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 in which it is currently known. 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 through the merger of foreign 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, generating revenue predominantly from commissions charged on the value of products sold. The company does not produce physical goods, acting instead 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 decor, parties and events, kids, and fashion. On both platforms, the company retains a portion of the transaction value (take rate), which represents the main source of operating revenue, as well as fees related to in-house financial services such as enjubank.

The company operates in a single business segment: online commerce intermediation via 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 stores” 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 assortments and made-to-order items, with a high level of personalization. This complementarity of models creates an ecosystem in which Enjoei concentrates the flow of used fashion and lifestyle items, while Elo7 broadens the assortment with new, handcrafted, and personalized products.

Beyond the traditional marketplace, the company has developed adjacent operations and services to increase convenience and control over the buying and selling experience. Enjoei Pro, launched in 2017, is a model in which the company takes over a significant part of the operational chain: it receives products from interested users, carries out screening, listing, photo shoots, suggested pricing, and storage at its logistics center in Cabreúva (SP), from which it also ships items after they are sold. This model allows for greater standardization in how items are displayed and for 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 its dependence on Correios, expanded drop-off points to thousands of locations nationwide, 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 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 offering is concentrated in women’s, men’s, and children’s clothing, footwear, bags, accessories, and home and decor items, in addition to 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 supplies, kids’ items, decor, 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 pursues growth by leveraging drivers such as attracting new sellers, increasing upload frequency per user, and expanding features that strengthen 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 via the Ya Fue website. The base of buyer and seller users is national, and the physical infrastructure reflects this reality: the logistics center in Cabreúva, in the State of São Paulo, serves Enjoei Pro and a significant portion of the distribution chain. In terms of channels, the group operates mainly in the 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 initial structuring 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.

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 is among the main access players in its segment, holding 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 visit and purchase frequency, a key aspect for base retention. In marketing, the company combines digital channels — search engines, social networks, apps — with traditional media initiatives and campaigns on television and OOH, in addition to partnerships with digital influencers and TV programs 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 personal data processing in Brazil. The company must comply with the General Data Protection Law (LGPD), the Civil Rights Framework for the Internet, the Consumer Defense Code, and other related legislation, which entails obligations regarding the processing, security, purpose, and transparency in the use of user data. Noncompliance 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 fashion economy, 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 of sustainability, extra income generation for seller users, and encouragement of creative entrepreneurship.

In terms of recent performance, the company reported consolidated GMV of approximately R$ 1.639 billion in 2024, with growth compared to 2023, driven by higher engagement levels and repeat purchases in the user base of both platforms. Net revenue reached about 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 focusing its efforts on consolidating a growth cycle oriented toward profitability, with an emphasis on optimizing the take rate, maintaining expense discipline, selectively expanding channels — online and physical — and integrating the portfolio following the acquisition of Elo7. The evolution of indicators such as GMV, revenue, and EBITDA reflects the attempt to balance the expansion of its addressable market with tighter control of costs and allocated capital in a competitive and constantly evolving e-commerce segment in Brazil.

ENJU3 Dividend History

Yearly view