Ever since Barney Pressman started Barneys New York with $500 he got from hocking an engagement ring, the famed luxury department store has had a long, tumultuous history. That legacy is continuing as Barneys frustratingly enters yet another round of bankruptcy-fueled reorganization that is making headlines.
Yesterday, the New York Post reported that Farfetch—the internet’s favorite place to find hard-to-find items—was nearing a purchase of Barneys. The story cited “sources” who claimed that Barneys was “in talks to sell itself to Farfetch in a deal that would also save the high-end clothing seller’s flagship Manhattan store, where it has been selling pricey duds for 26 years.” On paper, the deal could make sense, giving Barneys a much-needed boost while Farfetch got a very unique retail opportunity, a new revenue stream, and some serious Manhattan real estate.
There was just one problem: Farfetch says it’s not true. “The story is incorrect – Farfetch is not acquiring Barneys New York,” the company said in a very blunt statement.
Barneys declined to comment on the record.
A source familiar with the matter also told Fast Company that the story was inaccurate. Oh well, it was fun while it lasted. We’ll just go back to reading The Rise and Fall of the House of Barneys: A Family Tale of Chutzpah, Glory, and Greed and shopping on Farfetch.