What's the Latest for Betsey Johnson?

Betsey Johnson will relaunch as a lower-priced dress line sold in department stores and on their website. Johnson's relaunch coincides with the launch of her daughter Lulu Johnson's first independent line, Lulu and Allison, as well as the mother/daughter duo starring in their own reality show on The Style Network. And to top it all off her third fragrance, Betseyfied, will launch this Summer.

The New York Times sees Johnson's endurance as not only a testament to her resilience, but "a test... of whether independent designers, birthed in the cradle of New York's downtown creative scene, can still compete in the era of fast fashion."

When asked why she thought her label failed, Johnson told the Times it was either just bad timing, "or maybe it all began when stores started knocking off my $250 prom dresses for $49."

So Johnson is fighting fire with fire - competing with fast fashion by lowering her own prices. The new line of dresses, also called Betsey Johnson, will be sold at Macy's, Nordstrom, and other retailers starting for $99 to $249. "They'll be young in spirit like Betsey is, but accessible for women up to 40 years old," a Macy's rep told the Times.

Shoe mogul Steve Madden, who now owns the Betsey Johnson brand, said he think the new line will rescue the label from its financial troubles. "There's a girl in every town that identifies with Betsey," he said. "It just means more Betsey for all of us."