Authentic Brands Group has announced its bid to acquire department store Barneys has closed.
The news follows the announcement that the open auction for Barneys has been cancelled after Barneys debtors filed a notice with the court confirming that no other qualified bids had been submitted. ABG’s bid comes in partnership with B. Riley, who collectively look to buy the department store for $271 million.
ABG will leverage the Barneys brand via a licensing deal with Saks Fifth Avenue. According to an earlier report from the Wall Street Journal, Saks plans to use the license to open new Barneys stores and takeover the existing Barneys website.
“We are thrilled that our offer for Barneys has been accepted,” says Jamie Salter, founder, chairman and chief executive officer, Authentic Brands Group. “Barneys is one of the most recognizable and iconic names in luxury lifestyle, and we see an incredible opportunity to extend the brand’s equity in current and new markets around the world. We are also excited to join forces with Saks Fifth Avenue, the preeminent luxury retailer that continues to bring innovation and fashion authority to the industry.”
The acquisition adds to the growing list of brands in ABG’s portfolio. Earlier this year, the company bought publishing brand Sports Illustrated.