By Gavin Gibbon
Second Middle East investor also involved with sales hearing scheduled for Thursday
Former chief executive of Dubai-based Istithmar World, David Jackson, has joined forces with Saudi Arabia’s Arabian Oud, the largest perfume retailer in the Middle East, to launch an 11th-hour bid to buy US luxury department store chain, Barneys, according to media reports.
Istithmar World bought the 96-year-old company in 2007 for $942 million but relinquished majority ownership in 2012 to Perry Capital.
Jackson told the New York Post he was ready to offer around $271.4m for Barneys intellectual property by licensing firm Authentic Brands Group (ABG).
“We still believe there is a window for us on the 31st (October) to submit a fully funded proposal and write a check on the spot,” he is quoted as saying.
He revealed that Arabian Oud, which boasts 900 stores around the world, would be a “strategic and financial partner”.
It is understood a second Middle Eastern company is involved in the funding proposal although Jackson is keeping its identity a secret.
According to the report, ABG plans to keep Barneys’ seven stores open, including the iconic flagship store on Madison Avenue.
However, it faces competition from a second bidder in the shape of Sam Ben-Avraham, a trade show executive who was an investor in streetwear brand, Kith, who has already had a $260m offer rejected.
The sales hearing is scheduled to be heard on Thursday.