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It's good to be Rachel Roy at the moment: The mother of two—daughter Talullah was born just a month ago—is now selling a 50% share in her eponymous fashion company to the Jones Apparel Group, the fashion behemoth that controls Nine West and Anne Klein, among other lines. Roy's label, popular with youthful socialites and the occasional celeb, was founded a few years ago with backing from the designer's rap mogul husband Damon Dash. Now it will now go into major expansion mode with new lines like shoes and perfume, freestanding stores, and even a diffusion line for women who, tragically, don't have $1,000 to spend on a dress they'll wear once.