ENJU3 Enjoei

Enjoei is a Brazilian technology company that operates marketplaces focused on circular fashion and lifestyle products, with common shares traded on B3 under the ticker ENJU3. The company originated in 2009 from a blog created by Ana Luiza McLaren and Tiê Lima, evolving in 2012 into the marketplace format as it is known today. The model became established by allowing users to create customized “virtual stores” to sell used items, mainly clothing, shoes, accessories and home goods. Over the following years, Enjoei received investments from venture capital funds such as Monashees Capital (2013) and Bessemer Venture Partners (2014), a period in which it launched its mobile app and expanded its seller base. In 2020, the company became a corporation, carried out a corporate reorganization with the merger of overseas holding companies and completed a primary and secondary public offering of shares on B3, marking its IPO.

Enjoei’s (ENJU3) business model is based on brokering transactions between seller and buyer users in a digital environment, generating revenue predominantly from commissions charged on the value of products sold. The company does not produce physical goods, acting as a technology platform that connects supply and demand in C2C commerce models and between small entrepreneurs and consumers. On the Enjoei marketplace, the focus is on second-hand fashion and lifestyle items, encouraging the resale of used products and the circular economy. Its subsidiary Elo7, acquired in 2023, complements the portfolio by focusing on original and personalized items, produced by creative entrepreneurs and small businesses in categories such as home and décor, parties and events, kids and fashion. On both platforms, the company keeps a portion of the gross merchandise value (take rate), which is the main source of operating revenue, in addition to fees related to in-house financial services such as enjubank.

The company operates in a single operating segment: online commerce intermediation through digital marketplaces. In 2024, approximately 98% of consolidated net operating revenue came from this marketplace activity, underscoring the centrality of the platform model in generating results. On Enjoei, the main channel is C2C commerce, in which individuals manage their own “little shops” and list products autonomously, supported by features such as simplified listing via photos, item descriptions, pricing and promotional tools (such as boosted ads via “megafone” and campaigns with special offers). On Elo7, sellers are largely professional entrepreneurs who work with product lines and made-to-order items, with a high level of customization. This complementarity of models creates an ecosystem in which Enjoei concentrates the flow of used fashion and lifestyle pieces, while Elo7 broadens the assortment with new, handcrafted and personalized products.

In addition to the traditional marketplace, the company has developed adjacent operations and services aimed at increasing convenience and control over the buying and selling experience. Enjoei Pro, launched in 2017, is a model in which the company takes over a relevant part of the operational chain: it receives products from interested users, performs sorting, listing, photo shoots, sets suggested prices and stores them at its logistics center in Cabreúva (SP), from where it also ships items after they are sold. This model allows for greater standardization of item presentation and quality control, in exchange for a higher commission. At the same time, the company is building a logistics partner hub, integrating different operators for drop-off and delivery, which has reduced dependence on Correios (the Brazilian postal service), expanded drop-off points to thousands of locations in the country and contributed to freight efficiency. Payment processing is handled through integrations with sub-acquirers such as Pagar.me and Zoop, which process credit cards, boletos and PIX, while enjubank allows sales balances to be used as an internal means of payment.

The Enjoei Group’s product and category portfolio is broad within the universe of fashion, lifestyle and personalized items. On the Enjoei platform, the focus is on women’s, men’s and children’s clothing, shoes, bags, accessories and home and décor items, as well as electronics and other selected consumer goods, always with an emphasis on unique and second-hand pieces. On Elo7, the assortment consists of original and customized products, including items for parties and events, children’s products, décor, personalized gifts and fashion pieces. In 2024, the total inventory available on the platforms reached around 16 million items, approximately 9 million on Enjoei and 7 million on Elo7, with high turnover and a large volume of new listings added each month. The group’s growth strategy is based on levers such as attracting new sellers, increasing listing frequency per user and expanding features that bolster engagement, such as incentive programs, dynamic pricing mechanisms like “preço esperto” and internal buyback credit solutions such as “crédito bate e volta”.

The company’s geographic presence is concentrated in Brazil, both in terms of operations and revenue, with no material revenue generated abroad after the closure in 2017 of its short-lived operation in Argentina via the Ya Fue website. The buyer and seller user base is nationwide, and the physical infrastructure follows this reality: the logistics center in Cabreúva, in the State of São Paulo, serves Enjoei Pro and a significant part of the distribution chain. In terms of channels, the group operates mainly in a digital environment, via websites and apps for iOS and Android. Starting in 2024, however, it also began developing a physical channel, with the opening of pilot stores under the Enjoei brand and the start of building a franchise network, culminating in the inauguration of the first franchised unit in 2025 in Goiânia. The franchise network is organized under an asset-light model, in which franchisees assume most of the investments and local operations, while the company provides the brand, technology and support platform.

Enjoei Group’s market strategy involves building a qualified audience and strong engagement on its platforms, positioning itself as a reference in second-hand fashion and in original and personalized products in Brazilian e-commerce. Enjoei ranks among the main players in terms of access in its segment, holding a prominent position in market share rankings based on number of visits, while Elo7 appears among the leading marketplaces in its category. User interaction is encouraged through features such as following stores and brands, liking and saving products, sending questions, negotiating offers and receiving notifications about price changes, promotions or seller responses. This dynamic creates network effects that increase visit and purchase frequency, a key aspect for retaining its user base. In marketing, the company combines digital channels — search engines, social networks, apps — with traditional media activities and television and OOH campaigns, as well as partnerships with digital influencers and TV shows related to decluttering, wardrobe organization and conscious consumption.

From a regulatory and governance standpoint, Enjoei is subject to a set of rules applicable to technology companies, online retail and personal data processing in Brazil. The company must comply with the General Data Protection Law (LGPD), the Internet Civil Framework, the Consumer Defense Code and other related legislation, which entails obligations regarding the processing, security, purpose and transparency in the use of user data. Non-compliance with these rules may result in administrative sanctions by the National Data Protection Authority (ANPD), as well as lawsuits and reputational impacts. In intellectual property, the company maintains registrations of relevant trademarks with the INPI, such as “Enjoei” and “Elo7”, and manages domain names associated with its digital operations and its franchise expansion. In the environmental and social field, although its activities do not involve intensive production processes, the business model is intrinsically linked to the reuse of items and the circular economy in fashion, reducing the need for new goods to be produced. The company states that it adopts awareness practices around more responsible consumption, aligning its brand identity with themes such as sustainability, generating extra income for seller users and fostering creative entrepreneurship.

In terms of recent performance, the company reported in 2024 a consolidated GMV of approximately R$ 1.639 billion, up from 2023, driven by higher levels of engagement and purchase recurrence in the user base of both platforms. Net revenue reached around R$ 265 million, also increasing year over year, while operational efficiency initiatives contributed to improved gross profit and a reduction in net loss. The group has been directing efforts to consolidate a growth cycle focused on profitability, with an emphasis on optimizing take rate, expense discipline, selective expansion of channels — online and physical — and portfolio integration following the acquisition of Elo7. The evolution of indicators such as GMV, revenue and EBITDA reflects an attempt to balance the expansion of its addressable market with tighter control of costs and allocated capital, in a competitive and continuously evolving e-commerce segment in Brazil.