(Read more: Is Fast Retailing getting too ambitious?)
J.Crew, which was taken private by TPG Capital and Leonard Green & Partners for $2.8 billion in 2011, hoped to fetch at least $5 billion in a sale, Reuters and others previously reported.
J.Crew and Fast Retailing could not be reached for comment. TPG and Leonard Green declined to comment.
Run by well-known executive Mickey Drexler, J.Crew is a multi-channel retailer of women's, men's and children's apparel, shoes and accessories. As of February, the company operated 330 retail stores, including 257 J.Crew retail stores, eight crewcuts stores and 65 Madewell stores, according to its website.
In the fiscal year ended February 1, J.Crew's revenues increased 9 percent to more than $2.4 billion while adjusted earnings before interest, taxes, depreciation and amortization rose to as much as $371 million from $360 million in the prior year.