Jones gets closer to Barneys sale

US: Jones getting closer to Barneys sale?

By just-style.com | 13 June 2007

Jones Apparel Group is reportedly drawing closer towards a deal for its high-end fashion chain Barneys New York.

According to The New York Post, the luxury retailer will be acquired by a private-equity firm Istithmar, which is owned by the Dubai government.

It emerged last month that Barneys had attracted interest from the likes of Federated Department Stores and LVMH, but that no deal had yet been ironed out. Local reports now suggest that one might now be on the horizon.

The stores could reach nearly US$1bn if sold, as anticipated, at some stage during the next week - fetching a 100% return for Jones, which bought Barneys three years ago.

Sectors: Apparel, Finance, Retail

Companies: Barneys, Jones Apparel, Istithmar, Federated Department Stores, LVMH