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.

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.

Twenty-eight years after Bernard Arnault stepped in to first help support the designer's brand, LVMH Moët Hennessy Louis Vuitton is said to be working with investment bankers at J.P. Morgan to find a buyer willing to pony up $1 billion for the business.