Friday, July 6, 2007 4:21 am | 
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Barneys New York. | Photo: Palmasco. Creative Commons. |
Uniqlo owners offers US$900m for Barneys New York
Japan-based Fast Retailing Co., owner of casual clothing chain Uniqlo, announced Thursday they had offered US$900m for the American luxuary department store chain Barneys New York, the Asahi Shimbun reported.
Jones Apparel Group, current owners of Barneys, had agred to sell it to Isthithmar, a Dubai private equity firm, which had made an offer to buy Barneys for US$825 million, a deal Jones had agreed to, but Jones have now said they will consider the bid from Fast Retailing.
Istithmar is owned by Dubai World, which in turn is a wholly state-owned company.
Barneys New York was founded in 1923 by Barney Pressman. The company owns 34 stores throughout the U.S. Additionally, there are 3 “Barneys Japan” stores, one in Yokohama and two in Tokyo, in Ginza and Shinjuku respectively.
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