Barney Pressman

Barney Pressman (December 14, 1894 – August 24, 1991) was an American businessman and founder of Barneys New York retail store.

In 1923, he purchased the lease and contents of a small clothing store at Seventh Avenue and 17th Street in Manhattan selling his wife's wedding ring to finance the transaction. As his store was located in a non-traditional retail area, Pressman purchased inventory at a discount at bankruptcies, auctions, and odd lots including searching the newspapers for notices of death and divorce among the city's elite. By buying name-brand goods at a discount, he was able to severely undercut the manufacturer's selling price and although he did not have the most desired styles, his working-class customers preferred brand name products for low prices.

In the 1950s, his store sold more suits than any other single store in the world, employing 150 tailors. In the 1960s, his son Fred changed the focus of the business and started advertising to customers who were not as price sensitive and began to carry expensive suits and coats. He changed the name to Barneys New York. 

In 1977, Barneys added women's apparel, housewares, cosmetics, and gifts. By the time of his death in 1991, Barney's had $200 million in sales. 

In August 2019, Barneys filed for Chapter 11 bankruptcy, closing 15 of its 22 stores. Following the sale in November 2019, Authentic Brands Group took control of the Barneys brand name and licensed it to Saks Fifth Avenue. Barneys' website, barneys.com, now points to saksfifthavenue.com.