Kering chairman and chief executive officer François-Henri Pinault refuted rumors that his firm is exploring the acquisition of Moncler, the Italian luxury outerwear label.

Speaking to WWD after reporting Q4 results, Pinault insisted that “There is nothing on the table. We know each other, we appreciate each other,” referring to Moncler CEO Remo Ruffini. Ruffini also downplayed the rumors in early December.

Shares of Moncler surged earlier this year after Bloomberg reported that it had held exploratory discussions with Kering.

Kering’s portfolio includes Gucci, Bottega Veneta, and Alexander McQueen.

Photo courtesy Moncler