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.
Michael Jackson has settled on a costume for his upcoming tour: an ensemble made entirely from Swarovski crystals. His wardrobe uses 300,000 of the sparklers. Of course, this is the man who once wore a gold-plated jacket. [WWD]