TPG Capital, part-owner of J Crew has declined to comment on reports Japanese retail group Fast Retailing has walked out on talks to acquire the US apparel and accessories retailer.

Earlier this month, Fast Retailing was reported to have approached J Crew about potentially buying the private-equity-owned business, according to Reuters. J Crew was taken private by TPG Capital and Leonard Green & Partners in 2011 in a deal worth US$3bn.

However, merger discussions are understood to have broken down, reducing the prospects of a deal that would create a global retailing behemoth.

According to The Wall Street Journal, Fast Retailing, which owns the Uniqlo clothing chain, walked away from discussions soon after initial reports of a potential deal emerged last month. Sources told the publication the reason may have been linked to the talks being made public. Another suggestion is that a second bidder may have stepped in.

South Korean fashion conglomerate E.Land Group was said to be exploring a deal for J Crew.