Barneys Appoints New CEO

NEW YORK, August 23, 2010 /PRNewswire/ -- Barneys New York ("Barneys" or "the Company"), the luxury retailer, with the support of its shareholder Istithmar World, today announces the appointment of Mark Lee to the Company as Chief Executive Officer ("CEO"), effective September 1, 2010.

Formerly global President and CEO of the Gucci brand from 2004 through 2008, Mr. Lee has over 25 years experience in the luxury brand and retail industry. Mr. Lee joined Gucci in 1996 and served from 1997 to 1999 as the senior most global merchandising executive prior to being named CEO of Yves Saint Laurent. Under his leadership Gucci achieved significant brand and financial success including being named in 2008 as the Most Coveted Luxury Brand in the world by a Nielsen company survey.

Mr. Lee began his career at Saks Fifth Avenue in 1984 and subsequently served in senior executive positions at the Giorgio Armani and Jil Sander brands.

Commenting on the appointment, Andy Watson, Chairman of Barneys and acting CEO of Istithmar World, said:

"We are delighted to welcome Mark Lee to the business and look forward to supporting him as he takes the business forward, capitalising on his wealth of experience in the retail industry. The appointment marks an exciting new era for Barneys as we look to build the brand and maximise its existing strong platform for growth. We continue to believe that Barneys is a great business that is well positioned to make the most of market opportunities.

"I would like to take this opportunity to acknowledge the outstanding job the existing management team at Barneys has done navigating the business though the unprecedented trading conditions of the global credit crisis without a CEO in place to provide additional support and leadership through such challenging times."

Mark Lee added:

"I am honored to be joining Barneys as CEO. Barneys is a unique landmark retailer, store and brand, one that is synonymous with luxury and style and I am confident that together with the strong Barneys team we can take the company to even greater prominence."

Barneys was assisted in the search process by Herbert Mines Associates, a New York based executive search firm.

SOURCE Barneys New York and Istithmar World