November 6, 2011 / 11:24 PM / 6 years ago

Fast Retailing eyes U.S., European deal: report

(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.

<p>Customers queue to enter in the casual clothing store Uniqlo operated by Japan's Fast Retailing in Paris October 6, 2009 after opened in the central shopping district of the French capital on October 1. REUTERS/Charles Platiau</p>

“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

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