BARNEYS NEW YORK SOLD FOR $271.4 MILLION USD; CEO STEPS DOWN

It has been a tumutuous several months for iconic retail brand Barneys New York since filing for bankruptcy.  Following the announcement that Juicy Couture  owner Authentic Brands would be purchasing Barneys for $271.4 million USD, Barneys CEO Daniella Vitale has stepped down. According to an internal memo that was obtained by Business of Fashion, Vitale shared the following:

“Today is my last day with this wonderful organization. As announced earlier on the call Authentic Brands Group will take control of the company today. Transition plans will be shared shortly. I am deeply sorry for all you have been through in the past year. Please understand that we tried very hard to keep this out of court and to find a solution before filing. We were saddled with many issues long before this began, ones that were unfortunately exacerbated by a difficult macro environment and the loss of the Madison arbitration.”

Authentic Brands also released a statement on the matter:

“ABG will leverage its international scale, marketing expertise, and network of best-in-class partners to grow Barneys New York’s global presence across retail, including pop-ups, shop-in-shops, e-commerce, and a new freestanding store in a key US market. Its initial focus will be on high-fashion collaborations, branded namesake products, and expanding international retail in both brick and mortar and [e-commerce.] There is also a strategy in development for Freds to export this beloved eatery to luxury destinations around the world.”

 

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