Having announced that it was to sell Barneys New York to Dubai-based private equity firm US Istithmar at the end of June, US designer and wholesaler of branded apparel, footwear and accessories Jones Apparel Group, Inc. has received a new proposal for the acquisition of the luxury retailer.

The company has confirmed that it has received an unsolicited non-binding proposal from Fast Retailing Co., Ltd., a Japan-based company, to acquire Barneys for $900 million in cash.