Thursday, July 5, 2007
A few weeks ago I mentioned how stunned I was at the thought of that quintessential New York fashion icon, Barneys New York, being owned by a branch of the Dubai government. Now I may have to reorient my thinking once again. Fast Retailing, Japan's largest mass-marketer, announced that it made a $900 million offer, topping Istithmar's $825 million deal. If Jones Apparel (owner of the Barneys New York division) breaks the deal, it will have to pay a termination fee of $20.6 million or $22.7 million, depending on the date. See WSJ, Fast Retailing Offers $900 Million For Jones Apparel's Barneys Unit.