Legendary American department store Barneys New York is in the midst of bankruptcy proceedings that could mark the end of an era, but Saudi may be giving it the chance it needs to survive… and thrive.
Saudi-based retail and real estate group Arabian Oud will be the ones shelling out the cash – almost Dhs1 Billion – in their bid to bring Barneys to the Kingdom, and, if it works out, two Barneys stores will open in Saudi, with other branches opening across the region once the first are completed.
The Middle East has become a serious player in fashion what with regional designers Rami Al Ali, Zuhair Murad and Yousef Al Jasmi dressing celebrities and iconic fashion houses showing in Dubai, so this could be the right move. Plus, our regions’ shopping habit is, er, somewhat notorious. Oops.
Barneys New York has been an iconic fashion landmark since it opened in 1923, with Carrie and co. from SATC frequenting its perfectly polished floors, and it would be a shame to see it go. Here's hoping Saudi can turn it around for the fashion lovers - after all, everyone loves a comeback story.