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Jones Apparel shares rise on Rachel Roy deal

By Associated Press

June 12, 2008

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Shares of Jones Apparel Group Inc. rose on Thursday, after the apparel maker said it formed a joint venture to develop the Rachel Roy Fashion Brand.

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.

Jones Apparel will develop brand through global expansion of the wholesale business, introduction of new product categories and stand-alone retail stores in key U.S. and international locations.

Shares rose 29 cents, or 2 percent, to $15.08 during midday trading.

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