Authentic Brands Group has purchased Barneys three months after Barneys filed for Chapter 11 bankruptcy. Luxury retailer Barneys has nearly a century-long history and has enjoyed a position of prestige as a provider of the finest luxury apparel. However, Barneys has not been immune to market conditions. Barneys has stopped e-commerce transactions on its websites.
Changes are happening in the US luxury retail space. LVMH has reached an arrangement to purchase Tiffany. The transaction is forecasted to close in the middle of next year. LVMH has amassed a sizable luxury brand portfolio in various retail sectors, from perfume to fashion. Its famous brands include Dom Perignon, Moët & Chandon, Louis Vuitton and Givenchy. Last year, the global jewelry market rose seven per cent. Tiffany is one of the biggest jewelers in the world. LVMH is looking to develop this brand with dedication and commitment.
E-commerce luxury reseller The Real Real went in for an initial public offering earlier this year. The company priced its shares above a target range. Used footwear, clothing and accessories represent a $10 billion market in the United States. At the same time, interest from young consumers who are conscious about sustainability has provided an opportunity for the industry.
