Barneys to be acquired by Authentic Brands Group
Authentic Brands Group has emerged as the successful bidder for US department store chain Barneys New York.
The move follows Barneys’ filing for bankruptcy protection in August.
In a statement, ABG said it will work to grow Barneys’ presence as a global luxury retailer and lifestyle brand with an initial focus on “high fashion collaborations, namesake products, lively dining and premium shopping experiences”.
Jamie Salter, founder, chairman and chief executive of ABG, said: “Barneys is one of the most recognisable and iconic names in luxury lifestyle, and we see an incredible opportunity to extend the brand’s equity in current and new markets around the world.”
As a result of the acquisition, Saks Fifth Avenue will become the retail partner for the Barneys brand in the US and Canada.
Marc Metrick, president of Saks Fifth Avenue, said: “As we explore opportunities for the brand as part of Saks Fifth Avenue, we are working to best understand what Barneys’ customers love about the retailer as we evolve it into a new interpretation that is relevant for today’s luxury consumer. We’re thrilled to partner with ABG, a leader in brand-building and marketing, in this endeavour.”
ABG has also committed to selectively licensing the Barneys brand around the world to support growth of the Barneys-branded merchandise programme. It will also maintain Barneys’ current licensing agreement with Seven & i Holdings, which operates 12 Barneys retail stores in Japan.
The transaction is subject to final approval by the United States Bankruptcy Court for the Southern District of New York but is expected to complete by 1 November.
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