Luxury goods company Hugo Boss has no plan to acquire Italy-based majority shareholder Valentino Fashion, a spokesperson confirmed to just-style.

Hugo Boss communications director Phillip Wolff said: "There is no plan as of today."

Wolff said the company had never planned to buy Valentino but said nobody could say what the future holds.

Valentino's chairman Antonio Favrin said earlier this month that a merger with Boss was a future possibility but that it was currently concentrating on developing its existing brands.

Market speculation has long suggested that the two companies may join together as a strategic move.