaults, Steven Madden Steps In [WWD]

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Filed Under: dreams don’t always come shoe, betsey johnson, steve madden

At spring 2011 Paris Men’s Fashion Week, we saw a serious spike in the amount of hair on the runway. Beards were most definitely out, about, and growing wildly. Will that trend take at New York Fashion Week next week (!!) as well? Michael Bastian, who has an eye for the hottest male models in the business, suggests as much.

You have the most beautiful models in the industry. How do you do it?
“We haven’t even started our casting yet. We see a thousand guys to get 30 guys—we see every guy in New York.”

What’s the look you’re going for this season?
“Hairy, I don’t wanna see any waxed chests, any waxed legs. Hairy—would love some facial hair…tough. We’re looking for Navy S.E.A.L.S. this time.

It’s too soon to start speculating whether the preppy trend is finally on the way out, but it sounds like it’s finally time for the boys on the casting circuit to break out the hairy heavage. One wonders what so many male models — who seem to revel in their hairlessness — will do if they have to be hairy to get work all of a sudden. Rogaine Pour Le Corps?

Michael Bastian On Waxed Chests, Hairy Models, And Miss Universe [Refinery 29]

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Filed Under: hairy situations, designers, fashion shows, michael bastian, models, new york fashion week, spring 2011