Fast Retailing, parent of clothing retailer Uniqlo, has expressed interest in buying J.Crew Group Inc from private equity owners, a person familiar with the matter said on Friday.

J.Crew, which was taken private by TPG Capital LP and Leonard Green & Partners LP for $2.8 billion in 2011, is hoping to fetch at least $5 billion in any sale, the person added, asking not to be named because the matter is not public.

Representatives for J.Crew did not immediately respond to requests for comment. Leonard Green and TPG declined to comment.

The Wall Street Journal first reported on Friday that Fast Retailing is in early-stage discussions to buy J.Crew.

Discussions about a potential sale come as owners of J.Crew are weighing a return to the stock markets as soon as this year.

The retailer is working with Goldman Sachs Group as it mulls exit options including an initial public offering, the person said.