Japan firm in final Barneys bid

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Japan's Fast Retailing, parent firm of Uniqlo, has finalised its $900m (£443m) bid to buy upmarket US department store chain Barneys New York.

The bid, a day after an extraordinary board meeting, is conditional on "a mutually acceptable purchase agreement", said Fast Retailing.

Fast Retailing, which focuses on low-priced basic clothes, is looking to overseas markets for future growth.

This latest offer tops an earlier bid agreed by Barneys' owner Jones Apparel.

Earlier in July, Jones Apparel had agreed to sell the chain to Dubai's private equity group, Istithmar, for $825m.

If Jones opts instead for the Fast Retailing offer, it will be obliged to pay Istithmar a fee of up to $22.7m for withdrawing from the earlier deal.

Uniqlo has made a name in selling jeans, T-shirts and other basic items.

The latest move marks a move to expand geographically as well as to broaden its target audience.

"Fast Retailing is committed to supporting Barneys' continued growth and unique position as one of the leading luxury department store brands in the world," the firm said.

Barneys New York has several US stores, as well as three outlets in Tokyo that operate as franchisees.