June 23, 2007
Dubai Fashion Sense?
Forget the ports deal -- I can't get used to the idea of the investment arm of Dubai owning Barneys! I remember when Barneys was a discount men's store owned by Barney Pressman and watched with bemusement as it transformed itself into a symbol of edgy, too-cool-for-most-of-us New York fashion. Now Jones Apparel, struggling to remain afloat, sold Barneys for $825 million to Istithmar -- a good deal considering Jones bought the stores in 2004 about half that amount. See WSJ, Jones Apparel to Sell Barneys To Dubai Firm for $825 Million.
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Dubai Holdings is thinking long term and Barneys has a unique selling position. Looks like a good move to me.
Posted by: Dubai news | Jun 23, 2007 10:05:15 PM