After a week of speculation reports, Howard Socol has resigned as chairman, president and ceo of Barneys New York. According to DNR, Socol will remain with the company until the end of June. No successor has been named yet, while the luxury retailer said it will begin a search for a replacement.
DNR reported that Socol said in a statement that after more than seven with the company, he felt it was time to take time to enjoy all the opportunities that life affords.
“I felt strongly about remaining with the company for a short period following the sale to Istithmar as well as through the opening of our Las Vegas flagship,” he said. “With the sale process well behind us and the Las Vegas location having opened in January of this year, this is the appropriate time to move forward.”
Prior to joining Barneys in 2001, Socol served as ceo of Burdines and J. Crew.
Barneys’ parent company, Istithmar, purchased the specialty chain from Jones Apparel Group last summer for $942.3 million. Plans called to expand the retailer’s nameplate both in the U.S. and internationally. According to published reports, Socol was unhappy with Istithmar’s choice of cities in which to expand as well as its aggressive timetable.
During Socol’s tenure, Barneys has opened four flagships, 15 Co-op contemporary stores and two outlets.