Alber Elbazonce said, "Doing a collection, for me, is almost like creating a vaccine. Once you create the vaccine, then you can duplicate it for $9.99. But see if you can create it for $9.99." Well, someone call Pfizer.
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.