US: Fast Retailing tight-lipped on J Crew "acquisition talks"
J Crew owners are understood to be in talks to sell the clothing retailer for as much as $5bn
Fast Retailing is reported to have approached J Crew about potentially buying the private-equity-owned business, sources told Reuters. J Crew was taken private by TPG Capital and Leonard Green & Partners in 2011 in a deal worth US$3bn.
TPG declined to comment on the discussions. A spokesperson for Fast Retailing also remained tight-lipped.
"As a general company policy we do not comment on market rumour or speculation," said Fast Retailing spokesman Aldo Liguori.
The owners of J Crew are understood to be in talks to sell the clothing retailer for as much as $5bn, according to Reuters.
South Korean fashion conglomerate E.Land Group are also said to be exploring a deal for J.Crew Group Inc. The company, however, could not be reached for comment.
Last month, J Crew recorded an increase in fourth-quarter revenues and revealed it was seeking a loan to refinance debt. The firm, however, said it had not yet received a commitment from lenders in connection with the potential refinancing.
Commenting on the talks, Euromonitor International's apparel research analyst Ashma Kunde said: "With Fast Retailing's target of becoming the world's largest apparel retailer by 2020, and hoping to reach the number one spot in the US, the company could not have picked a more suitable target.
"J Crew would be a noteworthy addition to Fast Retailing's existing portfolio.
"The acquisition would give the company access to the lucrative affordable luxury segment, while enabling its flagship brand Uniqlo to draw upon J Crew's design expertise. Most importantly, the deal would bring Fast Retailing a big step closer to achieving its American dream."
Fast Retailing Co Ltd aims to strengthen its position overseas to become the world’s number one apparel manufacturer and retailer. The company announced that it has a target to achieve annual group sa...
Uniqlo brand owner Fast Retailing has outlined further plans to improve workplace monitoring, following criticism of factory conditions at two of its suppliers in China....
Fast Retailing aims to become the world’s largest apparel company by 2020. The company has been very successful in Greater China, but continues to struggle in other markets and its US super premium de...
Fast Retailing aspires to become the world’s largest clothing company by 2020. International expansion will be key to achieving this goal. While the company has successfully expanded in Asia, gaining ...
- M&S to launch supply chain human rights policy
- Nike reaffirms US production commitment
- VF pushes ahead on chemicals management
- Levi Strauss raises the bar on sustainability
- M&S project benefits garment worker health
- Myanmar minimum wage set at US$3.2 per day
- China cotton stockpile auction may shake up market
- Far Eastern to invest $323m in Vietnam textile hub
- C&A to add "accurate fit" label to garments
- US retail landscape "mediocre" over next 5 years