The drowning luxury market may claim yet another victim: Barneys New York. Dubai Istithmar World PJSC, an investment arm of the Dubai government, is considering a sale of the luxury retailer, less than two years after buying it, two people familiar with the matter say.
From Bloomberg: "The Dubai investment fund has struggled to expand Barneys outside the U.S. after Howard Socol resigned as chief executive in May and the luxury market withered. Istithmar was one of seven Gulf funds that lost a cumulative 15 percent in 2008, according to Saudi bank Samba Financial Group."
Istithmar purchased Barneys in 2007 for $942 million, but it's highly unlikely they'll be able to expect the same price now if they sell.
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Solar Panels of AL 1:13AM April 17, 2011