Uniqlo’s owner Fast Retailing has ended acquisition talks with J Crew, which could mean the US retailer pushes ahead with IPO plans.

Fast Retailing, the Japanese fashion giant, had been in discussions about buying J Crew from its private equity owners, TPG Capital and Leonard Green and Partners, but these have ended in recent weeks, it is understood.

It was thought the deal could have valued J Crew at $5bn.

But it is understood J Crew may still push ahead with an IPO, according to Reuters. TPG Capital and Leonard Green and Partners approached Goldman Sachs in January to explore options for a potential float.

J Crew has more than 400 stores across the US and Canada and debuted in the UK in November.