Having enjoyed a successful modelling career in Paris and New York in the early 1970s, Jones released a series of singles throughout 1975–1976. None of them, however, managed to succeed in mainstream charts. Jones secured a record deal with Island Records in 1977 and found wider recognition only with her debut Island album, Portfolio.

The album was recorded and mixed in Sigma Sound Studios in Philadelphia, and released in autumn 1977 as the first of three albums made with the legendary disco record producer Tom Moulton. Side one of the original vinyl album is a continuous disco medley covering three songs from Broadway musicals, "Send in the Clowns" by Stephen Sondheim from A Little Night Music, "What I Did for Love" from A Chorus Line and "Tomorrow" from Annie. Side two opens with Jones' very personal re-interpretation of Édith Piaf's "La Vie en rose" and continues with three new recordings, all of which were co-written by Jones herself. The Italian release would omit "Sorry" and "That's the Trouble", adding an extended, over 7-minute-long version of "I Need a Man" instead. The album's artwork was designed by Richard Bernstein, an artist working for Interview, who would later contribute to Jones' two next albums' artworks and with whom the singer would re-team up for the 1986 album Inside Story.

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