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Leading Brazilian footwear and accessories conglomerate Arezzo & Co saw third quarter net revenue reach 777.9 million Brazilian reais ($141 million), up 86.8 percent year-on-year, according to its latest financial earnings report.
The Sao Paulo-based group reported gross revenue of 953.6 million reais ($ 172.8 million) for its third quarter, a jump of 81.6 percent year-on-year. Its home market drove most of the sales, accounting for 89 percent of Arezzo’s gross revenue for the quarter and totalling 848.7 million reais ($153.7 million).
Although physical retail made a strong recovery with a 76 percent share of sales during the period, online channels continued to grow. Arezzo’s lifestyle arm AR&CO performed particularly well online, registering growth of 45.8 percent versus the same quarter last year.
Meanwhile, the company’s adjusted EBITDA jumped to 118.6 million reais ($21.48 million), a 98 percent increase over the 63.12 million reais ($11.43 million) for the same period in 2020.
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Arezzo & Co’s brands portfolio includes Arezzo, Schutz, Anacapri, Alexandre Birman, Fever, Alme and Vans. It also operates the ZZ Mall marketplace, resale platform Troc and lifestyle brands AR & Co, including Reserva and its fashion brands.
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Arezzo & Co Acquires My Shoes, Partners With Mercado Libre
Arezzo & Co, has acquired My Shoes, a local women’s footwear brand that has been inactive for the past three years. In addition, the company has partnered with e-commerce giant Mercado Libre to sell and distribute My Shoes products on its platform and use the Mercado Shops services to create an exclusive online store for the soon-to-be relaunched brand.
