New York City-based Authentic Brands Group (ABG) recently announced that it has emerged as the successful bidder to purchase the intellectual property of Barneys New York. Through this acquisition, ABG will enhance its luxury footprint and further establish its position as a leader in contemporary fashion, the company said in a statement.
“We are thrilled that our offer for Barneys has been accepted,” said ABG founder-chairman and chief executive officer Jamie Salter.New York City-based Authentic Brands Group (ABG) recently announced that it has emerged as the successful bidder to purchase the intellectual property of Barneys New York. Through this acquisition, ABG will enhance its luxury footprint and further establish its position as a leader in contemporary fashion, the company said in a statement.#
ABG will leverage its international scale, marketing expertise and network of best-in-class partners to grow Barneys’ presence as a global luxury retailer and lifestyle brand. Its initial focus will be on high fashion collaborations, namesake products, lively dining and premium shopping experiences.
ABG’s marketing division will drive growth for Barneys while maintaining its elevated aesthetic through innovative creative, original content and engaging campaigns. The Barneys brand narrative will be powered by Winston, ABG’s proprietary network of creators, curators and connectors, who have a combined reach of more than 150 million followers on social media.
Following ABG’s purchase of the Barneys intellectual property, Saks Fifth Avenue will become the retail partner for the brand in the United States and Canada.
Upon the closing of the transaction, ABG will acquire Barneys New York and the associated intellectual property including Barneys, FiveSeventyFive, Connor New York, Freds and Freds Foods, The High End and The Drop.
ABG will selectively license the brand around the world to support the growth of the Barneys-branded merchandise program.
It will also maintain Barneys’ current licensing agreement with Seven & i Holdings, which operates 12 Barneys retail stores in Japan. The stores will remain open.
The sale is subject to final approval by the United States Bankruptcy Court for the southern district of New York at a hearing on October 31 and the customary closing conditions set forth in the purchase agreement. The transaction is expected to close by November 1.
Fibre2Fashion News Desk (DS)
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