The chief executive of Moncler said on Thursday that he did not expect consolidation in the Italian fashion market due to a deep history of family ownership of companies, but indicated that he was not constrained by this culture.

In a European luxury goods industry dominated by French conglomerates LVMH and Kering, Italian players — most of them family-owned and run — are under pressure from investors to consolidate into larger groups, with fashion brand Moncler often seen by analysts as a possible target.

“I do not see consolidation in Italy,” Moncler CEO Remo Ruffini said at an online conference on fashion hosted by publisher RCS.

“In Italy everyone wants to hold the majority, and I understand this, most companies have a long history, four, five generations long and it’s hard to let go,” he added. “It’s cultural.”

However Ruffini said that he was “not bothered by stakes” and preferred to focus on the profitability of his company.

“I want to create a strong group with a strong profitability and I am open to any solution that follows this logic,” he added, without elaborating.

Reporting by Giulia Segreti; Editing by Pravin Char