Clothing retail firm Jones Apparel Group is to focus on its core brands as part of efforts to reverse company fortunes. New chief executive, Wesley Card, said in presenting the company's results for the first half of 2007 that his management team would continue to move away from sports.

 

He said: "I firmly believe there is opportunity for Jones in our core brands. These are Jones New York, Anne Klein and Nine West, as well as our denim family of brands, including Gloria Vanderbilt."

 

He also announced that the sale of its luxury fashion retail brand Barney's will go ahead, but perhaps not to Istithmar, the Dubai equity firm with which Jones agreed a price of $825 million in June.

 

It has emerged that Japanese company, Fast Retailing, has offered $900 million for Barney's. Mr Card said he would be prepared to accept the higher offer, even though it would mean going back on the June deal and paying Istithmar a "termination fee" of $22.7 million.