Damon Dash & Rachel Roy Announce $4 Billion Clothing Venture
Damon Dash and his wife Rachel Roy have partnered with Jones Apparel Inc. to expand the Rachel Roy Collection clothing brand.
The Rachel Roy Collection is now available in numerous places worldwide including the United Kingdom, the Middle East, South Korea, and Indonesia.
The brand was launched in 2004 is already available in a number of luxury department stores and some select speciality stores including Bergdorf Goodman, Nordstrom & Saks and Neiman Marcus.
“Both Rachel and her clothing appeal to many audiences around the world, making her a widely renowned design talent,” Jay-Z's former partner and founder of Roc-A-Fella records, Damon Dash said via a statement. “Through this partnership, we will be able to explore new opportunities for Rachel Roy, the brand.”
Jones Apparel will own 50% of the venture, with Damon Dash and Rachel Roy as founders splitting the rest between them.
In 1995, Damon Dash, alongside Kareem "Biggs" Burke & rapper/Hip-Hop mogul Jay-Z, set up Rocawear clothing.
After a fall out with Jay-Z, Damon Dash sold his share of the clothing company for around $30 million dollars.
The new deal is reportedly worth around $4 billion dollars between the Rachel Roy Collection and Jones Apparel.
According to a press release from the company, the line "Embodies effortless glamour, and is sophisticated with a modern edge."
Words By Nathangjj
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