J.Crew is reportedly in talks to be sold to Fast Retailing, the Japanese parent of Uniqlo. J.Crew, which was taken private for $2.8 billion in 2011, is seeking at least $5 billion in a sale, a source told The Wall Street Journal. It is unclear whether Fast Retailing agreed to the price or if the two sides have even discussed it.
The talks about a possible sale are still in very early stages. Other buyers have also expressed interest in J.Crew, however, the owners of the retail chain are not necessarily committed to pursuing a sale of the company, the sources added.
J.Crew's owners, private equity firms TPG Capital LP and Leonard Green, are reportedly exploring exit options for J.Crew, including an initial public offering, and hired Goldman Sachs in January to investigate an IPO. They have yet to make a decision on the timing and avenue of a potential exit, the people familiar with the matter said.
J.Crew operates more than 400 stores in the U.S., Canada and the U.K. Its revenue rose 9 percent to $2.4 billion in the fiscal year ended Feb. 1. Fast Retailing owns several fashion brands including Uniqlo, Helmut Lang, Theory and Princesse Tam Tam, among others.
-See this Wall Street Journal report
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