Dive Brief:

• Tokyo-based Fast Retailing Co. has approached privately held J. Crew about buying the U.S. clothing retailer, according to unnamed sources.

• J. Crew’s management has explored an IPO for this year, and would reportedly want at least $5 billion.

• There’s no indication that the two companies have gone so far as to discuss price, however. But the acquisition would help Fast Retailing founder and CEO Tadashi Yanai’s stated goal of becoming the world’s largest apparel company.

Dive Insight:

This is one to keep an eye on. Uniqlo is making good on its plans so far to expand into the U.S. and elsewhere. It is not just opening stores, but also adapting its products to U.S. consumers. J. Crew could be a nice addition to Fast Retailing’s stable of brands, which also includes Theory and J Brand. Stay tuned.