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.

LVMH Moët Hennessy Louis Vuitton is in talks to sell US fashion label Marc Jacobs in a deal that could be valued at about $1 billion, according to a report from the Wall Street Journal.