Madden’s Control: Steve Madden has increased his stake in Betsey Johnson from a $48.8 million loan to ownership of the brand’s intellectual property. Through licensing deals with Betsey Johnson LLC, Madden will get royalties from Johnson’s firm and its other licensees. {WWD, subscription required}

Calling All Aspiring Muralists: Rag & Bone hopes to solve their newest store’s unwanted graffiti dilemma by taking matters into their own hands. Sick of phrases like “You Would” and “F*** Africa” being tagged on the large white space underneath “Rag & Bone Bids Farewell to Cafe Colonial…,” they will hold a competition where artists can submit their work for consideration. The art will be voted on by Rag & Bone’s Facebook fans and the winner will be provided with all necessary painting materials and a $1000 store credit. Check out their site for more info. {Rag & Bone}

Major Shuffling in Paris? The rumor mill is running wild following speculation that Stefano Pilati is done at YSL. Apparently, that is untrue, at least for the next 3 years, which is the length of the contract he just signed. There are also rumors that Karl Lagerfeld will retire from Chanel after his 30th anniversary in 2012 and be replaced by Alber Elbaz, whose position at Lanvin will then be filled by Oliver Theyskens. Lagerfeld retiring?? What? {Hint}

Alexa Weighs In: Alexa Chung addresses eating disorder rumors and her difficulty coping with the canceling of her MTV show in the latest issue of Elle. She says, “I am naturally very thin. I get even thinner when I’m stressed. And you cannot imagine how stressed I was last year.” {People Style Watch}

What is couture? Fashion Photog Rankin and a slew of designers ranging from Giorgio Armani to Erdem have collaborated on a coffee table book. Called Couture In the 21st Century, the book contains history, interviews and beautiful Rankin-shot portraits and seeks to answer the important question of what exactly couture means today. {InStyle UK}

Thom Browne’s Girl: Thom Browne will show womenswear for the first time in New York in February. “I’m ready now, I know what to do. The show will be very much like my menswear ones — not traditional,” the designer says. We can’t wait. {Vogue UK}

Amy Winehouse X Fred Perry: Amy Winehouse’s collaboration with Fred Perry will launch…some time soon. It will be inspired by the ’40s and ’50s and when asked what took so long, she explained, “I went through a lot of trouble with my ex-husband, so I had such a long time to think about the collection.” {Catwalk Queen}