AMAR3: quote, dividends and indicators for Lojas Marisa

Lojas Marisa, traded on B3 under the ticker AMAR3, is a retail chain focused mainly on women’s fashion, with nationwide operations and a historical focus on lower‑middle income women (class C). The company originated in 1948, founded by Bernardo Goldfarb in São Paulo, initially under the name Marisa Bolsas and targeting a female audience. In 1950, the creation of the Marisa Malhas “outlet” strengthened its positioning in affordable fashion and, over the course of the 1950s, the company consolidated the Marisa brand, expanding its proposal to offer women’s apparel with an emphasis on value for money. Geographic expansion began in 1952, reaching all regions of Brazil by 1984. In the 1990s, in step with the development of shopping malls in the country, it opened its first store in this format, and in 1999 the chain began operating with a new, larger store model, with a broader assortment and including men’s and children’s fashion.

The late 1990s were also marked by Lojas Marisa’s entry into e‑commerce, with the launch of Marisa Virtual in 1999, which placed it among the pioneers of online fashion retail in Brazil. In the same year, the company created the Marisa Card, strengthening its proprietary credit offering and consumer data capture. From 2001, it began a cycle of store standardization and modernization, combining layout adjustments and expansion. In 2006, SAX was created to offer personal loans, expanding the group’s financial arm. The IPO carried out in 2007 on B3, which raised around R$ 450 million, financed a robust cycle of physical expansion between 2009 and 2013. In 2008, the company entered into a partnership with Itaú Unibanco for a co‑branded card, reinforcing its financial ecosystem. Performance was positive until 2014, supported by consumption growth, but subsequent changes in brand positioning affected perceived value and sales, prompting a transformation cycle between 2016 and 2019, with professionalization of management and operational efficiency programs such as Transformar and Rightsizing.

From 2019 onward, Lojas Marisa strengthened its capital structure with a significant capital increase and, in 2020, its short‑term plans were affected by the COVID‑19 pandemic. This scenario acted as a catalyst for the digital and omnichannel agenda, with the launch of its own app, the use of dark stores, logistics improvements and the development of new channels such as Ship From Store, Click & Collect and Live Shops. In 2021, the Mbank platform was launched and the reorganization of the financial structure began. Between 2021 and 2022, the company revised its value proposition with adjustments in assortment, pricing and inventory management, which contributed to recovering revenue and margins, although the financial arm was pressured by higher funding costs and increased default. In 2023, under new management, a recovery plan was implemented focused on operational efficiency, financial restructuring, closing less profitable stores, renegotiating liabilities and gradually discontinuing the proprietary financial operation, including ending the partnership with Itaú and entering into an agreement with Credsystem to operate the credit products.

Lojas Marisa’s business model is structured in two main segments: retail and financial products and services. Retail accounts for most of net operating revenue, with 97.36% in 2025, through the sale of women’s, intimate, men’s and children’s apparel, as well as footwear, accessories and home textiles (bedding, table and bath), both in physical stores and via e‑commerce and omnichannel channels. The brand is widely associated with women’s fashion and lingerie, segments that in 2025 represented more than 40% of net revenue, with strong brand recall among the public, particularly among class C women. Digital operations include a marketplace and extended assortment, with additional categories related to home, décor, beauty and fragrances. In the financial arm, which began to be operated mostly through partners, revenue comes from the Marisa Card and the offering of insurance, health and dental plans and other financial services, managed mainly by Credsystem and by insurance and healthcare service partners.

From an operational standpoint, the chain ended 2025 with 230 stores in Brazil, spread across all states, with around 49% of the units in the Southeast region and 51% in the other regions, reflecting strong capillarity in the domestic market. The stores are located primarily in high foot‑traffic areas and in mass‑market consumption regions, with 94 units on high street retail locations and 136 in shopping malls, representing 41% and 59% of the total, respectively. The company has no operations abroad, and 100% of 2025 revenue, R$ 1.483 billion in net operating revenue, was generated in Brazil. The logistics operation is supported by two distribution centers, in Itaquaquecetuba (SP) and Blumenau (SC), with a total area of 35,045 m², in addition to a network optimization program that included incorporating the former e‑commerce DC in Navegantes (SC) into the Itaquaquecetuba DC to reduce costs and bring inventory closer to the main consumer markets. These DCs, integrated with Ship From Store and Click & Collect, allow multichannel inventory management and help reduce delivery times and costs.

In its relationship with the market and in the competitive landscape, Lojas Marisa operates in a highly fragmented fashion retail sector, competing with national and regional department store chains, specialty retailers, discount stores and digital players. In 2024, the company reinforced its strategic repositioning focused on class C women and their families, with an emphasis on value retail, adjusting assortment, price structure, store layouts, communication and supplier relationships. In 2025, a survey by Instituto Locomotiva identified Marisa as the Top of Mind brand among women for value fashion retailers, reinforcing the brand’s relevance in segments such as women’s fashion and lingerie. This period also saw growth in the customer base, with a 13.9% increase in new customers and a 32.6% increase in the number of repeat customers with more than five purchases over a 12‑month period, driven by greater integration between CRM, data, campaigns and the Marisa Card.

The group’s corporate structure includes, in addition to Marisa Lojas S.A., subsidiaries focused on specific functions. M Serviços manages financial and insurance partnerships, managing, in cooperation with Credsystem, proprietary and third‑party credit cards, as well as brokering insurance and healthcare services through partners such as RedeMais. Registrada – Marcas, Patentes e Royalties S.A. concentrates the management of intangible assets, private labels and licenses, including the “Marisa” brand and associated slogans, as well as relevant domain names. M Bank Participações acts as a holding company for interests in financial services businesses. M Pagamentos, previously responsible for managing credit, financing and loans, had its operation discontinued, with asset sales, settlement of liabilities and termination of its license with the Central Bank in 2025, keeping only its tax ID (CNPJ) active to use tax credits, which reinforces the company’s “derisking” move and its focus on its core fashion retail business.

On the regulatory front, while it maintained its own financial institution, Lojas Marisa was subject to the rules of the Central Bank of Brazil and the National Monetary Council, including authorization and supervisory requirements associated with CMN Resolution No. 4,970/2021. The wind‑down process of M Pagamentos was monitored by the Central Bank, through the relevant supervisory area, until the license was terminated in 2025, eliminating the need to maintain its own financial regulatory structure. Retail operations remain subject to the usual tax, labor, sanitary and operating licenses and registrations at different levels of government. The company also holds a relevant portfolio of trademarks registered with the INPI, including “Marisa”, “De mulher para mulher” and “Cartão Marisa”, as well as internet domains, assets considered central to the chain’s competitive differentiation in fashion retail.

In the environmental, social and governance (ESG) field, Lojas Marisa maintains a structured supply chain management program, with around 200 direct suppliers at the end of 2025, of which approximately 75% are domestic and 25% are foreign. Since 2009, a supplier audit program has sought to mitigate social and environmental risks, focusing on working conditions, health and safety and legal compliance. Compliance governance was strengthened in 2024, with the area starting to report directly to the CEO and the creation of a multidisciplinary Compliance Committee to analyze exceptional cases. The supplier onboarding process began to adopt digital tools and checks for reputational, financial, corporate and labor risks. In terms of transparency, the company publishes a Sustainability Report based on references such as GRI and SASB, prepares a greenhouse gas emissions inventory covering all three scopes and works with a materiality matrix aligned with topics such as employee well‑being, diversity and inclusion, ethics, supply chain, waste, data privacy and climate change, integrating these topics with selected Sustainable Development Goals. These elements make up the context in which AMAR3 shares are assessed in the Brazilian capital market.