European Consumer Products Insights
Navigating Europe's consumer sector: Stability amid soft consumer spending and macro uncertainties
Join our analysts as they examine the European consumer sector, where the outlook remains stable despite macroeconomic headwinds and subdued spending.
We’ll unpack global macro trends to reveal current sentiment and spending patterns across Europe and focus on fluctuating commodity prices - supported by case studies on Barry Callebaut, Südzucker, and JDE Peet's.
The session will also address market challenges, including the impact of tariffs, with a comparative credit analysis of Diageo and Pernod Ricard in the spirits industry.
Finally, we’ll explore strategic shifts such as portfolio optimisation - illustrated by Reckitt, Unilever, and Nestlé - aimed at boosting growth and margins.
Discussion Topics
- Global macro insights: Current consumer sentiment and spending trends in Europe amid global economic uncertainty
- Sector resilience: Why our outlook remains stable despite macroeconomic headwinds and subdued spending
- Market challenges: Commodity prices volatility, with insights on Barry Callebaut, Südzucker, and JDE Peet's, and tariff impacts with a credit comparison of Diageo vs. Pernod Ricard in the spirits industry.
Speakers
Simone Zampa
Associate Managing Director, Corporate Finance
Moody's Ratings
Paolo Leschiutta
Senior Vice President, Corporate Finance
Moody’s Ratings
Ramzi Kattan
Vice President – Senior Credit Officer, Corporate Finance
Moody's Ratings
Lorenzo Re
Vice President – Senior Analyst, Corporate Finance
Moody's Ratings
Giuliana Cirrincione
AVP-Analyst, Corporate Finance
Moody's Ratings
Confirm cancellation
An error occurred trying to play the stream. Please reload the page and try again.
CloseMoody's Events
close
Since August 2023, Simone has been serving as the Manager of the Corporate Finance Group in Milan, with a focus on the European Consumer Goods Industry. Prior to this, Simone was manager within the Rating and Research Support Group in EMEA for the FIG, Sovereign, and Sub-Sovereign teams. Simone’s team provided support for ratings, research, and related activities within these fundamental rating groups. Additionally, Simone has been instrumental in refining processes and standards, both as the co- executive sponsor of the Credit Estimate initiative in RRS and through his work on Workflow Optimization. Simone began his career at Moody's in 2003 within the Sub-Sovereign team in London. Over the years, he has held increasingly senior analytical roles covering European Regional and Local Governments and Government-Related Issuers, working closely with the Project and Infrastructure Group on Utility Companies and the Structured Finance Group on Asset-Backed Securities transactions. In 2008, Simone transitioned to the Financial Institution Group, where he covered EMEA Banks and Financial Companies. Before joining Moody's, Simone worked in the rating advisory team of Natixis Corporate & Investment Banking. He holds a graduate degree in Economics & Finance from the University of Ancona (Italy) and a certificate in Investment Management from the London Business School (UK).
Paolo Leschiutta is a Senior Vice President in the European Corporate Finance Team of Moody’s in Milan. Paolo joined Moody’s London in 2000 and Moody’s Italia in July 2005. Paolo has lead responsibility for a portfolio of European high yield and investment grade packaged goods companies with focus on Food and Beverage industries. Over its tenure at Moody’s Paolo has covered a number of sectors within the broad consumer products and transportation industries including Postal, Tobacco, Shipping, Retail and Consumer Durable companies across Europe.
Prior to re-joining Moody’s in Italy, Paolo worked as a Senior Credit Analyst at MFC Global Investments, part of Manulife Group in London, covering European Corporates. Paolo graduated in Economics at the University of Turin and holds an MSc in Finance attended at the S.A.A., part of the University of Turin, and the Stern School of Business, part of the NYU.
Ramzi is a Vice President in Moody’s Corporate Finance Group in London focused on real estate.
He joined Moody’s in February 2011 as a lead analyst in EMEA CMBS responsible for analysing and rating a large variety of commercial mortgage backed transactions across all EMEA jurisdictions and property types. Ramzi’s responsibilities also included researching and analysing property market data and tracking European occupational and investment market trends.
Ramzi also worked in Moody’s Financial Institutions Group’s Analytics Team, where he was instrumental in conducting successful stress tests for banks globally as well as monitoring bank asset quality.
Prior to beginning his career at Moody’s in 2011, Ramzi spent 15 years working with a variety of European banks as a real estate credit specialist, and also worked in the Middle East on real estate development projects.
Ramzi’s prior roles included working as a senior real estate credit officer at the Royal Bank of Scotland. He also worked as deputy head of portfolio management at pbb Deutsche Pfandbriefbank with direct risk responsibility for a large real estate finance portfolio covering a diverse range of assets including office, retail, industrial, hotels, residential, and healthcare.
Ramzi earned his MSc in Real Estate Investment from the Cass Business School. He also holds an MSc in Finance and a BA in General Management, both from Boston College.
Lorenzo Re is a Vice President – Senior Analyst in Moody’s the European Corporate Finance Team. Lorenzo joined Moody’s in March 2014 and is based in Milan. He is responsible for a diversified portfolio of investment grade and sub-investment grade companies, mainly in the transportation, postal services and consumer goods segments across Europe.
Before joining Moody’s, Lorenzo worked as a credit analyst in another rating agency for more than three years. Previously he worked almost 15 years as a nequity analyst in a number of Italian and international banks, including Banca IMI (Intesasanpaolo Group), Santander, Unicredit and Abn Amro, covering several Italian listed companied in the industrial and service sectors. Lorenzo graduated with a degree in economics at Università Bocconi, Milan.
Giuliana Cirrincione is an Assistant Vice President within Moody’s EMEA Corporate Finance Group, based in Milan.
She has lead responsibility for a diversified portfolio of high-yield companies in Continental Europe within the consumer durables, packaged goods and consumer services industries.
Giuliana joined Moody’s in 2009 as an Associate Analyst in the Sub-Sovereign Group and moved to the EMEA Corporate Finance Group in 2014 supporting a portfolio of companies across the passenger railways, consumer durables and postal industries.
Giuliana holds a master degree in Economics and Management of Public Administrations and International Institutions from Bocconi University, Italy.