FAST RETAILING Submits Proposal to Acquire Barneys New York, Inc. for $950 Million

FAST RETAILING Submits Proposal to Acquire Barneys New York, Inc. for $950 Million

FAST RETAILING CO., LTD. (“FAST RETAILING”) today announced that it has submitted a definitive proposal to acquire Barneys New York, Inc. (“Barneys”) from Jones Apparel Group, Inc. (NYSE: JNY; “Jones”) for $950 million (approximately 114 billion yen) in cash. This proposal was submitted on August 3, 2007, after an amended proposal to acquire Barneys for $900 million was submitted by Istithmar. FAST RETAILING had previously submitted a definitive proposal to acquire Barneys for $900 million (approximately 110 billion yen) in cash on July 30, 2007.

FAST RETAILING has a high regard for the Barneys brand and for its management and creative teams. FAST RETAILING is committed to supporting Barneys’continued growth and unique position as one of the leading luxury department store brands in the world. FAST RETAILING’s offer is not subject to financing and can be consummated on an expedited basis.

ABOUT FAST RETAILING (http://www.fastretailing.com/eng/)

FAST RETAILING CO., LTD. is the leading Japanese-based apparel retailer with a presence throughout the world. Founded in 1963, it currently operates 1,800 specialty stores in over 12 countries. For the year ended August 2006, FAST RETAILING had consolidated overall net sales of 448.8 billion yen ($3.7 billion), and a consolidated operating profit of 70.3 billion yen ($586 million). FAST RETAILING has a current market capitalization of approximately 712 billion yen ($5.9 billion), and more than $1 billion of cash and cash equivalents on hand.

Among the best known global brands within the FAST RETAILING Group are UNIQLO, Theory, Comptoir des Cotonniers, and Princesse tam.tam. The UNIQLO brand of casual clothes is Japan’s largest apparel retail chain with approximately 750 stores throughout Japan, as well as stores in the US, UK, China, South Korea, and Hong Kong. The Company has substantial experience in acquiring companies in the retail sector, including Créations Nelson S.A.S., the developer of the Comptoir des Cotonniers brand (2005) and PETIT VEHICULE S.A.S., developer of the Princesse tam.tam brand (2005). FAST RETAILING acquired an equity stake in LINK THEORY HOLDINGS CO., LTD., the marketer of the Theory and Helmut Lang apparel brands in 2004.

Contacts

United States
Sard Verbinnen & Co.
George Sard/Jamie Tully/Jane Simmons
212-687-8080
or
Japan
PR Dept. of FAST RETAILING: +81-(0) 3-6272-0960
IR Dept. of FAST RETAILING: +81-(0) 3-6272-0070