Hip-Hop mogul Damon Dash and his wife Rachel Roy have formed a $4 billion dollar joint venture with Jones Apparel Group Inc. to develop, market and license the New York-based fashion brand named after his wife. Here’s the scoop:
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 said it will assume operations of the existing designer collection business under license with the new joint venture.
Damon Dash helped Jay-Z take Roc-A-Fella Records from the streets to the corporate level and he hopes to do the same with the Rachel Roy fashion brand.
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