(Bloomberg) -- Barneys New York, the department store long beloved by rich New Yorkers before a 2019 bankruptcy shuttered its Madison Avenue flagship and other US outlets, is gearing up for a revival of sorts at outposts in Manhattan and beyond.
It’s looking to launch new Barneys products and branch out beyond the perfume and beauty lines established after Authentic Brands Group purchased it out of Chapter 11, according to a person familiar with the matter. The brand would develop home goods, sportswear, intimates, outerwear and items in other categories to be sold at Saks Fifth Avenue and Neiman Marcus stores, the person said, asking not to be identified.
The plan hinges on the pending $2.65 billion acquisition of Neiman Marcus Group by the owner of Saks. Until now, Barneys’ outposts at Saks have only sold clothing curated from designers, alongside Barneys-brand merchandise that has been limited to beauty products.
Early negotiations around the planned initiative are underway, said the person, adding that no formal agreements had been reached.
Representatives for Authentic, Saks Fifth Avenue and Neiman Marcus declined to comment.
The prospective deals would involve Authentic — the owner of Barneys’ intellectual property — assigning product licenses to new partners. Saks Global — the new company that would be created after the Saks-Neiman merger — would have the right to distribute dozens of new items in home goods and other categories.
Potential distribution would also extend to Barneys’ global stores — it has 10 in Japan — and any other luxury outlets available to Saks Global.
Authentic Brands Group bought the Barneys name out of bankruptcy in late 2019 after its annual Madison Avenue rent alone eclipsed $30 million while competition for shoppers increased.
Sarah Jessica Parker, who memorialized Barneys’ fashion influence in six seasons of HBO’s Sex and the City, told Bloomberg at the time that the store was a “beacon” and its demise was “stunning.”
Authentic, a brand-management company whose model involves licensing the trademarks of its properties to partners who design, source, manufacture and sell branded goods, has also snapped up the IP of distressed names including Brooks Brothers, Forever 21 and Eddie Bauer in recent years.
--With assistance from Jeannette Neumann.
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