Pedestrians walk past a advertisement of Breitling replica watches on Fifth Avenue in New York. The 132-year-old watchmaker is one of the larger Swiss watch brands that’s still independent while most others have been acquired by Swatch Group, Richemont, LVMH and Kering.

Breitling, the Swiss replica watchmaker known for aviation-themed timepieces worn by actor John Travolta, is weighing a sale, according to three people familiar with the matter.

The process is still in the early stages, said the people, who asked not to be identified as the deliberations are private. The most likely suitors are luxury-goods companies rather than private equity firms, two of the people said. Breitling chronomat chronograph replica is being advised by investment bank GCA Altium, the people said. No final decisions have been made and the company could decide against a sale, they said.

A spokesman for Breitling declined to comment. A representative for GCA Altium didn’t immediately respond to messages seeking comment.

The 132-year-old fake watchmaker is one of the larger Swiss watch brands that’s still independent while most others have been acquired by Swatch Group, Richemont, LVMH and Kering. Breitling’s sales were about 370mn Swiss francs ($364mn) in 2015, estimates Rene Weber, an analyst at Bank Vontobel, and its celebrity endorsers have included Travolta, Russell Crowe and David Beckham.

“It’s certainly one of the jewels, even though it’s not on the same par as Rolex, Patek or Chopard,” said Jon Cox, an analyst at Kepler Cheuvreux. “It has a pretty strong brand position in the pilots’ neck of the woods.”

The Swiss replica breitling watch for men industry has been grappling with the longest downturn in exports since monthly records began in 1988, according to the Federation of the Swiss Watch Industry. Withering demand in Asia has spread to Europe and the US this year, leading brands such as Vacheron Constantin and Cartier to cut jobs.

Breitling men’s fashion replica watches start at about 2,500 francs and the brand probably sells about 5% of Switzerland’s higher-end watches, according to Vontobel’s Weber.