Reminder: Analyst Access: **TODAY AT 2PM** Barclays: Devil wears Zara: Luxury vs. fashion retail

Research evidence excerpt

Reminder: Analyst Access: **TODAY AT 2PM** Barclays: Devil wears Zara: Luxury vs. fashion retail

Relevant Research

European Luxury Goods - The new rules of luxury (22 May 2026)

European Luxury Goods - Beyond the boom (11 May 2026)

LVMH - The self-help moment; upgrade to OW (11 May 2026)

M&S - New LTIP adds to conviction (1 June 2026)

M&S - Five reasons to be OW (21 May 2026)

H&M - Brand momentum needed for long-term earnings growth - downgrade to UW (13

February 2026)

NEXT - Near-term risks to sentiment, preference for OW M&S (5 January 2026)

Inditex - Five key topics (4 March 2026)

Inditex - More cautious than optimistic (19 May 2025)

Meet the Analysts

Viktoria (Vika) Petrova is a senior research analyst at

Barclays. Vika leads the European Consumer Discretionary

& Retail equity research franchise, where she oversees the

Luxury, General, and Food Retail teams. Key areas of focus

include global cross-sector collaboration, data-led

insights, and deep industry immersion. Vika brings 20

years of experience, including lead analyst roles at Credit

Suisse (Food Retail) and Bank of America (HPC & Food).

She holds a Master’s of Science in Finance from the

Humboldt University of Berlin.

View Analyst Page

Matt Clements is an AVP covering the European Retail

sector within Barclays equity research and is based in

London. He joined the Product Management Group at

Barclays in 2021 before moving into the Retail team in

2022. The team has been consistently ranked in external

surveys over many years. It ranked #3 in Food Retail and

runner-up in General Retail in the 2024 Extel survey. Matt

holds a degree in Modern History from the University of St

Andrews.

European General Retail

Matthew Clements Viktoria Petrova

+44 (0)20 7773 6018 +49 (0)69 7161 1052

Barclays, UK BBI, Frankfurt