(Reuters) - Fast Retailing Co (9983.T), Asia’s largest clothing chain, is interested in buying a larger rival in the United States or Europe, as a stronger yen has boosted the Japanese company’s purchasing power, Bloomberg said on Sunday.
“The yen strength and anemic stock markets make this a very good opportunity for M&A,” Chief Executive Officer Tadashi Yanai, 62, said in an interview on Friday in Tokyo, Bloomberg said. “It won’t be something small, but a company of equal size or bigger.”
Fast Retailing, which opened two New York stores in October, aims to be the world’s top clothing retailer, with a target of boosting sales sixfold from last year to 5 trillion yen ($64 billion) by 2020, the report said.
Reporting by Ransdell Pierson