By Abigail Summerville and Mrinmay Dey (Reuters) -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 is in active discussions to sell fashion brand Marc Jacobs, with potential buyers including Authentic Brands Group, Bluestar Alliance, and WHP Global.