J. Crew in buyout talks

The owners of J. Crew Group Inc. are in talks to sell the clothing retailer to Japan's Fast Retailing Co. for as much as $5 billion, a deal that would help the Asian company fulfill its ambition of becoming a global retailing powerhouse, according to the Wall Street Journal.

The talks with Fast Retailing, which owns the Uniqlo apparel chain, are said to be at an early stage, and it's unclear whether the company would pay the $5 billion asking price.

The discussions come as J. Crew's owners, private-equity firms TPG and Leonard Green & Partners LP, are considering an initial public offering for the apparel chain later this year.

Read more from the Wall Street Journal.