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 working on a sale of its Marc Jacobs fashion brand as the luxury goods giant contends with a slump in demand, according to people familiar with the matter.

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.