Jones Apparel Group Inc. (JNY) completed the sale of its luxury clothing retail unit Barneys New York Inc. to Istithmar PJSC, a Dubai private equity company, for $945 million.

The New York clothing company said it will net $840 million on the sale after transaction expenses.

The company said the proceeds will be used to fund an accelerated share buyback program with Goldman Sachs Group Inc. (GS). The company plans to buy back $400 million in shares, about 15.5 million shares out of its 103.9 million shares outstanding will be received by Sept. 12.