That's a significant challenge in the high-stakes world of luxury where multi-brand giants like LVMH and Kering SA dominate. Italy has seen one brand after another scooped up by bigger global players. LVMH owns Fendi and Loro Piana and has recently bought a stake in the company that controls Moncler SpA. The LVMH-backed fund L Catterton was central in taking shoemaker Tod's SpA private. Kering owns Gucci, Bottega Veneta and has an option to gain control of Valentino. The risk for Italy is getting sidelined as decision-making shifts to Paris, London and New York, even though some 80% of luxury goods sold globally pass through Italian workshops and factories, according to Patrizio. For the families behind the brands, it means a loss of control and prestige.