Last fall, rumors began to fly stating that CEO of Loblaw Corporation, Galen Weston had the intentions of purchasing America luxury department store, Barney's New York. For those that may be thinking, "What does the owner of a grocery store chain know about fashion?" Well, let me fill you in my dears.
Weston's Loblaw Companies own luxury companies such as, Holt Renfrew, Selfridges in the UK and Brown Thomas in Ireland as well as Loblaws grocery stores that are in partnership with Joseph Mimran & Associates, which runs the affordable, chic Joe Fresh.
For years, Barneys New York has suffered a great deal of financial trouble thanks to the slowing economy and the loss of its current investor Isthithmar, CEO David Jackson, leaving the company without a CEO. If the rumors are true then Mr. Weston will soon be able to add Barneys New York to his list of companies.
As a Canadian fashionista, I have become accustomed to hearing news of American take overs of Canadian fashion companies (Hudson's Bay, anyone?) and to hear this is honestly a breath of fresh air. It is nice to see that a Canadian company has the potential to stand its own overseas.
We will all have to stay tuned to see how this unfolds.