French luxury goods group LVMH is in discussions to sell fashion label Marc Jacobs in a deal that could fetch around $1 billion, The Wall Street Journal reported Friday, citing people familiar with the matter.

In 2024, Bloomberg reported that LVMH was exploring strategic options for the label with advisers after receiving interest from potential buyers, though the company denied the claim at the time.

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, the newspaper said on Friday.

Reuters was unable to immediately verify the report. LVMH, Marc Jacobs and the potential buyers did not immediately respond to Reuters' requests for comments.

The Journal said that a deal could be finalized soon, provided talks don't fall apart.

Dealmaking in the luxury retail sector has drawn attention in Europe. Earlier this year, Prada acquired Versace from Capri Holdings, combining two iconic Italian fashion brands in a $1.4 billion deal.

LVMH's second-quarter sales, which include products such as Louis Vuitton handbags, Dior dresses and Moet & Chandon champagne, came in slightly below market expectations.

French luxury brands have been navigating prolonged market challenges, including a downturn and the potential impact of U.S. import tariffs.