In Italy, luxury puffer jacket maker Moncler is riding high thanks to a strategy of constantly changing designs and investments in e-commerce. But in a fickle industry where trends come and go, and demand can take a sudden hit as tourists flows drop for instance, conglomerates have been among the stronger performers recently amid booming demand from Chinese consumers. Revenues at Kering and LVMH have thrived thanks to their respective Gucci and Vuitton labels, helping them to offset blips at others such as Bottega Veneta or Marc Jacobs. By contrast, Britain's Burberry, Italy's Salvatore Ferragamo or US jeweller Tiffany were more glaringly exposed when their sales momentum faltered. These three are working through turnaround plans, but are often cited by analysts as potential acquisition targets, even though Ferragamo is one of a handful of Italian family-controlled firms like Prada, where the owners have long resisted ceding control.