PARIS (AP) — French luxury group LVMH has confirmed that it has held preliminary discussions to purchase U.S. jeweler Tiffany & Co.

In a statement released Monday, LVMH said "there can be no assurance that these discussions will result in any agreement."

LVMH has offered $120 a share, or about $14.5 billion, for Tiffany, according to the Wall Street Journal.

The offer comes as Tiffany has struggled with stagnating sales as China's slowing economy has weighed on spending by Chinese tourists, who make up a substantial portion of luxury spending. The strong dollar has also made Tiffany products more expensive for consumers outside the U.S.

LVMH competes with the Kering Group, which owns Gucci and Saint Laurent, and Richemont SA, which owns Cartier.