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Name | Symbol | Market | Type |
---|---|---|---|
Fast Retailing Company Ltd (PK) | USOTC:FRCOY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.27 | 35.27 | 35.27 | 0.00 | 00:00:00 |
J. Crew Group Inc. is in talks to sell the clothing retailer to Japan's Fast Retailing Co. for as much as $5 billion, said a person familiar with the matter.
Fast Retailing, which owns the Uniqlo apparel chain, this week approached J. Crew's management about potentially buying the private-equity-owned business, the person said. J. Crew is seeking upwards of $5 billion for the business, the person said. It remained unclear whether Fast Retailing would pay that much and whether the two sides have yet discussed a price.
The talks are at an early stage and could collapse in coming days, the person cautioned. J. Crew also recently received takeover overtures from a couple other suitors, this person said. Their identities couldn't be learned.
The discussions come as J. Crew's owners, private-equity firms TPG and Leonard Green & Partners LP, also mull taking the apparel chain public later this year. In early January, the company asked Goldman Sachs Group Inc. to begin work on a potential initial public offering, the person said. The IPO planning hasn't progress beyond that.
The Standard & Poor's 500 Index on Thursday closed at a record high, prompting private-equity owners to rush to take companies they own public.
J. Crew, run by well-known retail industry executive Millard S. "Mickey" Drexler, operates more than 400 stores in the U.S., Canada and the U.K. Its revenue rose 9% to $2.4 billion in the fiscal year ended Feb. 1.
Fast Retailing, which employs more than 23,000 people and has a market capitalization of about YEN3.7 trillion ($36 billion), owns other brands besides Uniqlo, including Comptoirs des Cotonniers, Helmut Lang, Theory and Princesse Tam Tam. Uniqlo sells t-shirts, sweaters, and cold-weather gear to men, women and children, with entry prices as low as $9.99 for a pair of jeans. The brand has developed a following among shoppers looking for well-made clothing at affordable prices.
TPG and Leonard Green agreed to take J. Crew private in 2010 for about $2.8 billion, in partnership with Mr. Drexler. The deal marked TPG's second stint owning the company, with one of the buyout firm's founders remaining on its board in the interim.
Write to Mike Spector at mike.spector@wsj.com and Dana Mattioli at dana.mattioli@wsj.com
Copyright (c) 2014 Dow Jones & Company, Inc.
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