NEW YORK, June 12 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) ("Jones" or the "Company") today announced that it has formed a
joint venture with Rachel Roy, Damon Dash 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, 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.
The line is currently available in premier
luxury department and select specialty stores in the United States,
including Bergdorf Goodman, Neiman Marcus, Nordstrom and Saks, and
internationally in the United Kingdom, Hong Kong, the United Arab Emirates,
Kuwait, South Korea, Canada, Turkey and Indonesia
Jones owns 50 percent of the interest in the venture, formed with Rachel Roy, Damon Dash and TSM Capital LLC.
Financial terms were not disclosed.