Strong Source Episode 31 - with Anthony Britton
Mar 25, 2026
Anthony Britton, a commodity risk specialist with roles at Tesco, Unilever and Migros. He recounts managing vegetable oils during the Ukraine crisis and taking on cocoa at peak prices. The conversation covers why private label is fertile ground for commodity risk, how retailers are building trading teams, and what skills and structures help navigate volatile markets.
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Three Retail Commodity Exposure Categories
- Retailers split commodity exposure into energy fuel, branded embedded raw materials, and private label embedded raw materials.
- Private label gives retailers control over supply chains so they can buy raw materials, instruct hedging, or buy on suppliers' behalf to manage risk and costs.
Make A Business Case Before Building A Commodity Team
- Build a business case showing concentrated exposures and P&L impact before expanding a retailer commodity team.
- Use that case to decide depth of trading (derivatives) versus lighter approaches because retailer exposures are embedded and complex.
Private Label Enables Strategic Flexibility
- Private label is more interesting for commodity risk because it allows strategy variety and operational influence.
- Managing private label also gives leverage when negotiating with opaque branded suppliers by revealing supply chain levers.