Japan's Fast Retailing group has moved forward with plans to buy Barneys New York from Jones Apparel Group for US$900m in cash, submitting a definitive proposal to acquire the luxury chain. 

This proposal was approved at an extraordinary board meeting held by Fast Retailing yesterday (30 July).    

"Fast Retailing has a high regard for the Barneys brand and for its management and creative teams. Fast Retailing is committed to supporting Barneys' continued growth and unique position as one of the leading luxury department store brands in the world," the Uniqlo operator said today. 

Its offer is conditioned on execution of a mutually acceptable purchase agreement. 

The Japanese company submitted its initial US$900m bid for the chain earlier this month (5 July) - beating an $825m deal already inked with Dubai-based private equity house Istithmar.

Jones said at the time that it would begin talks with Fast Retailing but that the deal it had earlier inked with Istithmar had not been terminated and remained in "full force and effect". Its earlier deal with Istithmar has a break-up fee of $22.7m if the deal is ultimately called off, reported AP.

Fast Retailing currently operates 1,800 specialty stores in over 12 countries, with a portfolio of brands including Theory, Comptoir des Cotonniers, and Princesse tam.tam.