Jones Apparel Group has a new, bigger bid for its Barney's unit.

Jones Apparel Group Inc. (NYSE: JNY) said on Thursday that it had received an unsolicited non-binding $900 million cash offer from Japan-based Fast Retailing Co. Ltd.

The move comes two weeks after Jones announced an $825 million in cash agreement to sell Barney's to an affiliate of Istithmar, a Dubai-owned investment firm.

Jones can enter into discussions under the Istithmar agreement. However terminating the deal would cost Jones $20.6 million, or $22.7 million after July 22.

Jones said the latest offer is subject to due diligence and other conditions.

Under the Istithmar agreement, Jones had expected to report a net gain of $290 million.

Jones owns other brands including Nine West, Jones New York and Easy Spirit.

Shares of Jones rose 17 cents, or 0.6 percent to reach $28.57 in afternoon trading on the New York Stock Exchange.

Japan Dubai Investment