The offer comes two weeks after Barneys’ owner Jones Apparel Group Inc. agreed to sell the business to Dubai private equity group Istithmar for $825 million.
Jones said that Fast Retailing’s offer was subject to a closer examination of its financial condition, the BBC reports. It said that in the meantime, “the agreement with Istithmar had not been terminated and remains in full force.”
Jones will have to pay Istithmar a termination fee of up to $22.7 million if it does pull out of their agreement.
Barneys New York has a number of stores across the U.S., and three outlets in Tokyo that are run by franchisees.
Fast Retailing is best known in Japan for its Uniqlo range of clothing.