Damon Dash, the man who helped Jay-Z take Roc-A-Fella Records from the streets to the corporate level, and his wife Rachel Roy announced Monday (June 16) that they've has formed a $4 billion dollar joint venture Jones Apparel Group to develop, market and license the New York-based fashion brand named after his wife.

"Both Rachel and her clothing appeal to many audiences around the world, making her a widely renowned design talent," said Dash in a statement. "Through this partnership, we will be able to explore new opportunities for Rachel Roy, the brand."

Founded in 2004, by Roy and Dash, the Rachel Roy collection embodies everything for women who embrace fashion and dress, says the company, and also adds that effortless glamour, sophistication with a modern edge.

Via the joint venture, the partners plan to further develop the successful brand through continued global expansion of the wholesale business, introduction of new product categories, and stand-alone retail stores in key U.S. and international locations.

Rachel Roy will continue to lead the design, manufacturing and production of the brand.

At press time, additional terms of the transaction were not disclosed.

The line is currently available in the luxury department and select specialty stores, including Bergdorf Goodman, Neiman Marcus, Nordstrom and Saks, and internationally in countries such as the United Kingdom, Hong Kong, the United Arab Emirates, Kuwait, South Korea, Canada, Turkey and Indonesia.