Gene Pressman, the heir behind the Barneys legend: The mistakes that led to its collapse
Every street in New York hides a story—but few have become as iconic as that of Barneys. The department store that began as a small corner shop in Manhattan grew within a few decades into a global landmark for fashion, art, and culture. Gene Pressman, grandson of the founder, is the man who defined its golden age—and witnessed its downfall
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The story begins with Barney Pressman, Gene’s grandfather, who in 1923 pawned his wife’s engagement ring to open his first shop. From that tiny store called Barneys, which sold men’s suits at discount prices, emerged a brand that transformed the way Americans thought about style. Barney was a neighborhood merchant with big vision: he built his name on the idea that anyone could dress well without spending a fortune.
In the late 1950s, his son Fred Pressman took over and radically changed the company’s direction. What began as a discount store became a temple of high fashion. Fred introduced American customers to then-unknown designers like Giorgio Armani, Hubert de Givenchy, and Pierre Cardin. He expanded into women’s fashion, cosmetics, and home goods, turning Barneys into a full lifestyle destination. His vision was clear: not just sales—but an experience.
That was the legacy Gene Pressman inherited as the third generation. He brought new energy and the desire to give Barneys a mythic identity—melding fashion with art, turning the store into a stage for daring designers, and transforming window displays and runway shows into cultural events.
“We were the luckiest people in the world in 1972. Back then we had just one store. Each generation brought its own vision—my father revolutionized men’s wear, and I redefined women’s fashion. It was a one-of-a-kind era,” he recalls.
In 1970s New York, Barneys was a mirror of the city’s spirit. From SoHo to the Upper East Side, everyone talked about its fashion shows, parties, and the people who walked through its doors. Gene remembers:
“In 1976 we opened our women’s store. In the ’80s we held an event to raise awareness about AIDS—Barneys was the first company to collect money for that cause. Levi Strauss donated denim jackets. Andy Warhol came, Jean-Michel Basquiat came, Manolo Blahnik was there. We asked Madonna and Iman to walk the runway. And at the end, John Galliano got drunk and pulled Kate Pierson’s wig off. Unforgettable night.”
It wasn’t just the events; it was the people who showed up out of nowhere.
“Prince Andrew and Sarah Ferguson once visited Barneys. The British consulate called us in advance, and we hosted a special show for them. It included a ballet scene inspired by the Kama Sutra—and Andrew joked to Sarah that they should try it at home. Another time, Jack Nicholson walked into the women’s section during a sale, and started making funny noises. You never knew who would appear.”
But behind the glamour came hard decisions. Gene Pressman doesn’t shy away from acknowledging mistakes:
“Opening so many stores—that was a mistake. You don’t need that many. Over-expansion was where we started to lose our focus. It wasn’t a single moment, more like a slow realization: when expansion outgrows vision, balance is lost.”
Working with family, he admits, was both a blessing and a challenge:
“Family gives you security, but it also brings competition. It was part of the magic—and part of the struggle.”
Still, Barneys left a mark no other department store of its era could match.
When asked what luxury means today, his answer is firm:
“I hate that word. Luxury has lost its meaning. True luxury is quality—something honest, crafted, built to last. That’s what people should look for, not just a label.”
And if Barneys were to be reborn?
“I’d cut fashion by 30%. In the ’70s, there was a whole world of young designers—you could fill the store with them. Today fashion feels like a supermarket, sometimes meaningless. A new Barneys would be smaller, more curated, more personal.”
He ends with advice for young entrepreneurs dreaming of entering the fashion world:
“Don’t follow the noise. Find your own voice. And don’t confuse size with success.”
The story of Gene Pressman and Barneys—now owned by Saks Fifth Avenue since 2021—reminds us that fashion is not just an industry; it’s a narrative. From Barney pawning his wife’s ring to start the first shop, to Gene turning the store into a theatrical stage, their history is filled with risks, ambition, excess, and countless moments of pure magic, perhaps that’s why Barneys still lingers in our collective imagination.
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