By  on June 12, 2008

NEW YORK — Jones Apparel Group has acquired a 50 percent stake in Rachel Roy, giving the $3.85 billion apparel giant a long-desired entry into the high-end contemporary market and providing the small design house with vital operational backing.

The fashion company's founder, Rachel Roy, will continue to design and produce the line, with the same 18 employees, in her showroom at 148 West 37th Street here and in the same factories. But with financing from Jones, the three-year-old label will be able to expand beyond its current collection into additional categories, with possibilities including fragrance, footwear, accessories, home and — closer to the designer's heart — a more affordably priced line. Expanding globally and opening freestanding stores are also on the to-do list.

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