Fast Retailing Throws in Towel on Barneys

Japan's Fast Retailing on Thursday dropped out of the bidding war for Barneys New York, clearing the way for Dubai firm Istithmar to buy the upscale US department store for 942.3 million US dollars.

The defeat is a setback to the ambitions of the Japanese no-frills clothing giant to become a global name in apparel retailing.

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