Betsey Johnson Now Practically Owned By Steve Madden

- Betsey Johnson defaulted on a $50 million loan. Steve Madden bought the debt, and as collateral, Johnson put up all of her company's intellectual property — every design, every idea, everything that makes the brand its lovable pink-punk self.
Sophie Théallet Wins 200K; Lindsay Not Doing Jewelry Line
- Designer Sophie Théallet has won the $200,000 Vogue/CFDA Fashion Fund Award. "Thank you for making my American dreams come true," said she. [Style.com]
- Skating at an outdoor rink in London, Lily Cole knocked over a small child. [Daily Mail]
Brangelina Tries Jewelry Design; Lindsay Lohan For Bebe?
- Brad Pitt and Angelina Jolie have designed a fine jewelry collection for Asprey, which goes on sale this week. The line, themed around snakes and called "The Protector," starts at $525; all proceeds go to support Jolie's children's charity. [WWD]
First Lady And Topshop Engage In Trans-Atlantic Exchange Of Fashion Know-How; Angry Mob Surrounds Luxury Goods Chief Exec
- Michelle Obama wore tidy Thakoon in D.C., and vivid yellow Jason Wu in London. New York Times fashion critic Cathy Horyn wonders what it all means. [On The Runway]
