By  on July 6, 2007

NEW YORK — A bidding battle is on for Barneys New York.

Fast Retailing Ltd., the Tokyo-based owner of fast-fashion chain Uniqlo and an investor in contemporary brand Theory, on Thursday surprised the industry with an unsolicited $896 million offer for Barneys, trumping the $825 million bid from Dubai-based investment firm Istithmar that seemed relatively assured.

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