J. Crew is reportedly in preliminary talks to sell its business to Uniqlo's parent company Fast Retailing in a deal that could reach upwards of $5 billion, the Wall Street Journal reports, citing an unnamed source familiar with the matter.
The Japanese retailer reportedly approached J. Crew last week, though the U.S. brand is also in talks with other parties, purportedly seeking $5 billion for its sale, according to the Journal. It's unclear if Fast Retailing is willing to pay that amount. TPG and Leonard Green & Partners LP, which own J. Crew, had also contemplated taking the company public this year, tapping Goldman Sachs for an offering in January, according to WSJ.
A Fast Company cover story last April on J. Crew's executive creative director and president Jenna Lyons looked at how she revitalized the brand, helping unify the company's retail, catalog, and web presence. In the story, she talks about balancing her dual roles, saying "no financial decision weighs heavier than a creative decision. They are equal."