Uniqlo to purchase Barney's?

[insomaniac]

i thought this was pretty interesting...

http://www.fastretailing.com/eng/ir/news/0707052200.html

IR News

Last Updated: 2007.07.05

Notification regarding a Proposal to acquire Barneys New York, Inc.

FAST RETAILING CO., LTD.

On July 2, 2007, FAST RETAILING CO., LTD. (“FAST RETAILING”) submitted a proposal to acquire Barneys New York, Inc. (“Barneys”) for $900 million (approx 110 billion yen). Barneys is currently wholly-owned by the US-based apparel maker Jones Apparel Group, Inc. (“Jones”, NYSE:JNY). Jones’ Board of Directors has concluded that FAST RETAILING’s proposal is reasonably likely to lead to a superior offer for Barneys.

■ Background to the Proposal

On June 22, 2007, Jones announced an agreement to sell Barneys to Istithmar, a Dubai based private equity firm for $825 million (approx 100 billion yen). FAST RETAILING had previously communicated its interest in acquiring Barneys to Jones last fall and is submitting its proposal under the provisions of the Jones agreement with Istithmar, which allows Jones to consider superior proposals for Barneys if received prior to July 22, 2007.

This offer reflects our expectations regarding the attractive long term growth potential of Barneys and the synergy potential with the FAST RETAILING Group.

FAST RETAILING’s proposal is conditioned on satisfactory completion of due diligence and execution of a mutually acceptable purchase agreement. It is not subject to financing and can be consummated on an expedited basis.

This offer does not include the Japanese licensee of Barneys New York.

■ Barneys overview

Founded in 1923, Barneys New York is a leading luxury department store chain

in the United States.

Barneys currently operates 34 stores in the US, including the Manhattan flagship store

and large format stores in Beverly Hills, Chicago, and Boston as well as the smaller

Barneys CO-OP and Barneys outlet format stores.

Jones purchased Barneys in December 2004.

■ABOUT FAST RETAILING (http://www.fastretailing.com/eng/)

FAST RETAILING CO., LTD. is the leading Japanese-based apparel retailer with a presence throughout the world. Founded in 1963, it currently operates 1,800 specialty stores in over 12 countries. For the year ended August 2006, FAST RETAILING had consolidated overall net sales of 448.8 billion yen ($3.7 billion), and a consolidated operating profit of 70.3 billion yen ($586 million). FAST RETAILING has a current market capitalization of approximately 930 billion yen ($7.8 billion), and more than $1 billion of cash and cash equivalents on hand.

Among the best known global brands within the FAST RETAILING Group are UNIQLO, Theory, Comptoir des Cotonniers, and Princesse tam.tam. The UNIQLO brand of casual clothes is Japan’s largest apparel retail chain with approximately 750 stores throughout Japan, as well as stores in the US, UK, China, South Korea, and Hong Kong. The Company has substantial experience in acquiring companies in the retail sector, including footwear retail chain ONEZONE CORPORATION (2005), Créations Nelson S.A.S., the developer of the Comptoir des Cotonniers brand (2005), PETIT VEHICULE S.A.S., developer of the Princesse tam.tam brand (2005) and CABIN CO., LTD. (2006). FAST RETAILING acquired an equity stake in LINK THEORY HOLDINGS CO.,LTD., the marketer of the Theory and Helmut Lang apparel brands in 2004.

[Selegna]

fuckin' coolguy..

[herpsky]

I never understood barney's. a lot of olousy clotthes. its like a total melrose / juicy store. and then they started with bbc and kidrobot.

lame.

FUCK YOU and your mother

[London]

The Dubai government is purchasing Barney's.

[marquischacha]

I never understood barney's. a lot of olousy clotthes. its like a total melrose / juicy store. and then they started with bbc and kidrobot.

lame.

Seriously, have you stepped into a Barney's lately? The BH store fucking owns, best selection of men's clothing in the LA area bar none. Maybe you are thinking of co-op.

[goldengloves]

The Dubai government is purchasing Barney's.

Fast retailing came in with a last minute offer of $900 million which is $75 million over what Istithmar offered.

Here's some info;

Tokyo-based specialty retailer Fast Retailing Co. on Thursday made an unsolicited $900 million bid for Barneys New York to Jones Group, trumping a rival $825 million offer from Dubai-based equity fund Istithmar.

The bid represents a 9 percent premium over Istithmar's, Fast Retailing said in a statement that it "had previously communicated its interest in acquiring Barneys to Jones last fall and is submitting its proposal under the provisions of the Jones agreement with Istithmar, which allows Jones to consider superior proposals for Barneys if received prior to July 22, 2007

[hollaforadolla]

Seriously, have you stepped into a Barney's lately? The BH store fucking owns, best selection of men's clothing in the LA area bar none. Maybe you are thinking of co-op.

serious. uniqlo + barneys = sufu delight explosion?

[seemeugly]

I've read that there's a 20mm breakup charge associated with Jones selling Barney's to anyone other than Istithmar at this stage, which is pretty significant when they're only looking at 75mm premium.

[DaBestSpoona]

I never understood barney's. a lot of olousy clotthes. its like a total melrose / juicy store. and then they started with bbc and kidrobot.

lame.

maybe the barney's in your neck of the woods just sucks

The barney's in nyc carries basically the same stuff as odin

[sygyzy]

I've read that there's a 20mm breakup charge associated with Jones selling Barney's to anyone other than Istithmar at this stage, which is pretty significant when they're only looking at 75mm premium.

What does mm stand for? Million?

[herpsky]

maybe the barney's in your neck of the woods just sucks

The barney's in nyc carries basically the same stuff as odin

Does odin carry MMM, Dries, Lanvin, Thom Browne, and etc?

I don't think so.

[seemeugly]

What does mm stand for? Million?

Yeah, it's million. It actually stands for mille mille, a thousand thousand.

[cem]

I never understood barney's. a lot of olousy clotthes. its like a total melrose / juicy store. and then they started with bbc and kidrobot.

lame.

Yes, you are right. The Barney's New York flagship store in Beverly Hills carries Yohji Yamamoto Pour Homme, Comme des Garcons Homme Plus, Shirt, & Evergreen, Junya Watanabe, Jil Sander, Raf Simons, Ann Demeulemeester, Rick Owens DRKSDHW, Maison Martin Margiela Line 10, 14, & 22, Alexander McQueen, Dris Van Noten, Dior Homme, and etc. Not to mention the insane sales they have (up to 75% off). And don't even get me started on the Barney's flagship in Madison Ave.

Maybe the hood ass Barney's you go to in Bumblefuck, NJ sucks, but don't say ALL Barney's suck.

[eroz~]

fuckin' coolguy..

HAHA. Thats an awesome picture.