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Barneys New York goes to Istithmar in $825m deal25/06/2007. Source: AltAssets. 
 Istithmar, a private equity house headquartered in Dubai, has announced the signing of definitive agreements to acquire Barneys New York, the luxury specialty retailer, from Jones Apparel Group for $825m. The transaction is subject to customary closing conditions and approvals.
Barneys New York, currently a wholly owned subsidiary of Jones Apparel Group, Inc., is a luxury retailer with flagship stores in New York City, Beverly Hills, Chicago, Boston and Dallas. Barneys also operates two regional full-price stores, fourteen CO-OP Barneys New York stores, and thirteen outlet stores, and also holds two semi-annual warehouse sale events.
'We are excited to acquire Barneys New York. We believe that the luxury market generally and the Barneys platform specifically have incredible growth prospects,' said Khaled Al Kamda, vice chairman of Istithmar World.
Elaborating on the transaction, Istithmar's chief executive Officer, David Jackson, added, 'This investment will further our continued focus on the retail sector. We believe that we will be able to accelerate the growth of Barneys' business by leveraging our experience in the sector and other investments worldwide.'
Istithmar is a private equity and alternative investment house headquartered in Dubai, the United Arab Emirates, with offices in Shanghai and New York. Established in 2003, it is 100 per cent owned by Dubai World which in turn is wholly owned by the Government of Dubai. In the three years since its inception, Istithmar has invested in 30 companies in three sectors - consumer, industrial and financial services - deploying in excess of $2bn of capital.
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