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Istithmar Wins Barneys Battle

Fast Retailing drops out, leaving Istithmar to pay $942.3 million to Jones Apparel Group for the New York-based retail institution.

Istithmar has won the bidding for Barneys New York following the decision Thursday by Fast Retailing Co. Ltd. of Japan to drop out.

The Dubai-based Istithmar is paying Jones Apparel Group, Barneys’ parent, $942.3 million in the all-cash deal. It inked the initial deal with Jones in June for $825 million, but then Fast stepped in and a bidding war ensued.

For complete coverage, see Friday’s issue of WWD.