Barneys New York

About Barneys New York

In 1923, Barney Pressman used funds from pawning his wife’s engagement ring to open a 500-square-foot men's discount clothing store in Manhattan. With the slogan “No Bunk, No Junk, No Imitations,” the store specialized in selling brand-name suits at a reduced price by acquiring showroom samples, overstocks, and closeouts. In the 1960s, Barney's son, Fred, began a pivotal transition, shifting the business from a discount model to a luxury retailer. This new direction involved collaborations with designers like Giorgio Armani and Hubert de Givenchy, introducing high-end menswear to an American audience. The company expanded significantly in the following decades, introducing womenswear in 1976 and opening a flagship store on Madison Avenue in 1993. However, this rapid growth led to financial trouble, and the company filed for its first bankruptcy in 1996. Ownership changed hands several times over the next two decades, with acquisitions by Jones Apparel Group in 2004 and Dubai-based Istithmar in 2007. Despite these changes, Barneys faced mounting challenges from high rent and the rise of e-commerce. In August 2019, the company filed for bankruptcy for a second time. Ultimately, Authentic Brands Group acquired Barneys' intellectual property in November 2019 for $271.4 million. This deal led to the closure of its physical stores and licensed the brand to its former rival, Saks Fifth Avenue.