The proposal, which reaffirmed the $900 million bid for Barneys, included a form of stock purchase agreement and is not subject to a due diligence condition. Jones said it is in talks with Fast Retailing regarding its proposal.
Jones said it would be required to pay a fee of $22.7 million if it terminated its existing agreement to sell Barneys to Dubai-owned private equity firm Istithmar for $825 million.
Under the agreement with Istithmar, Jones can explore bids for the company until Aug. 11.
Fast Retailing operates Japan’s popular Uniqlo casual clothing chain.