ENJU3

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 personalized “virtual stores” to sell used items, mainly clothing, footwear, 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 intermediating transactions between seller and buyer users in a digital environment, with revenue generated 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 with a focus on original and customized 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 retains a portion of the transaction value (take rate), which is the main source of operating revenue, in addition to fees related to internal financial services, such as enjubank.

The company’s activities are concentrated 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, highlighting the central role of the platform model in generating results. On Enjoei, the main channel is C2C commerce, in which individuals manage their own “little stores” and list products independently, supported by features such as simplified photo-based listing, 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 items, while Elo7 expands 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 on a relevant part of the operational chain: it receives products from interested users, performs sorting, listing, photo shoots, sets a suggested price and stores the items at its logistics center in Cabreúva (SP), from where it also ships the products 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 has built a logistics partner hub, integrating different operators for drop-off and delivery, which has reduced dependence on Correios, expanded drop-off points to thousands of locations in the country and contributed to freight efficiency. Payment management is carried out through integrations with sub-acquirers such as Pagar.me and Zoop, which process credit cards, boletos and PIX, while enjubank allows the use of sales balances 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 party and event items, kids’ 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 drives growth based on levers such as attracting new sellers, increasing the frequency of uploads per user and expanding features that reinforce 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 brief operation in Argentina through the Ya Fue website. The buyer and seller user base is domestic, and the physical infrastructure reflects 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 the digital environment, via websites and apps for iOS and Android. From 2024 onward, however, it also began to develop a physical channel, with the opening of pilot stores under the Enjoei brand and the start of the rollout of a franchise network, culminating in the opening 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.

The 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 access players in its segment, occupying a prominent position in market share rankings by 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 generates network effects that increase the frequency of visits and purchases, a key aspect for user base retention. In marketing, the company combines digital channels — search engines, social networks, apps — with traditional media initiatives and campaigns on television and OOH, as well as partnerships with digital influencers and TV shows related to decluttering, closet 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 the processing of personal data in Brazil. The company must comply with the General Data Protection Law (LGPD), the Internet Civil Framework, the Consumer Defense Code and related legislation, which implies 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 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 encouraging creative entrepreneurship.

In terms of recent performance, the company reported in 2024 consolidated GMV of approximately R$ 1.639 billion, with growth compared to 2023, driven by higher engagement levels and purchase recurrence among the user base of the two platforms. Net revenue reached around R$ 265 million, up from the previous 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 its take rate, disciplined cost management, 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 the attempt to balance the expansion of the addressable market with greater control of costs and allocated capital in a competitive e-commerce segment undergoing continuous transformation in Brazil.