Fast Retailing had until yesterday afternoon to make an offer higher than private-equity firm Istithmar. It had put in a $950-million bid for the chain, but Jones would have had to pay a $22.7-million cancellation fee to Istithmar, which made an original, $825-million offer for Barneys in June.
This final deal gives the Dubai outfit flagship stores here, Beverly Hills, Chicago, Boston and Dallas; two regional full-price stores; 14 CO-OP Barneys New York stores; and 13 outlet stores. The chain is scheduled to open a fifth flagship, in San Francisco, in the fall.
Istithmar sees "incredible growth prospects" for Barneys, said David Jackson, the firm's CEO, when it made its initial offer for the chain. The outfit has also invested in the US off-price chain Loehmann's.
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