My only advice for version 2 is to reflect the the curve on the outside of the 'N' with the curve of the overlapping 'M'. It looks a bit unbalanced as it is right now.
I also really like 'DESIGNS' underneath the logo. Better than along the side, despite what I said earlier.
Personally, I like the serif font you used for 'DESIGNS'. I think it complements the typography for the main logo pretty well.
You're close.