Retail & Apparel Europe 2022 Outlook
Increased risks from supply chain disruptions and surge in new virus variant
Stable outlook reflects normalisation of trading conditions. However, rising inflation, supply chain disruptions and resurgence in coronavirus infection rates create headwinds.
- Supply chain disruptions, inflation to weigh on margins
- Strong sales and profit recovery for apparel retailers
- Business conditions to remain broadly stable for food retailers
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SpeakersJeanine Arnold EMEA Leveraged Finance Coordinator, Corporate Finance Moody’s Ratings
Guillaume Leglise VP-Senior Analyst, Corporate Finance Group Moody's Investors Service
David Beadle Vice President - Senior Credit Officer, Corporate Finance Moody’s Ratings
Francesco Bozzano Vice President – Senior Analyst, Corporate Finance Group Moody's Investors Service
Roberto Pozzi Senior Vice President, Corporate Finance Group Moody’s Investors Service
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Jeanine Arnold is an Senior Vice President in the Corporate Finance Group (CFG) team based in Paris.
She leads the Paris-based CFG team, which is responsible for a wide range of credits across the healthcare, retail, transportation, IT, gaming and business and consumer services industries. She is also the EMEA Leveraged Finance Coordinator.
During her time at Moody’s Jeanine has been a lead analyst for European Airlines and Aerospace and Defense companies as well as investment holding companies, manufacturing and semiconductor companies.
Prior to joining Moody’s Jeanine was a Director and Supervising Analyst at Fitch Ratings based in London, specializing in the rating of transportation names across Europe, the CIS and Middle East, including Rail, Airlines, Shipping and Ports. Prior to this, she worked in the credit risk management and investment banking teams of Bank of America Merrill Lynch as well as RBS, where she managed credit finance transactions for European Industrials within the Automotive, Chemical and Manufacturing sectors.
Jeanine qualified as a Chartered Accountant in 2006 from Ernst and Young in London and has a Joint Honors degree in French and German from the University of Nottingham.
Guillaume is an Vice President - Senior Analyst within Moody’s EMEA Corporate Finance
Group. Based in Paris, he has lead responsibilities for a portfolio of
high-yield consumer goods and business services companies in Europe.
Guillaume also supports the development of the corporate franchise
in France by participating in new issuer meetings and executing new
mandates.
Since joining the corporate finance team, Guillaume has been
participating in the credit analysis of EMEA automotive and truck
manufacturers and was also involved in the retail and manufacturing
industries.
Guillaume joined Moody’s in 2007 as an associate analyst in London
within the Financial Institution Group (FIG), where he supported the
French and Benelux FIG team until August 2013, with a particular
expertise on French mutualist banking groups.
Guillaume holds a MSc in Banking and Financial Engineering from
Toulouse Business School. He is fluent in English and French.
David Beadle joined Moody’s in 2014 and covers retail industry credits in the UK
and Western Europe as a Vice President – Senior Credit Officer in the EMEA
Corporate Finance Group in London.
He covers a number of UK retailers, including the grocers, Tesco and Wm Morrison,
fuel forecourt operator Euro Garages, and fashion businesses, House of Fraser,
Matalan and New Look. His coverage also includes French, German and Dutch
issuers.
Prior to joining Moody's David had spent more than 15 years as a credit analyst
and portfolio manager in the City, most recently with international specialist
banking and asset management group, Investec.
Francesco Bozzano is a Vice President – Senior Analyst within Moody’s EMEA Corporate Finance team. Based in Paris he manages a portfolio of investment grade and high-yield companies with a focus on the retail, healthcare and transportation sectors.
Francesco joined Moody’s in 2011 in London in the infrastructure team, covering a portfolio of European utilities and limited recourse financings of energy and infrastructure assets, including conventional project finance transactions.
Prior to joining Moody’s, Francesco worked at Mediobanca in Milan, in the project finance team. Francesco holds a Bachelor degree in business administration from Bocconi University, Italy, and a Master of Science in international business from HEC, France.
Francesco is fluent in, Italian, English, French and Spanish.
Roberto Pozzi is a Senior Vice President in the Corporate Finance Group at Moody’s Investors Service. He is responsible for corporate ratings assigned to issuers mainly in the United Kingdom and related credit research. His coverage currently spans across industries including retail, consumer goods and tobacco. Roberto has been with Moody’s since 2012. Since he joined his coverage has spanned across industries including Manufacturing, Telecom Equipment and Real Estate.
Prior to joining Moody’s, Roberto had spent the last 20 years in banking and the credit market. He was most recently a senior credit analyst at Société Générale, covering a number of sectors with a focus on Industrials. Previously, Roberto held credit analyst positions at Commerzbank Securities, Mediobanca and Credit Suisse.
Roberto graduated in 1991 from Bocconi University, Milan.