AMAR3

Lojas Marisa, operated by Marisa Lojas S.A. and listed on B3 under the ticker AMAR3, is a fashion retail chain that traces its origins back to 1948, when the first Marisa Bolsas store opened in the city of São Paulo under the leadership of founder Bernardo Goldfarb. Initially focused on the female audience, the company expanded its operations in 1950 with the creation of Marisa Malhas, consolidating the use of the Marisa brand to identify its stores. Beginning in 1952, it launched a geographic expansion process that took its stores to state capitals such as Porto Alegre, Belo Horizonte, Salvador, Recife and Manaus, achieving a presence in all regions of the country by 1984. In the 1990s, following the broader trend in Brazilian retail, it opened its first store in a shopping mall, accelerating the large department store model. In 2007, it carried out an initial public offering of shares on B3, joining the Novo Mercado segment, with a focus on differentiated corporate governance practices and broader access to the capital markets to finance its expansion plan.

Lojas Marisa’s business model is primarily based on retail sales of apparel and related items, aimed predominantly at female customers in the C income class and adjacent segments, but with a portfolio that also includes menswear, childrenswear and home products. The company develops, purchases and sells products under its corporate brand “Marisa” and other third-party brands, operating a network of physical stores combined with a robust digital channel that includes e-commerce, its own app and omnichannel solutions such as Click & Collect and Ship From Store. Historically recognized for its presence in women’s fashion and lingerie, the company has built a positioning centered on women who shop for the whole family, complementing its assortment with footwear, accessories, bed, table and bath, beauty, fragrances and other consumer categories. In parallel, it has developed a financial services arm over time focused on offering credit and insurance products in partnership with specialized institutions, using this ecosystem as a tool to build loyalty and increase shopping frequency.

The company organizes its operations into two main segments: retail and financial products and services. The retail segment accounts for nearly all net operating revenue, with a 99.2% share in 2024, through the sale of apparel (women’s, intimate, men’s and children’s fashion), footwear, accessories and home items, both in physical stores and through the digital channel. Its e-commerce operation, launched in 1999 with “Marisa Virtual,” was one of the pioneers in fashion retail in Brazil, allowing the company to reach consumers in cities where it had no physical presence and to collect relevant consumer behavior data. The financial products and services segment, which in 2024 represented 0.8% of net operating revenue, is currently based on partnerships, especially with Credsystem, which manages the Marisa Card and co-branded cards, as well as offering insurance, health assistance and other services. After a history of operating its own financial institution, M Pagamentos (formerly Mbank), the company chose to discontinue this activity, maintaining its focus on distributing third-party financial products through its sales channels.

Operationally, Lojas Marisa structures its supply chain with around 200 direct suppliers and approximately 950 subcontractors, with a predominance of domestic products, which account for about 70% of purchases, while the remainder consists of imported items. Supply processes involve distribution centers in Itaquaquecetuba (SP) and Blumenau (SC), which support both the shipment of goods to stores and the omnichannel operation. There are specific flows for domestic and international products, with stages of receiving, handling (such as placing hangers and security tags), distribution and dispatch to points of sale or to fulfill online orders. E-commerce orders are fulfilled both from distribution centers and via the Ship From Store model, in which certain stores function as mini hubs, integrating physical and digital inventories to reduce delivery times and logistics costs.

Lojas Marisa’s store network has broad nationwide coverage, with a presence in every Brazilian state. In April 2025, the company operated 233 physical stores, 95 of which were located on high-traffic streets and 138 in shopping malls, reflecting a strategy of occupying popular retail hubs and established shopping centers. About 49% of the stores were concentrated in the Southeast region, while the remaining 51% were spread across the other regions of the country. The physical network is complemented by an integrated digital platform, in which 100% of stores offer Click & Collect, and some also operate Ship From Store. The company’s operations are largely targeted at class C consumers, focusing on neighborhoods and commercial areas with heavy foot traffic, and it has no material dependence on individual customers, given its fragmented B2C model, in which no individual taxpayer ID (CPF) accounts for more than 10% of net revenue.

Lojas Marisa operates in a highly competitive and fragmented fashion retail market, competing with national and regional department store chains, specialty retailers, discount stores, supermarkets that also sell apparel and pure-play digital players. In 2024, the company reinforced its repositioning toward the value fashion segment, focusing on Brazilian class C women and their families, recognizing that its main competitive rivalry is with chains targeting the same audience. Differentiation among competitors in this market is driven mainly by price, perceived product quality, store layout and in-store experience, brand strength and the associated credit offering. Recent market research points to the Marisa brand as a reference in women’s intimate fashion and strongly associated with women’s fashion in general, supporting the positioning built historically since its origins as a store focused on the female audience.

Relationships with suppliers and management of the production chain are central aspects of Lojas Marisa’s operations. The company has maintained a Supplier Audit Program since 2009, focused on monitoring working conditions, curbing irregular labor and mitigating environmental impacts associated with the textile chain. Its purchasing policy includes technical criteria, reputation, financial health, delivery reliability and product availability, seeking diversification and avoiding significant concentration in a single partner. A risk and interdependence matrix has been implemented to strengthen control over the chain, supported by a Risk Management and Internal Controls department responsible for approving supplier registrations and analyzing financial, corporate, labor and integrity aspects, including checks on politically exposed persons and records related to fraud. This framework reinforces governance and compliance practices, even though the company is not subject to specific sector regulation in its core retail activity.

On the regulatory front, Lojas Marisa has historically been subject to different regimes due to its combination of retail and financial services. While the retail operation essentially depends on commercial and tax licenses common to trading companies, the group’s former financial institution, M Pagamentos, operated under authorization and supervision from the Central Bank of Brazil, meeting prudential requirements such as those defined by CMN Resolution No. 4,970/2021. With the decision to discontinue its own financial operation and migrate the credit portfolio to the partnership with Credsystem, this regulated structure was gradually wound down, culminating in the Central Bank’s authorization to terminate its operating license in 2025. Following this move, the company’s activities in financial products began to take place mainly as an originator and distributor of third-party services at the point of sale, reducing direct regulatory exposure and allowing greater focus on its core fashion retail business, which remains the economic foundation of the company and of the revenue generation associated with AMAR3 shares traded on B3.