Private equity firm TPG is exploring strategic options for its controlling stake in Monaco-based jewelry brand APM Monaco, including a potential sale or initial public offering, according to media reports. The firm may launch a dual-track process early next year, with the aim of valuing the brand at around $2 billion. Discussions are still in the preliminary stages, and TPG could ultimately retain ownership. TPG, along with partners China Synergy and Trail, acquired a 30% stake in APM Monaco in 2019 in a deal that reportedly valued the brand at roughly $800 million. Founded in 1982, APM Monaco operates about 500 stores globally.