By Ismael AbduSalaam
Couple Damon Dash and Rachel Roy have announced a joint venture with Jones Apparel, Inc to expand the Rachel Roy Collection fashion brand.
The Rachel Roy Collection was launched in spring 2005 to favorable reviews in the fashion industry.
The line is currently available in luxury department stores such as Nordstrom and Saks, Neiman Marcus, and Bergdorf Goodman.
The brand has expanded overseas to the United Kingdom, the Middle East, South Korea, and Indonesia.
“Both Rachel and her clothing appeal to many audiences around the world, making her a widely renowned design talent,” Damon Dash told AllHipHop.com in a statement. “Through this partnership, we will be able to explore new opportunities for Rachel Roy, the brand.”
Jones Apparel will retain a 50% stake in the venture, with Dash and Roy as founders holding the remaining interest.
Roy will retain creative control of her brand and continue overseeing the design, manufacturing, and production of the line.
In 1995, Dash, along with partners Kareem “Biggs” Burke and Jay-Z launched the successful Rocawear clothing line.
In 2005, Dash sold his stake for almost $30 million dollars, after his well publicized split with former business partner Jay-Z.
According to a press release, the joint venture is reported to be worth $4 billion between the two companies. Additional terms of the venture have not been disclosed.
