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CFO Corner: Nicola Perin, OVS

Since its public listing on Euronext in 2015, Nicola Perin has served as CFO of Italian mass-market clothing retailer OVS. Previously, he was CFO of the conglomerate Grupo COIN, from which OVS was carved out. OVS operates brands including OVS, Upim, Golden-point, Stefanel, CROFF, and Les Copains, managing a network of 2,600 stores in Italy and abroad.

Global Finance: Over your 10 years guiding OVS’ finances, what are you most proud of doing?

Nicola Perin: What makes me proudest, though not because it is the most difficult task, is that I’ve always kept the machine running smoothly. For a CFO, whether in a listed or private company, nothing is more fundamental than a reliable administrative system: one that produces accurate information, supports mandatory disclosures, and gives management the confidence to make sound decisions. Without that foundation, any other achievement—no matter how ambitious—would have been far less certain.

Among the results I value most, one stands out. In 2014, our CEO, Stefano Beraldo, and I decided to spin off OVS-Upim from the Coin Group to prepare it for listing. It proved to be an extremely successful operation, providing OVS with the financial resources needed for a new phase of growth: expanding our network, increasing volumes, and strengthening our brand portfolio. It laid the financial and managerial groundwork for the significant expansion that followed.

GF: And more recently?

Perin: We have always paid close attention to sustainability. Apparel retail is considered the second most polluting industry after energy, and although we are far smaller than global groups like Inditex, H&M, or Gap, we have always taken these issues very seriously. 

Our commitment has often placed us among the leaders, if not always at the very top, and it has also created tangible financial value. In 2022, I proposed and led the issuance of Italy’s first sustainability-linked bond [SLB]. It was a significant milestone; it secured highly attractive financing at a fixed 2.25% and strengthened our market profile. At the time—between 2022 and 2024—sustainability was a dominant theme, and limited supply meant strong demand from investors looking to add green-labeled products to their portfolios. We planned to raise €120 million; we raised €160 million.

GF: Is sustainability still important, given the current political climate?

Perin: Trends aside, the next time we issue a bond—whenever that may be—I will still aim to highlight the company’s sustainability progress. Interest may not be as strong as it was a few years ago, but I believe a sustainability-linked bond remains the right choice for OVS, because it makes our commitment transparent.

An SLB requires us to define clear ESG targets and undergo third-party verification midway through the bond’s life. If we are not on track, the cost of the bond increases. For example, the coupon would rise from 2.25% to 2.45%. In other words, the cost of financing is directly linked to how effectively we deliver on our improvement path.

GF: How deeply are you incorporating AI in the finance function?

Perin: In administrative processes, we rely more on robotics than on AI. By robotics, I mean software that automates repetitive tasks that colleagues once handled step by step. There is some digital intelligence involved, but it’s essentially process automation. A simple example is the DURC check in Italy—verifying that suppliers are up to date on their social security, insurance, and construction fund contributions—which we now execute through robotic processes.

In management control and financing, however, AI is becoming increasingly useful. It helps us write clearer, faster commentary and perform more detailed analyses; work that would take a person eight hours can be multiplied with AI.

But the real frontier for us is in predictive sales. For OVS, Stefanel, Goldenpoint, and all our brands, AI has been supporting forecasting for years. We all know that coats sell earlier in Bolzano than in Palermo, but AI goes much further; it tells us how many to ship, which sizes, how early to move from cotton to wool blends, and what items to substitute when stock runs out. It takes simple, intuitive patterns and transforms them into hundreds of thousands of variables, allowing us to make far more precise decisions. 

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American Alysa Liu rides wave of joy to Olympic gold medal

She flipped her hair. She shrugged. She dusted her hands off.

Alysa Liu makes winning an Olympic gold medal look easy.

The 20-year-old became the first U.S. woman to win the Olympic singles title since 2002, electrifying the crowd at Milano Ice Skating Arena with her “MacArthur Park” program Thursday and overtaking Japanese rivals Kaori Sakamoto and Ami Nakai, who won second and third, respectively.

Liu scored a monster 150.20 points in her free skate, the highest mark for a women’s free skate all season in international competition to win by a total of 1.89 points. Her choreographer Massimo Scali’s jaw dropped when he heard the score read in Italian. A beat later when the screen caught up to the public address announcement in the stadium, Liu nodded confidently and cracked a subtle smirk.

American gold medalist Alysa Liu hugs Japanese bronze medalist Ami Nakai after their final scores were revealed.

American gold medalist Alysa Liu hugs Japanese bronze medalist Ami Nakai after their final scores were revealed at the Winter Olympics on Thursday in Milan.

(Jamie Squire / Getty Images)

She doesn’t care about the scores.

Liu, who grew up in Oakland, has floated through her second Olympics as if she had not a single care in the world. A two-year retirement during which she climbed Mt. Everest, got her driver’s license and started college at UCLA made skating feel inconsequential. Now so unbothered, Liu spent part of her six-minute warmup cheering on teammate Amber Glenn in the leader’s chair. Minutes before taking the ice, Liu snapped a selfie with her coaches. She gives her coaches a high-five right before taking her starting position.

“She’s not like us,” her coach Phillip Diguglielmo said. “The rest of us here would be like, ‘Oh my God, I’m nervous. Oh, I can’t do this. I have a million voices in my head.’ She has one voice in her head, and it says, ‘I got this.’”

The only emotions Liu felt during her program were “calm, happy and confident.” When she sees the faces in the crowd smile, Liu said she can’t help but smile, too. And there was a lot of smiling. Her Donna Summer disco program had fans clapping within the first minute. Diguglielmo and Scali held their hands overhead to join the roar. Liu’s pre-program message to the crowd on the video board was “Y’all better turn up!”

Liu, who won the 2025 world championship with the same crowd-pleasing program, returned to the sport in 2024 with the sole objective of sharing her art. She wanted to make as many programs as possible. Winning never seemed to matter. With the gold medal hanging around her neck, Liu stopped short of saying she even wanted it. She surely didn’t need it, she said.

“What I needed was the stage,” Liu said. “And I got that.”

Once Liu processed the final scores, she rose to her feet and turned toward Nakai, clapping for the 17-year-old. Nakai, skating in her first Olympics, was shocked. She held up three fingers to Liu, asking if she had finished on the podium. Overjoyed, they hugged. Liu picked Nakai, who had entered the free skate in first place, up off the ground.

Sakamoto was less than a point ahead of Liu entering Thursday’s free skate, but small mistakes from the three-time world champion, in addition to Liu’s strong technique and infectious energy made Liu the first U.S. woman to win the Olympic gold medal since Sarah Hughes in 2002. The United States’ 20-year drought without a medal — since Sasha Cohen took silver in 2006 — was the country’s longest.

Liu held her palms up in disbelief after finishing the program of her life that put her in the lead with two competitors remaining. She leaned into the camera and pointed to the piercing on the inside of her upper lip. She did it herself.

With blond horizontal stripes dyed in her dark brown hair, bold black eyeliner and the smiley lip piercing, Liu has cut an alternative path to the top of a sport that long valued a specific kind of femininity. But the slick back bun, classical music and balletic dress was not Liu’s brand.

Her brand is joy.

And now as just the second figure skater in history to win two Olympic gold medals at the same Olympic Games — joining U.S. star Nathan Chen — Liu has the stage, and the attention, to display her joy for the next generation of athletes.

“People will be able to see how she approaches the sport now versus before and see how much more successful it is now in a healthy way,” Glenn said. “And I’m hoping people can really learn from that.”

Glenn got redemption after the short program, putting up a season’s best 147.52 during her free skate that vaulted her from 13th to fifth with a 214.91 total score. The only blemish was when Glenn put one hand down on her final jump — the same triple loop that cost her in her short program. But as she held one leg behind her during a spiral in her last sequence, Glenn smiled as she looked into the crowd. After the program, she whipped her fist through the air triumphantly.

The performance put a positive punctuation mark on Glenn’s winding Olympic journey. She has faced intense scrutiny at the Games. The same pressure that consumed Glenn and teammate Ilia Malinin could not even touch Liu’s glowing aura.

When asked Thursday if she felt any “Olympic pressure,” Liu smiled.

“You would have to explain what Olympic pressure is,” she said.

Then she bounced away, the gold medal around her neck blending perfectly with her gold dress.

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A return to center field could be the plan for Mike Trout

Mike Trout says he would prefer to return to center field for the Angels, and the star slugger says he will skip the World Baseball Classic because of insurance issues.

The 11-time All-Star who been plagued by injuries since 2021 says his familiar position isn’t as physically demanding as the corner outfield spots, contrary to traditional thinking.

Trout played his most games since 2019 last season, finishing at 130. The three-time American League MVP started 22 of his first 29 games in right field before a knee injury sidelined him for a month. The 34-year-old was exclusively a designated hitter when he returned in late May.

Trout had 26 home runs but hit just .232, by far the worst average of his career when he had at least 400 at-bats.

He spent time in left field early in his career but was a center fielder for 11 consecutive seasons before the switch to right. Injuries limited Trout to 111 games the previous two years.

Trout said conversations with first-year manager Kurt Suzuki have included the idea of a return to center.

“I feel like I’m at my best when I’m in center,” Trout told reporters at the club’s spring training facility Monday. “If I have to go to the corner, I’ll go to the corner.”

Trout said a return to center will be good for his health.

“When I was in center, it was less on my body than the corners,” Trout said. “To be honest, in right field I felt I was running a lot. Talking to some other outfielders and they’re saying that they feel the same way sometimes, center is less on your legs. I just feel … confident in center.”

Trout, who played in his only WBC three years ago, had said he was interested in playing again before insurance issues arose.

“It’s disappointing,” Trout said. “I wanted to run it back with all the guys.”

Promising young Boston outfielder Roman Anthony has been named as a Team USA injury replacement for Arizona’s Corbin Carroll, who has a broken bone in his right hand.

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How to Corner Delcy Rodríguez in Her Own Ring

In a previous article, we suggested that the opposition activate street mobilization to secure a safe seat at the negotiating table of the transition—where, for now, only Delcy Rodríguez and Trump seem to have a voice. The goal is not to derail the transition, but to make it impossible to move forward without guarantees that it will culminate in a genuinely democratic regime.

To avoid draining popular energy through a call for street demonstrations around a goal that may seem implausible, the opposition should focus on rebuilding trust within the broader social base through periodic, predictable, and sustained mobilizations. Once a week, for example, on a fixed day. Such a strategy would also serve to test how willing chavismo is to repress, using less combative slogans and instead pushing for modest concessions that the Rodríguez regime might already be prepared to grant.

A possible example of this type of demand was the call for the release of political prisoners loudly voiced by student movement activists, human rights groups and associations of relatives. Mobilizations have become recurrent over the past couple of weeks. The anticipated repression has not arrived, and scenes such as UCV student representatives directly confronting Delcy Rodríguez seem to signal a renewal of Venezuelan society’s defiant spirit. The unexpected announcement of an Amnesty Law and the closure of El Helicoide as a political prison are beginning to feel like hard-won gains for a sector of the country long accustomed to the sterility of its struggle.

These gains, however, have limits. The re-incarceration of Juan Pablo Guanipa as a disciplinary gesture toward the opposition’s leadership continues to reveal the regime’s sensitivities—but also its internal fractures (clashes between moderate and hardline factions) and openings for further struggle.

With the Hate Law still in force, NGOs outlawed, uncertainty over the final wording of the Amnesty Law, the persistence of state-terror structures and other detention centers, one cannot be certain that the current process of political liberalization will not suffer setbacks should the whims of the Executive shift. Even so, these remain victories that inspire other sectors. A group of workers demanding an update to the minimum wage managed to protest outside the Supreme Tribunal of Justice without facing repression.

The opposition must embrace a strategy less rooted in open confrontation and more in applying political aikido to the regime.

There is, however, a glaring absence: political parties and María Corina Machado, who, being abroad, has not managed to forge a genuine connection with these mobilizations. Without party-based political organization behind these demands, there is a risk of missing the opportunity to build a true movement capable of pressuring the government toward re-democratization.

What is lacking is the activation of leadership and a national organization capable of proposing a political program in which these demands can be recognized as interconnected. One where the strength of multiple social sectors affected by state neglect can reinforce one another.

For the opposition, the risk is not only being left behind when the ‘transition train’ departs, but also that the Rodríguez-led economic reforms—encouraged by US oil interests—could generate a new consumption and welfare boom that eventually dampens political protest. If the most skeptical sectors begin to believe that economic liberalization without political liberalization is an acceptable arrangement after decades of social decline, the space for democratic struggle could narrow significantly.

So how can this missing piece in the national political moment be recovered?

In search of political parties

For now, Machado’s return to Venezuela is unlikely without security guarantees. Nor do we believe her physical return is strictly necessary to produce an organized democratic movement. What matters is restoring grassroots organizational structures which, as the example of the Comanditos showed, are possible in our country. Especially when the cost of repression appears to be rising.

In this context, the opposition must embrace a strategy less rooted in open confrontation and more in applying political aikido to the regime. Aikido, as a martial art, centers on using your opponent’s force against them. Politically speaking, the opposition does not need to impose an alternative transition agenda on chavismo at this moment. Instead, it should take the agenda that Delcy and Jorge Rodríguez are proposing and deepen it. Where it sees a small crack open, it should place its foot in the gap until the door opens wide enough to pass through. And chavismo is already offering such an opportunity with the reorganization of the party system.

Jorge Rodríguez, as president of the National Assembly, announced that the PSUV would seek to reform the Electoral Code. A few days later, the National Electoral Council (CNE) announced the temporary suspension of the party registration and revalidation period. One hypothesis is that, in response to US demands for some degree of political liberalization, chavismo may facilitate the normalization of parties previously intervened by the judiciary and lift disqualifications barring political leaders from running for office.

Whether or not this proves true, opposition parties must seize this window of opportunity to reactivate their militant structures by convening neighborhood assemblies, open town halls, and even engaging in dialogue with communal councils to bring the legislative agenda proposed by chavismo itself into public debate.

By targeting the National Assembly as the focal point of mobilization, the opposition would not only pressure the regime but also force the hand of those lawmakers who call themselves opposition.

This requires political pedagogy from the opposition: demonstrating that this is not simply capitulation, but rather an acknowledgment that the transition to democracy is a gradual process that demands strategy, shrewdness, maturity—and, crucially, organization and active civic commitment as new pockets of freedom are won and the struggle progressively deepened. Such mobilization should aim to re-oxygenate party cadres and lend legitimacy to the proposals that might emerge during parliamentary debates over reform.

Naturally, tensions arise. The opposition deemed legitimate in the eyes of the public earned that status precisely by completely refusing to compete in the 2025 legislative elections, and therefore holds no seats in the Assembly. Conversely, opposition lawmakers that chavismo tolerates lack credibility among the broader opposition base. Yet this doesn’t need to be an obstacle for democratic forces, which can continue to pressure the Legislative branch from the outside. For instance, Machado’s leadership could call mobilizations on the days of parliamentary debate—not to oppose the discussions outright, but to demand that the people’s demands be heard in the reforms to come.

On the one hand, there is clearly no guarantee that all demands will be incorporated or that reforms proposed by the opposition-outside-the-Assembly will translate into effective legislation. But the return in militant energy and organizational capital for political parties may outweigh the legislative outcome itself, since that strengthened organization becomes the new foundation for future mobilizations.

On the other hand, by targeting the National Assembly as the focal point of mobilization, the opposition would not only pressure chavismo but also force the hand of those lawmakers who call themselves opposition yet face credibility issues. Politics is, after all, a game. The moral maximalism with which the legitimacy of opposition leaders is often judged can become an obstacle to recognizing that the Capriles Radonskis of the 2025 Assembly do not need to be wholehearted opposition figures.

One effect of January 3 was that Capriles himself—a detractor of Machado—praised her leadership position, likely driven by political calculation. Yet it is precisely these political interests that democratic forces can exploit. These positioning lines are openings the opposition can deepen, twisting not only the government’s arm but also that of these lawmakers, pressuring them to answer to the organized groups outside the Assembly. Establishing channels of communication with such lawmakers would not contaminate the democratic struggle if approached from a standpoint of strategic pragmatism.

So long as the means employed do not undermine the ultimate objective—the consolidation of a democracy grounded in memory, truth, and justice—the opposition would do well to weigh its alternatives with less moral timidity and greater political maturity.

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