Barney Pressman founded Barneys New York in 1923. Pawning his wife’s engagement ring for $500, he rented a small storefront on 7th Avenue and West 17th Street in Manhattan. Barneys originally sold discounted clothing that he purchased from showroom samples and overstocks. The company also offered free parking and free alterations to attract more customers.
The company did a complete turnaround in 1973 when Fred Pressman, son of founder Barney Pressman, decided that the company could do better than selling discount items. The company began to stock designer, high end clothing items from designers such as Armani, Bill Blass, and Christian Dior.
In 2004, the Pressman family sold their remaining interest in Barneys. Today, the company is mainly owned by Perry Capital. The company has 27 locations and had revenue in 2015 of $1 billion.
Barneys New YorkBarney Pressman founded Barneys New York in 1923. Pawning his wife’s engagement ring for $500, he rented a small storefront on 7th Avenue and West 17th Street in Manhattan. Barneys originally sold discounted clothing that he purchased from showroom samples and overstocks. The company also offered free parking and free alterations to attract more customers.
The company did a complete turnaround in 1973 when Fred Pressman, son of founder Barney Pressman, decided that the company could do better than selling discount items. The company began to stock designer, high end clothing items from designers such as Armani, Bill Blass, and Christian Dior.
In 2004, the Pressman family sold their remaining interest in Barneys. Today, the company is mainly owned by Perry Capital. The company has 27 locations and had revenue in 2015 of $1 billion.
