Barneys New York, a beloved department store in New York City that faced bankruptcy in 2019, is making a comeback with a partnership between Neiman Marcus and Saks Fifth Avenue. The iconic store, known for its luxury products, is planning to offer new Barneys-branded items beyond just perfume and beauty products.
According to a source familiar with the matter, Barneys will expand its product line to include home goods, sportswear, intimates, outerwear, and more. These new items will be sold at Saks Fifth Avenue and Neiman Marcus stores, marking a new chapter for the brand under its new ownership.
The acquisition of Neiman Marcus Group by the owner of Saks is a crucial part of Barneys’ revival plan. Currently, Barneys’ products at Saks are limited to clothing and beauty items. However, the new partnership will allow Barneys to introduce a wide range of new products to attract customers.
While negotiations are still ongoing, the potential deal would involve Authentic Brands Group, the owner of Barneys’ intellectual property, assigning product licenses to new partners. Saks Global, the new company formed after the Saks-Neiman merger, would then distribute these new Barneys items across various categories.
This partnership could also extend to Barneys’ international stores, including its locations in Japan. The goal is to leverage the global reach of Saks Global to expand the presence of Barneys products in luxury markets around the world.
Authentic Brands Group’s decision to purchase the Barneys name out of bankruptcy was a strategic move to revive the iconic brand. With the changing retail landscape and increasing competition, Barneys needed a new direction to stay relevant in the market.
The partnership with Neiman Marcus and Saks represents a new chapter for Barneys, offering customers a fresh array of products and experiences. By expanding beyond its traditional offerings, Barneys is positioning itself for a successful comeback in the luxury retail sector.
Overall, the collaboration between these iconic brands signals a shift in the industry and sets the stage for Barneys’ resurgence in the market. Customers can look forward to a renewed focus on quality, innovation, and luxury as Barneys makes its comeback with Neiman Marcus and Saks Fifth Avenue.