"I really do not believe that an acquisition would result in stronger growth for us in the next years," Chief Executive Claus-Dietrich Lahrs told Reuters in an interview.

French luxury group LVMH (LVMH.PA) is buying Italian peer Bulgari (BULG.MI) for 3.7 billion euros ($5.2 billion) and analysts believe the deal could lead rival groups to embark on a fresh consolidation drive.

Of the remaining listed luxury firms Burberry (BRBY.L), Tiffany and Tod's (TOD.MI), analysts and bankers say the U.S. jeweller, which has a market capitalization of $8 billion, is most likely to be snapped up first, although not immediately.

"There is nothing on the market at the time that would be a fit...to make us pounce on it," Lahrs said.