Dubai Investment Company owned Barney New York, has taken in Mark Lee has the new Chief Executive.

Lee has come from Gucci Group and was working there as an executive. Lee, 47, is going to be the first CEO that Barney will have since Howard Socol resigned in 2008.

From one luxury brands to another, it has been a long journey for Mark. But the change also signifies that Dubai World's Istithmar World PJSC is serious about this business.

Mark will be taking up the new charge from September 1 and will have to take some key decisions in its business.

Barney's was bought by Istithmar in 2007 by paying$942.3 million. Jones Apparel Group Inc was its past owner. But after the takeover, recession hit and the retailer was down. However, with the help of positive growth during the winters when both its brands Nordstrom Inc. and Tiffany & Co. showed 200 per cent rise in sales.

But since then, the economy has slowed down again and the sales could go up by merely 0.2 per cent.

That is sending warning signals to the company and will require some long term strategy changes.