The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Barneys New York Inc. has stopped offering clearance merchandise on its websites, which now redirect to Saks Fifth Avenue's sites.
The retailer suspended closeout sales on Barneys.com and Barneyswarehouse.com sites and is transferring the remaining goods to Barneys stores slated to close, according to a representative for B. Riley Financial Inc., the firm handling the liquidation sales. Clearance at those stores will continue through January and possibly into early February, the person said.
Barneys, which filed for bankruptcy in August, is closing most of its stores after Authentic Brands Group LLC won court approval to buy it. Authentic, which owns and operates consumer and celebrity brands, plans to open Barneys shops inside about 40 Saks Fifth Avenue stores. Users who type in the previous Barneys domain names now see pages reading Barneys at Saks or Saks Off Fifth.
A representative for Authentic didn’t immediately respond to a request for comment.
As the holidays kicked off, Barneys stepped up its discounts to about a third off, an almost unheard of reduction in the luxury world.
By Lauren Coleman-Lochner; editor: Rick Green, Nicole Bullock, Lisa Wolfson
Rent the Runway and Stitch Fix will give updates on their turnaround efforts. That, plus what else is in store for the coming week.
Krishna Nikhil has stepped down for family reasons after just over 18 months at the helm of eco-innovation brand, the company said.
The luggage and lifestyle brand is expanding its product and marketing strategies while launching collaborations and pop-up stores as its founder, Shay Mitchell, eyes expansion and profitability after five years in business. BoF learns more.
Richemont, owner of jeweller Cartier, said on Wednesday it would not inject any cash into online luxury retailer Farfetch, following a report that the latter was exploring going private.