Disclosure
Marcello Bastos, co-founder of FARM; Alexandre Birman, CEO of Arezzo&Co; Katia Barros, co-founder and creative director of Farm; Roberto Jatahy, CEO of the Soma group; Rony Meisler, co-founder of Reserva and CEO of AR&Co
The fashion retail chains Arezzo&Co and Grupo Soma announced, this Monday (5), an “association” agreement to form a company with revenues of R$12 billion that will be 54% controlled by Arezzo shareholders, according to a relevant fact disclosed to the market.
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Together, the companies that bring together over 2 thousand stores and 34 brands, will later choose the name of the new company, which will have Grupo Soma shareholders holding the remaining 46%. The operation will feature “four business verticals: (i) footwear and bags; (ii) women’s clothing and lifestyle; (iii) men’s clothing and lifestyle; and (iv) democratic clothing”.
The new company will have as its executive president Alexandre Birman, current president of Arezzo&Co. The women’s clothing unit will be managed by Roberto Luiz Jatahy Gonçalves, current president of Grupo Soma.
Executive Rony Meisler will remain president of the AR&Co unit and Thiago Hering will continue to command Hering, purchased by Grupo Soma in 2021.
“The emergence of this new company brings with it great opportunities to generate additional value, such as the development of footwear and handbags categories in Grupo Soma brands, generating revenue leverage, optimizing the management of multi-brand channels, e-commerce and, mainly, franchises, in addition to the optimization of Hering’s knitwear factory”, stated the companies in a statement.
The exchange ratio established in the agreement provides that Soma Group shareholders will receive 0.12 new Arezzo&Co shares for each Soma share. The companies also mentioned that the union will allow “the preparation of this new company to plug into other business verticals”.
(Com Reuters)