Adding Moncler would help Kering keep pace with larger rival LVMH, which recently agreed to buy jeweler Tiffany & Co. for 16.2 billion in the biggest - ever luxury deal.

It proved a roaring success. Tiffany's shareholders approved the LVMH takeover and, with all regulatory approvals secured, the deal is expected to close in early 2021.

So the whole collection was based around trying to create garments that could be condensed into very small Moncler Sale spaces." Green and his team presented paper mock - ups of the pieces to Moncler's team, showing how they might construct a garment with down pillows, "and how it could be folded through a series of hinges, and lips to suck the air out to reduce the volume of the down." That packability isn't so clear from the static lookbook images, he said - so there are videos showing how the pieces can be shrunken down.

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And I thought these characters were just what we needed to refresh a feeling of childhood and make us feel young again. Why risk potentially alienating core customers by handing over the keys According to Ruffini, "To continue to play a leading role in the industry today, means to be as flexible as possible while keeping a strong vision, as well as remaining faithful to the company's DNA.

Analysts are also mixed on whether or not Kering should spend its M&A budget on soft or hard luxury, with Merrill Lynch preferring the former and Bernstein the latter. "Kering seems now short of options to fulfil its ambitions in hard luxury, other than a blue - sky mega - merger with Richemont," said Luca Solca, adding that the deal would not be "transformative" for Kering. Solca has argued that only a combined Kering and Richemont could truly rival LVMH in categories, scale and structure and would generate synergies worth hundreds of millions of dollars. But neither player's controlling family appears willing to sacrifice any control to make that kind of industry - changing deal happen.