On Wednesday news broke that J.Crew had begun interviewing banks in preparation for a late 2014 IPO. It seems that things may be more in flux for the retailer than previously thought: The Wall Street Journal is now reporting that J.Crew is in talks to be sold to Japan's Fast Retailing Co.
According to WSJ, the discussion is in its earliest stages and may not move forward.
J.Crew sold to TPG and Leonard Green just four years ago, in Nov. 2010, for $2.65 billion, and was reportedly looking at up to a $5 billion valuation for its IPO. WSJ is reporting that the retailer would be looking for up to $5 billion in a sale.
Should it sell to Fast Retailing, it would join a roster of apparel brands including Uniqlo -- Fast Retailing's largest property -- J Brand, Comptoir des Cotonniers and Princess Tam-Tam under the company's umbrella.
A spokesperson for J.Crew did not immediately respond to a request for comment.