Clothing and footwear maker Jones Apparel Group Inc. is creating a joint venture with fashion designer Rachel Roy to market and license the brand globally. Jones will own 50% of
the JV. The other half will be owned by Roy, her music mogul husband Damon Dash and TSM Capital LLC, which owns a majority stake in the Rachel Roy Brand.
As The Wall Street Journal
reports, the deal adds a growing luxury brand to the Jones' portfolio, which includes Nine West shoes and Gloria Vanderbilt. The Rachel Roy line is available in luxury department and specialty stores worldwide. TSM, which took control of the brand six months ago, had planned to seek a buyer in three to five years. But as TSM's Marvin Traub told the Journal, the opportunity for growth through a Jones Apparel partnership presented an enormous opportunity. -
Baz Hiralal
(Roy is pictured to the right of model Iman and left of Faye Wattleton, president of the Center for the Advancement of Women.)
Go to the story from the WSJSee the JV announcement from Jones Apparel
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