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Barneys New York
bought by Dubai government for $825 million

Barneys New York, the high-end retailer known for dressing celebrities, was sold Sunday to Istithmar, an arm of the Dubai government, for $825 million from Jones Apparel, according to The New York Times. In 2004, Jones bought Barneys for $400 million, less than half of what it is now selling for.

The purchase marks another in a long string of business conquests by the Dubai government, which also recently bought the investment bank Perella Weinberg Partners and stakes in the retailer Loehmann's Holdings. (The Advocate)

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