Jones takes on Rachel Roy

Jones Apparel Group has bought a 50% stake in Rachel Roy, the premium womenswear brand.

The multi-brand group, which owns footwear chain Nine West and womenswear brand AK Anne Klein, has entered into a joint venture agreement with Rachel Roy, co-founder of the brand, her husband and hip-hop producer Damon Dash, and private equity firm TSM Capital, which bought a minority stake in the business last November.

Jones Apparel will take over the brand's operations under licence as part of the joint venture.

The joint venture partners plan to develop the Rachel Roy brand by expanding the wholesale arm, introducing new product categories, and opening stores in the US and overseas.

The brand's co-founder and designer Rachel Roy will continue to lead design, manufacturing and production.

Rachel Roy is sold in US department stores Bergdorf Goodman, Neiman Marcus, Nordstrom and Saks, as well as in retailers in the UK, Hong Kong and Canada.

TSM co-founder Marvin Traub, said: "Jones Apparel will be the ideal partner to take Rachel Roy to the next level."