Jones Apparel buys stake in Rachel Roy
Jones Apparel Group, Inc. has formed a joint venture with Rachel Roy, Damon Dash and TSM Capital to develop, market and license the New York-based fashion brand, Rachel Roy. Jones will own 50% of the joint venture interest and the remaining 50% will be owned by its two founders, Rachel Roy and Damon Dash, as well as TSM Capital which acquired a minority stake in the business last November. Jones will assume operations of the existing designer collection business under license with the new joint venture.
Rachel Roy launched her label in spring of 2005. She and her team will work with Susan Metzger, chief executive officer of Jones' women’s wholesale sportswear division. Ms Roy will continue to lead the design, manufacturing and production of the brand.
