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Looking to freshen up its wardrobe, Jones Apparel Group, New York, announced today that it has purchased a 50% equity stake in Rachel Roy, a high-end fashion line founded by its eponymous designer in 2005.
Jones Apparel will handle business operations for the collection, via a license with the new joint venture that also includes Roy herself, her husband, music and entertainment mogul Damon Dash, and TSM Capital, New York, which signed on as a minority investor in the fashion company six months ago.
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