Is a major retail shake-up underway? According to The Wall Street Journal, Japan's Fast Retailing, which owns Uniqlo, approached J. Crew this week with talks to acquire the popular American clothing brand.

WSJ says J. Crew is asking for at least $5 billion, but the real reason this deal would be monumental is because Fast Retailing is already the parent company to J BrandTheory, and National Standard, in addition to Uniqlo. 

J. Crew, which boasts 300-plus stores across the country, is currently owned by private-equity firms TPG Capital and Leonard Green & Partners, but WSJ's report also mentions the talks may not advance any further. More on this as it develops.

[via Business Insider]