Dubai: Barneys New York's owner, Dubai's Istithmar World PJSC, may sell the retailer less than two years after buying it as the fund struggles with losses and the luxury market slows, two people familiar with the situation said.
Istithmar doesn't want to sell the business for less than the $942.3 million (Dh3.46 billion) it paid in 2007, said one of the people, who declined to be identified because the talks were private. The state-owned fund has had calls from potential buyers and would sell its entire stake, one of the people said. Istithmar Chief Executive Officer David Jackson declined to comment.
The Dubai investment fund has struggled to expand Barneys outside the US after Howard Socol resigned as chief executive in May and the luxury market withered.
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