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Monday News Update: Barneys Sold! Juicy to 5th Ave?

BarneysmadisonBarneys has finally been sold!
The troubled Jones Apparel Group has officially uloaded the luxe specialty store chain for $825 million, more than double the $400 million it paid for it only three years ago. The big spender is Istithmar, an investment arm of the Government of Dubai. If they are smart, they will do exactly what Jones did and keep intact the creative and merchandising staff (Simon Doonan, Julie Gilhart etc.) who have hung on through so many ownership changes so customers won't notice any difference. As far as new stores go, now we know there are deep pockets to keep the chain's expansion rolling along. Dubai...don't they, like, grow money over there?Mexxfifthavenue

• Our friends over at RACKED tell us that the latest rumor is that Fifth Avenue's giant Mexx store is set to be repaced by a giant, get ready for it...Juicy Couture store!
We know, it's a stunning development. Since Liz Claiborne owns the lease it only makes sense that after they booted a failing brand from their most prominent real estate, that they would replace it with their fastest rising star. The question is just how fast can they burn out this brand in Manhattan? This would be their fourth store opening here in just over a year. Perhaps they discovered that Bleecker Street, for all its exclusivity, is perhaps not the ideal spot for a flagship sized store. Fifth Avenue, however...


The Soho Mexx is likely to become a Tommy Hilfiger, that's what I heard from a good source.

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