Eccentric, but always brilliant fashion designer, Betsey Johnson, announced today that Steve Madden is now the official owner of her brand. Last month Madden took over the $48.8 million loan from Johnson, with the stipulation that if she couldn’t pay him back by August 2012 the company would go to him. However, the beloved designer decided to hand over her trademarks to him and the COO had this to say:

“Whenever you come out of a situation with a good partner, cash coming into the business and the elimination of all debt, what’s not to love?”

Madden is said to want to focus on daytime dresses and make shoe sales 30% of the business, which wouldn’t be a bad thing at all…the man knows shoes!