AMAR3 Lojas Marisa

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 was opened in the city of São Paulo under the leadership of founder Bernardo Goldfarb. Initially focused on the female audience, the company expanded its activities in 1950 with the creation of Marisa Malhas, consolidating the use of the Marisa brand to identify its units. Starting in 1952, it began a process of geographic expansion that took its stores to 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, intensifying 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 based mainly on retail sales of apparel and related products, targeting predominantly female consumers in income class C and adjacent segments, but with a portfolio that also includes men’s, children’s 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 (Clique e Retire) and Ship From Store. Historically recognized for its presence in women’s fashion and lingerie, the company has built a positioning centered on the woman who shops for the whole family, complementing the assortment with departments for footwear, accessories, bed, table and bath, beauty, perfumery and other consumer categories. In parallel, over time it structured a financial services arm focused on the offer of credit and insurance products in partnership with specialized institutions, using this ecosystem as a tool for customer loyalty and increased purchase frequency.

The company organizes its operations into two main segments: retail and financial products and services. The retail segment accounts for almost all of its 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 via the digital channel. Its e‑commerce operation, launched in 1999 as “Marisa Virtual,” was one of the pioneers in fashion retail in Brazil, enabling the company to reach consumers in cities where it had no physical presence and to collect relevant data on consumer behavior. The financial products and services segment, which in 2024 represented 0.8% of net operating revenue, is now based on partnerships, especially with Credsystem, which is responsible for managing the Cartão Marisa and co-branded cards, as well as offering insurance, health assistance and other services. After a history of operating its own financial institution through M Pagamentos (formerly Mbank), the company chose to discontinue this activity, keeping 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. The 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 imported products, with stages of receiving, handling (such as adding hangers and security tags), distribution and dispatch to points of sale or to fulfill online orders. E‑commerce orders are fulfilled both from the distribution centers and via the Ship From Store model, in which certain stores function as mini fulfillment hubs, integrating physical and digital inventories to reduce delivery times and logistics costs.

Lojas Marisa’s store network has wide national reach, with a presence in all Brazilian states. 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 distributed across the other regions of the country. The physical network is complemented by an integrated digital platform, in which 100% of the stores offer Click & Collect service, and some of them operate Ship From Store. The company’s activities are geared mainly toward class C consumers, focusing on neighborhoods and retail areas with heavy foot traffic, and there is no material dependence on individual customers, given the fragmented B2C model in which no single 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 the main competitive arena is with chains targeting the same audience. Differentiation among competitors in this market occurs mainly through price, perceived product quality, store layout and in-store experience, brand strength and associated credit offerings. Recent market research identifies the Marisa brand as a benchmark in women’s intimate fashion and strongly associated with women’s fashion in general, supporting the positioning historically built since its origins as a store aimed at the female public.

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. The purchasing policy includes technical criteria, reputation, financial health, delivery guarantees and product availability, seeking diversification and avoiding material 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 area responsible for approving supplier registrations and analyzing financial, corporate, labor and integrity aspects, including verification of politically exposed persons and records related to fraud. This framework reinforces governance and compliance practices, even though the company is not subject to specific sectoral 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, complying with prudential requirements such as those defined by CMN Resolution No. 4,970/2021. With the decision to discontinue its proprietary 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 the operating license in 2025. Following this move, the company’s activities in financial products came to be carried out 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 activity, which remains the company’s economic foundation and the basis for revenue generation associated with AMAR3 shares traded on B3.