French luxury goods group LVMH is in discussions with multiple buyers to offload its fashion label Marc Jacobs, people familiar with the matter told Reuters on Friday.

LVMH is reportedly considering selling Marc Jacobs for approximately $1 billion USD to potential buyers like Authentic Brands, WHP Global, or Bluestar Alliance, a move that aligns with LVMH’s recent divestment of other contemporary labels amidst a “luxury slowdown” and decreasing sales in its Fashion and Leather Goods division.

The Bernard Arnault-led company has been discussing deals with multiple parties, including Reebok-owner Authentic Brands, Brookstone-owner Bluestar Alliance and Vera Wang parent WHP Global.