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Authentic Brands Group will revive Barneys New York in its previous flagship location on Madison Avenue, said a source close to the matter.
Women’s Wear Daily was first to report that Authentic CEO Jamie Salter was considering the possibility of reopening the iconic retailer. Barneys could open additional small concept stores in other parts of the US, according to the report.
Authentic purchased Barneys’ intellectual property for $271 million in 2019 after the retailer filed for bankruptcy. The holding company, which also owns Juicy Couture, Brooks Brothers and Forever 21, subsequently licensed the Barneys name to Saks Fifth Avenue to operate shop-in-shops inside Saks locations. Saks held exclusive rights to Barneys retail in the US until its bankruptcy in January. Nine licensed Barneys stores still operate in Japan.
Founded in 1923, Barneys gained prominence in the ’90s, scaling to over 20 locations nationwide. Rising rent for its 220,000-square-foot space at 660 Madison Avenue, alongside expansion into difficult markets and the rise of luxury e-commerce culminated in its demise in 2019.
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Barneys Plots a Bigger Comeback Thanks to Neiman-Saks Deal
The plan hinges on the pending $2.65 billion acquisition of Neiman Marcus Group by the owner of Saks.
