MTV VMA 2010 - Katy Perry in Marchesa.jpgSteve Madden has officially taken over the reins at Betsey Johnson. The footwear designer has saved the label by assuming control of Johnson's £31 million bank loan, absolving it in exchange for complete ownership of the label. Johnson will remain on as the brand's head of design, while her business partner and friend, Chantal Bacon, has quit the company.

"Betsey is my partner. She has nothing to worry about and I will protect her," Madden says.

"She is not on the hook for anything. I am honoured to be partners with her. That's the truth. You know how they have those concerts in Washington, D.C., where they seem to honour Tony Bennett each year? They should do that for Betsey. When you hear the name Betsey Johnson, it means something"

In other Madden news, whispers are circulating that Katy Perry may soon launch a shoe line with the designer. She is believed to be in talks about collaborating on a line of footwear, but neither camp has confirmed the news. Madden has previously collaborated with the Olsen twins on their Olsenboye and Elizabeth and James clothing lines.

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