Barneys New York, while a prominent chain of stores for the beautiful people, had seemed to be an ugly duckling in the retailing business.

The fashion retailer has gone through a number of ownership changes over the years, and its current owner, Jones Apparel Group, abandoned an auction of Barneys last year. The failure to sell the chain was notable, given the intense appetite that private-equity firms have had for retailers, particularly high-end companies like Neiman Marcus.

 But now, Jones has a buyer, the New York Times reports. Barneys is near a deal to be sold to the investment arm of the Dubai government, Istithmar, for $825 million.

 An acquisition would be the latest in a wave of Persian Gulf investments in the United States, particularly in real estate. The best known of the deals was the star-crossed acquisition by Dubai’s port company of P&O Holdings of Britain; political pressure eventually forced the Dubai company to sell its operations at six United States ports.

For Jones Apparel, a sale would bring some measure of vindication to its chief executive, Peter Boneparth, the Times notes. He was roundly criticized when he bought Barneys for $400 million in 2004. Now Jones, which owns brands like Anne Klein, Jones New York, and Nine West, and whose stock price has slumped, may be making a big profit on that investment.