Continuing to expand his business dealings, it was announced today that Jones Apparel Group, Inc. has formed a $4 billion dollar joint venture with Damon Dash, Rachel Roy and TSM Capital LLC to develop, market and license the New York-based fashion brand, Rachel Roy.  Under the terms of the agreement, Jones owns 50% of the joint venture interest.  The remaining interest is owned by the two founders, Damon Dash and Rachel Roy as well as TSM Capital which acquired a minority stake in the business last November. 

Founded in 2004, by existing shareholders Rachel Roy and Damon Dash, the Rachel Roy collection embodies effortless glamour, and is sophisticated with a modern edge.  Rachel Roy launched her label in spring of 2005. With striking silhouettes, a refined color palette and inventive pairings that transition from day to evening, Rachel Roy embodies everything for women who embrace fashion and dress with confidence and sophistication.  The line is currently available in the premier luxury department and select specialty stores, including Bergdorf Goodman, Neiman Marcus, Nordstrom and Saks, and internationally in countries such as the United Kingdom, Hong Kong, the United Arab Emirates, Kuwait, South Korea, Canada, Turkey and Indonesia. 

Partner, Damon Dash, said, "Both Rachel and her clothing appeal to many audiences around the world, making her a widely renowned design talent.  Through this partnership, we will be able to explore new opportunities for Rachel Roy, the brand."

The joint venture partners plan to further develop the successful Rachel Roy brand through continued global expansion of the wholesale business, introduction of new product categories, and stand-alone retail stores in key U.S. and international locations.  Rachel Roy will continue to lead the design, manufacturing and production of the brand.  Additional terms of the transaction were not disclosed.