{"id":5003,"date":"2024-08-27T14:02:06","date_gmt":"2024-08-27T17:02:06","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/o-mercado-brasileiro-de-vestuario\/"},"modified":"2026-09-30T08:54:11","modified_gmt":"2026-09-30T11:54:11","slug":"o-mercado-brasileiro-de-vestuario","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/o-mercado-brasileiro-de-vestuario\/","title":{"rendered":"The Brazilian clothing market"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Durante a pandemia, o setor de varejo sofreu com o fechamento de lojas e precisou se adaptar ao crescimento do e-commerce, o que gerou um ambiente mais desafiador para os pre\u00e7os do setor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na p\u00edlula de hoje, iremos explorar o tamanho do mercado de vestu\u00e1rio no Brasil, as suas vias de gera\u00e7\u00e3o de valor, a distribui\u00e7\u00e3o e o posicionamento das principais marcas que atuam no pa\u00eds e recentes consolida\u00e7\u00f5es que geraram sinergias e ajudaram o setor.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid var(--navy);padding-bottom:6px;margin:0 0 16px;display:flex;justify-content:space-between;gap:12px;align-items:flex-end}\n.pil-tag{color:var(--red);border-top:2px solid var(--red);border-bottom:2px solid var(--red);font-size:12px;padding:2px 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p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n\r\n\r\n\r\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>Atualmente, o Brasil \u00e9 o 11\u00b0 maior mercado de vestu\u00e1rio no mundo, estimado em US$ 24 Bi<\/h2>\n  <div class=\"pil-sub\"><span>Tamanho do mercado global de vestu\u00e1rio (2023)<\/span><\/div>\n  <div class=\"pil-grid3\" style=\"gap:14px\">\n    <div class=\"pil-card\" style=\"border-left:6px solid #2d3a51\"><h3>\u00c1sia-Pac\u00edfico<\/h3><p class=\"pil-p\" style=\"margin:0\">39% do mercado<br>US$ 507 bilh\u00f5es<\/p><\/div>\n    <div class=\"pil-card\" style=\"border-left:6px solid #5a6f96\"><h3>Am\u00e9rica do Norte<\/h3><p class=\"pil-p\" style=\"margin:0\">28% do mercado<br>US$ 362 bilh\u00f5es<\/p><\/div>\n    <div class=\"pil-card\" style=\"border-left:6px solid #8a9bb9\"><h3>Europa<\/h3><p class=\"pil-p\" style=\"margin:0\">24% do mercado<br>US$ 312 bilh\u00f5es<\/p><\/div>\n    <div class=\"pil-card\" style=\"border-left:6px solid #d9d9d9\"><h3>Oriente M\u00e9dio e \u00c1frica<\/h3><p class=\"pil-p\" style=\"margin:0\">4% do mercado<br>US$ 50 bilh\u00f5es<\/p><\/div>\n    <div class=\"pil-card\" style=\"border-left:6px solid #d9d9d9\"><h3>LatAm ex-Brasil<\/h3><p class=\"pil-p\" style=\"margin:0\">3% do mercado<br>US$ 46 bilh\u00f5es<\/p><\/div>\n    <div class=\"pil-card\" style=\"border-left:6px solid #fde5a6;background:#fff8e6\"><h3>Brasil<\/h3><p class=\"pil-p\" style=\"margin:0\">2% do mercado<br>US$ 24 bilh\u00f5es<\/p><\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: Euromonitor; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Tend\u00eancias das classes sociais B e C direcionam o mercado devido a sua representatividade (+50%)<\/h2>\n  <div class=\"pil-sub\"><span>Distribui\u00e7\u00e3o por classe social: vestu\u00e1rio no Brasil (2019)<\/span><\/div>\n  <p class=\"pil-unit\" style=\"margin:0 0 10px\">US$ bilh\u00f5es; %<\/p>\n  <div class=\"pil-hbars\" role=\"img\" aria-label=\"Distribui\u00e7\u00e3o do mercado de vestu\u00e1rio por classe social em 2019, em US$ bilh\u00f5es e % do total: A 3,1 (13%); B+ 1,5 (6%); B- 7,7 (32%); C+ 5,1 (21%); C- 2,8 (12%); D\/E 4,1 (17%)\">\n    <div class=\"r\" style=\"grid-template-columns:50px 1fr auto 54px\"><b>A<\/b><div class=\"bar\"><i style=\"width:40.3%;background:var(--light)\"><\/i><\/div><em>3,1<\/em><em style=\"text-align:center\">13%<\/em><\/div>\n    <div class=\"r\" style=\"grid-template-columns:50px 1fr auto 54px\"><b>B+<\/b><div class=\"bar\"><i style=\"width:19.5%;background:var(--light)\"><\/i><\/div><em>1,5<\/em><em style=\"text-align:center\">6%<\/em><\/div>\n    <div class=\"r\" style=\"grid-template-columns:50px 1fr auto 54px;background:#fff;padding:4px 0\"><b>B-<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--blue)\"><\/i><\/div><em>7,7<\/em><em style=\"text-align:center;background:#fde5a6;border-radius:10px;color:#222\">32%<\/em><\/div>\n    <div class=\"r\" style=\"grid-template-columns:50px 1fr auto 54px;background:#fff;padding:4px 0\"><b>C+<\/b><div class=\"bar\"><i style=\"width:66.2%;background:var(--blue)\"><\/i><\/div><em>5,1<\/em><em style=\"text-align:center;background:#fde5a6;border-radius:10px;color:#222\">21%<\/em><\/div>\n    <div class=\"r\" style=\"grid-template-columns:50px 1fr auto 54px\"><b>C-<\/b><div class=\"bar\"><i style=\"width:36.4%;background:var(--light)\"><\/i><\/div><em>2,8<\/em><em style=\"text-align:center\">12%<\/em><\/div>\n    <div class=\"r\" style=\"grid-template-columns:50px 1fr auto 54px\"><b>D \/ E<\/b><div class=\"bar\"><i style=\"width:53.2%;background:var(--light)\"><\/i><\/div><em>4,1<\/em><em style=\"text-align:center\">17%<\/em><\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: Statista; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Assertividade nos pre\u00e7os \u00e9 importante em um mercado caro em rela\u00e7\u00e3o ao resto do mundo<\/h2>\n  <div class=\"pil-sub\"><span>\u00cdndice Zara (2023): diferen\u00e7a de pre\u00e7o para Zara EUA<\/span><\/div>\n  <p class=\"pil-unit\" style=\"margin:0 0 10px\">%<\/p>\n  <div class=\"pil-hbars\" role=\"img\" aria-label=\"\u00cdndice Zara 2023, diferen\u00e7a de pre\u00e7o em rela\u00e7\u00e3o \u00e0 Zara EUA: Fran\u00e7a -4%; Reino Unido -2%; EUA 0%; Jap\u00e3o 22%; Chile 37%; China 41%; M\u00e9xico 75%; Brasil 85%; \u00cdndia 174%\">\n    <div class=\"r\"><b>Fran\u00e7a<\/b><div class=\"bar\"><i style=\"width:2.3%;background:var(--light)\"><\/i><\/div><em>(4%)<\/em><\/div>\n    <div class=\"r\"><b>Reino Unido<\/b><div class=\"bar\"><i style=\"width:1.1%;background:var(--light)\"><\/i><\/div><em>(2%)<\/em><\/div>\n    <div class=\"r\"><b>EUA<\/b><div class=\"bar\"><i style=\"width:0\"><\/i><\/div><em>0%<\/em><\/div>\n    <div class=\"r\"><b>Jap\u00e3o<\/b><div class=\"bar\"><i style=\"width:12.6%;background:var(--light)\"><\/i><\/div><em>22%<\/em><\/div>\n    <div class=\"r\"><b>Chile<\/b><div class=\"bar\"><i style=\"width:21.3%;background:var(--light)\"><\/i><\/div><em>37%<\/em><\/div>\n    <div class=\"r\"><b>China<\/b><div class=\"bar\"><i style=\"width:23.6%;background:var(--light)\"><\/i><\/div><em>41%<\/em><\/div>\n    <div class=\"r\"><b>M\u00e9xico<\/b><div class=\"bar\"><i style=\"width:43.1%;background:var(--light)\"><\/i><\/div><em>75%<\/em><\/div>\n    <div class=\"r\"><b>Brasil<\/b><div class=\"bar\"><i style=\"width:48.9%;background:var(--navy)\"><\/i><\/div><em>85%<\/em><\/div>\n    <div class=\"r\"><b>\u00cdndia<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--light)\"><\/i><\/div><em>174%<\/em><\/div>\n  <\/div>\n  <div class=\"pil-note solid\"><span>\u00cdndice Zara compara o pre\u00e7o de uma mesma cesta de produtos da Zara em diferentes pa\u00edses<\/span><\/div>\n  <div class=\"pil-src\">(1) Oriente M\u00e9dio e \u00c1frica<br>Fonte: Euromonitor; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Cr\u00e9dito e e-commerce aliviam bolso do brasileiro, enquanto fast-fashion busca capturar sua aten\u00e7\u00e3o<\/h2>\n  <div class=\"pil-sub\"><span>Vias de gera\u00e7\u00e3o de valor<\/span><\/div>\n  <div class=\"pil-grid3\">\n    <div class=\"pil-card\" style=\"border:1.5px dashed #888;box-shadow:none;text-align:center\">\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-ic-credito.png\" alt=\"\u00cdcone de computador com globo\" loading=\"lazy\" style=\"width:72px;margin:0 auto 10px\">\n      <h3 style=\"background:#e8ebf1;padding:10px;color:#222\">Cr\u00e9dito<\/h3>\n      <p class=\"pil-p\">Conforme visto pelo \u00edndice Zara, o mercado de vestu\u00e1rio \u00e9 caro no Brasil.<\/p>\n      <p class=\"pil-p\">Portanto, para atrair classes sociais mais baixas, onde existe o maior mercado potencial do pa\u00eds, <b>linhas de cr\u00e9dito s\u00e3o muito importantes<\/b>.<\/p>\n      <p class=\"pil-p\">O governo tem ajudado nessa frente, implementando pol\u00edticas como o programa Desenrola, facilitando renegocia\u00e7\u00e3o de d\u00edvidas.<\/p>\n    <\/div>\n    <div class=\"pil-card\" style=\"border:1.5px dashed #888;box-shadow:none;text-align:center\">\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-ic-ecommerce.png\" alt=\"\u00cdcone de cart\u00e3o de cr\u00e9dito\" loading=\"lazy\" style=\"width:72px;margin:0 auto 10px\">\n      <h3 style=\"background:#b4bfd3;padding:10px;color:#222\">E-commerce<\/h3>\n      <p class=\"pil-p\">Com o crescimento do varejo online, os pre\u00e7os elevados no Brasil abrem espa\u00e7o para a competi\u00e7\u00e3o global.<\/p>\n      <p class=\"pil-p\">Varejistas, como a Shein, ganharam mercado no pa\u00eds por conta da baixa tributa\u00e7\u00e3o e <b>incentivo de custos que o e-commerce proporciona<\/b>.<\/p>\n      <p class=\"pil-p\">Por meio da Remessa Conforme, o governo vem tentando arbitrar os interesses de varejistas locais e a demanda da popula\u00e7\u00e3o pelos produtos internacionais.<\/p>\n    <\/div>\n    <div class=\"pil-card\" style=\"border:1.5px dashed #888;box-shadow:none;text-align:center\">\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-ic-fashion.png\" alt=\"\u00cdcone de vestido\" loading=\"lazy\" style=\"width:72px;margin:0 auto 10px\">\n      <h3 style=\"background:#8a9bb9;padding:10px;color:#222\">Fast fashion \u2013 confec\u00e7\u00e3o<\/h3>\n      <p class=\"pil-p\">Em uma gera\u00e7\u00e3o marcada pelas tend\u00eancias, marcas apostam no estilo para aumentar seus pre\u00e7os.<\/p>\n      <p class=\"pil-p\">O conceito de fast-fashion, <b>produ\u00e7\u00e3o de pe\u00e7as em massa e o mais r\u00e1pido poss\u00edvel para acompanhar tend\u00eancias,<\/b> virou arma do varejo.<\/p>\n      <p class=\"pil-p\">A estrat\u00e9gia \u00e9 mais utilizada por marcas de ticket mais alto, mas adapta\u00e7\u00f5es vem sendo feitas, principalmente pela Shein, para classes mais baixas.<\/p>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: Euromonitor; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>O posicionamento de marca \u00e9 relevante na moda e separa sucessos de fal\u00eancias empresariais<\/h2>\n  <div class=\"pil-sub\"><span>Matriz de posicionamento de marcas no mercado de vestu\u00e1rio brasileiro<\/span><\/div>\n  <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-matriz.png\" alt=\"Matriz de marcas por ticket m\u00e9dio (eixo horizontal) e relev\u00e2ncia em e-commerce (eixo vertical). Alta relev\u00e2ncia em e-commerce: Shein (ticket baixo) e Dafiti (ticket m\u00e9dio). Ticket m\u00e9dio a alto: Grupo SBF, Zara, Soma, Renner, Arezzo&amp;Co, C&amp;A, Riachuelo, Marisa e Aramis. Ticket e relev\u00e2ncia baixos: Torra, Caedu, Besni, Pernambucanas, Loj\u00e3o do Br\u00e1s, Eskala e Grupo Avenida. Destaques: \u201cPre\u00e7os importam mais, justificando pe\u00e7as de roupa mais b\u00e1sicas\u201d (ticket baixo) e \u201cTend\u00eancias importam mais, justificando pre\u00e7os mais elevados\u201d (ticket alto)\" loading=\"lazy\">\n  <div class=\"pil-src\">Fonte: Companhias; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>O Brasil vem seguindo a tend\u00eancia global de consolida\u00e7\u00e3o no mercado ap\u00f3s a pandemia<\/h2>\n  <div class=\"pil-sub\"><span>As 10 maiores marcas em receita no mercado de varejo de vestu\u00e1rio e cal\u00e7ados<sup>(1)<\/sup> e <i>market share<\/i> estimado<sup>(2)<\/sup> do topo<\/span><\/div>\n  <div class=\"pil-tw\">\n    <table class=\"pil-table\" style=\"font-size:12px\">\n      <thead><tr><th><\/th><th>2017<\/th><th>2018<\/th><th>2019<\/th><th>2020<\/th><th>2021<\/th><th>2022<\/th><th>2023<\/th><\/tr><\/thead>\n      <tbody>\n        <tr><td><b>#1<\/b><\/td><td>Renner<\/td><td>Renner<\/td><td>Renner<\/td><td>Renner<\/td><td>Renner<\/td><td>Renner<\/td><td>Renner<\/td><\/tr>\n        <tr><td><b>#2<\/b><\/td><td>Riachuelo<\/td><td>Riachuelo<\/td><td>Riachuelo<\/td><td>Riachuelo<\/td><td>Riachuelo<\/td><td>Riachuelo<\/td><td>Riachuelo<\/td><\/tr>\n        <tr><td><b>#3<\/b><\/td><td>C&amp;A<\/td><td>C&amp;A<\/td><td>C&amp;A<\/td><td>C&amp;A<\/td><td>C&amp;A<\/td><td>C&amp;A<\/td><td>C&amp;A<\/td><\/tr>\n        <tr><td><b>#4<\/b><\/td><td>Grupo SBF<\/td><td>Pernambucanas<\/td><td>Pernambucanas<\/td><td>Pernambucanas<\/td><td>Grupo SBF<\/td><td>Grupo SBF<\/td><td>Grupo SBF<\/td><\/tr>\n        <tr><td><b>#5<\/b><\/td><td>Pernambucanas<\/td><td>Marisa<\/td><td>Marisa<\/td><td>Marisa<\/td><td>Pernambucanas<\/td><td>Pernambucanas<\/td><td>Pernambucanas<\/td><\/tr>\n        <tr><td><b>#6<\/b><\/td><td>Marisa<\/td><td>Grupo SBF<\/td><td>Grupo SBF<\/td><td>Grupo SBF<\/td><td>Dafiti<\/td><td>Soma<\/td><td>Arezzo&amp;Co<\/td><\/tr>\n        <tr><td><b>#7<\/b><\/td><td>Netshoes<\/td><td>Netshoes<\/td><td>Dafiti<\/td><td>Dafiti<\/td><td>Arezzo&amp;Co<\/td><td>Dafiti<\/td><td>Dafiti<\/td><\/tr>\n        <tr><td><b>#8<\/b><\/td><td>Leader<\/td><td>Dafiti<\/td><td>Arezzo&amp;Co<\/td><td>Arezzo&amp;Co<\/td><td>Marisa<\/td><td>Arezzo&amp;Co<\/td><td>Soma<\/td><\/tr>\n        <tr><td><b>#9<\/b><\/td><td>Arezzo&amp;Co<\/td><td>Arezzo&amp;Co<\/td><td>Via Veneto<\/td><td>Via Veneto<\/td><td>Soma<\/td><td>Marisa<\/td><td>Santa Lolla<\/td><\/tr>\n        <tr><td><b>#10<\/b><\/td><td>Hering<\/td><td>Hering<\/td><td>Zara<\/td><td>Zara<\/td><td>Zara<\/td><td>Zara<\/td><td>Marisa<\/td><\/tr>\n        <tr><td><b>3 maiores:<\/b><\/td><td class=\"n\"><b>33%<\/b><\/td><td class=\"n\"><b>35%<\/b><\/td><td class=\"n\"><b>36%<\/b><\/td><td class=\"n\"><b>38%<\/b><\/td><td class=\"n\"><b>38%<\/b><\/td><td class=\"n\"><b>38%<\/b><\/td><td class=\"n\"><b>37%<\/b><\/td><\/tr>\n        <tr><td><b>10 maiores:<\/b><\/td><td class=\"n\"><b>60%<\/b><\/td><td class=\"n\"><b>61%<\/b><\/td><td class=\"n\"><b>62%<\/b><\/td><td class=\"n\" style=\"background:#fde5a6\"><b>68%<\/b><\/td><td class=\"n\"><b>71%<\/b><\/td><td class=\"n\"><b>71%<\/b><\/td><td class=\"n\"><b>69%<\/b><\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"pil-unit\" style=\"margin:6px 0 0\">% do mercado<\/p>\n  <div class=\"pil-note solid\"><span>Aumento de <i>market share<\/i><\/span><\/div>\n  <div class=\"pil-src\">(1) Shein s\u00f3 aparece no ranking em 2022, mas foi reclassificada para se\u00e7\u00e3o de <i>marketplace<\/i> e, por isso, removida. (2) N\u00famero com base no ranking SBVC, mercado estimado pela receita apenas de marcas entre as 300 maiores do varejo<br>Fonte: SBVC; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>As marcas Arezzo e Soma est\u00e3o mais presentes no cen\u00e1rio recente de transa\u00e7\u00f5es<\/h2>\n  <div class=\"pil-sub\"><span>Transa\u00e7\u00f5es selecionadas<\/span><\/div>\n  <p class=\"pil-p\" style=\"font-size:12px;color:#666\">Em cada cart\u00e3o: <b>Target<\/b> em cima, <b>Investidor<\/b> embaixo.<\/p>\n  <div class=\"pil-grid3\">\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-nativozza.png\" alt=\"2020: Nati Vozza (target) e Soma (investidor)\" loading=\"lazy\"><figcaption>2020<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-reserva.png\" alt=\"2020: Reserva (target) e Arezzo (investidor)\" loading=\"lazy\"><figcaption>2020<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-baw.png\" alt=\"2020: Baw (target) e Arezzo (investidor)\" loading=\"lazy\"><figcaption>2020<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-troc.png\" alt=\"2020: TROC (target) e Arezzo (investidor)\" loading=\"lazy\"><figcaption>2020<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-repassa.png\" alt=\"2021: Repassa (target) e Renner (investidor)\" loading=\"lazy\"><figcaption>2021<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-hering.png\" alt=\"2021: Hering (target) e Soma (investidor)\" loading=\"lazy\"><figcaption>2021<\/figcaption><\/figure>\n  <\/div>\n  <div class=\"pil-src\">Fonte: S&amp;P Capital IQ; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Fus\u00f5es ou aquisi\u00e7\u00f5es podem ser a solu\u00e7\u00e3o para um setor no qual as sinergias s\u00e3o bastante relevantes<\/h2>\n  <div class=\"pil-sub\"><span>Transa\u00e7\u00f5es selecionadas<\/span><\/div>\n  <p class=\"pil-p\" style=\"font-size:12px;color:#666\">Em cada cart\u00e3o: <b>Target<\/b> em cima, <b>Investidor<\/b> embaixo.<\/p>\n  <div class=\"pil-grid3\">\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-carolbassi.png\" alt=\"2021: Carol Bassi (target) e Arezzo (investidor)\" loading=\"lazy\"><figcaption>2021<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-myshoes.png\" alt=\"2021: MyShoes (target) e Arezzo (investidor)\" loading=\"lazy\"><figcaption>2021<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-etiqueta.png\" alt=\"2022: Etiqueta \u00danica (target) e Iguatemi (investidor)\" loading=\"lazy\"><figcaption>2022<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-avenida.png\" alt=\"2022: Avenida (target) e Pepkor (investidor)\" loading=\"lazy\"><figcaption>2022<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5003-deal-somaarezzo.png\" alt=\"2024: Soma + Arezzo, stock-for-stock merger\" loading=\"lazy\"><figcaption>2024<\/figcaption><\/figure>\n  <\/div>\n  <div class=\"pil-src\">Fonte: S&amp;P Capital IQ; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>During the pandemic, the retail sector suffered from store closures and had to adapt to the growth of e-commerce, which created a more challenging environment for prices in the sector.<\/p>","protected":false},"author":1,"featured_media":4994,"template":"","meta":[],"class_list":["post-5003","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/4994"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}