Sources estimated Rachel Roy's wholesale volume at about $10 million, with a growth potential of up to $100 million.

TSM Capital is not working with a partner on this acquisition.

"They bring a wealth of experience in fashion, retail and in upscale brands," Tesler said. "To have partners who can bring their international expertise, and their relationships with retail and other categories like accessories and jewelry...facilitates your work. It's also always nice when you work to have someone with whom you speak the same language."

As for her husband, Damon Dash, Roy said, "He has worked so hard, and he has supported me from the very beginning when things didn't look quite as bright. It takes someone who believes in you, sometimes more than you believe in yourself."