Vivara Participações S.A. is a Brazilian publicly traded company founded in 1962, originally a small 10 m² goldsmith workshop in downtown São Paulo dedicated to custom-made jewelry production. Over the decades, the company went through a continuous process of expansion and professionalization, including the adoption of the name Confecção de Joias Vivara in 1977 and the opening of its first store in a shopping mall in 1980, at Shopping Eldorado in São Paulo. Still in the 1980s, it began offering watches and investing in design technology, gradually consolidating a more structured presence in specialized retail for jewelry and accessories. The ISO 9001 certification obtained in 2000 and the expansion drive that led to the milestone of one hundred stores nationwide reinforced the transformation of the chain into one of the main players in the jewelry segment in Brazil.

Vivara’s current corporate structure was consolidated through corporate reorganizations that separated industrial and retail operations and concentrated control under the holding company Vivara Participações S.A. In 2016, Conipa Indústria e Comércio de Presentes, Metais e Artigos de Decoração Ltda. was formed to concentrate manufacturing operations, while Tellerina Comércio de Presentes e Artigos para Decoração S.A. remained in charge of retail. In 2019, Vivara was incorporated as a limited liability company and subsequently converted into a corporation, coming to hold 100% of Tellerina and Conipa, forming the Vivara Group. On October 10, 2019, it completed its initial public offering, with VIVA3 shares beginning to trade on B3 – Brasil, Bolsa, Balcão, marking its entry into the Brazilian capital market. Since then, Vivara has continued to operate as the holding company controlling a vertically integrated retail group focused on jewelry, watches, fragrances, and accessories.

Vivara’s business model is characterized by strong vertical integration and a focus on discretionary retail. The company designs, creates, produces, markets, and distributes its products, controlling the entire chain from collection development to delivery to the end consumer. Activities are carried out in a single operating segment called “retail,” which accounts for 100% of net revenue and net income. In 2024, Vivara reported net revenue of approximately R$ 2.6 billion, adjusted EBITDA of R$ 657.5 million, and net income of R$ 653.4 million, with an adjusted EBITDA margin of around 25.5%. The company combines sales in physical stores – more than 450 points of sale at the end of 2024 – with its own digital channel, pursuing an omnichannel strategy that encompasses Vivara stores, Life by Vivara stores, kiosks, ecommerce, telesales, and corporate sales.

Vivara’s brand portfolio is segmented for different consumer profiles within the jewelry and personal accessories market. The Vivara brand, created in 1962, is positioned as traditional and aimed at a public over 30 years old, focused on gold jewelry, higher value-added pieces, and watches, and accounted for annual revenue of around R$ 2.1 billion in 2024, with more than 260 stores. The Life by Vivara brand, launched in 2011, focuses on silver products and collections with a fashionable and accessible appeal, featuring collectible pieces and a lower average price, with 180 own stores and approximately 1,600 SKUs at the end of 2024, in addition to revenue of about R$ 646.6 million. The portfolio is complemented by the Vivara Watches lines, which cover watches of in-house and third-party brands, Vivara Fragrances, focused on women’s fragrances and also a B2B strategy, and Vivara Accessories, focused on various accessories, including items from partner brands. In 2024, the gold jewelry, silver/Life, watches, and accessories (including perfumes) categories accounted for 48.4%, 36.0%, 13.6%, and 1.8% of revenue, respectively.

Vivara operates in a Brazilian jewelry market considered fragmented and multifaceted, with competition from large chains, international brands, and independent jewelers. The company reported a 21.6% market share in the Brazilian jewelry market as of December 31, 2024, which positions it as the largest jewelry chain in the country. Its competitive strategy combines brand positioning, a portfolio with a wide price range – from entry-level products around R$ 100.00 to pieces above R$ 100,000.00 – and flexibility in the mix between gold and silver, including the ability to adjust production toward higher-margin items during periods of greater economic sensitivity. The company consistently invests in marketing, with a strong presence on social networks, use of brand ambassadors, and partnerships with global brands such as Disney, as well as exclusive distribution agreements for several international watch brands in Brazil.

Vivara’s geographic presence is predominantly domestic, with coverage in all Brazilian states and the Federal District. At the end of 2024, the company closed the year with 457 points of sale, including 265 Vivara stores, 180 Life stores, and 11 kiosks, in addition to its online presence. Approximately 99% of physical locations are in shopping malls, which influences the profile of customer traffic, store ramp-up, and security requirements. The Southeast region concentrates about 52% of points of sale and accounted for approximately 55% of gross revenue in 2024, reflecting the greater economic weight of this region. In October 2024, Vivara opened its first international store in Panama City, at Shopping Multiplaza, an initial step toward internationalization that is still not materially relevant to consolidated revenue.

Vivara’s production chain combines industrial and artisanal processes, with significant in-house manufacturing. A large part of production is carried out at the factory located in the Manaus Free Trade Zone, in the state of Amazonas, which supplies the Vivara, Life by Vivara, and Vivara Watches lines, each with segregated production lines. The jewelry production process involves research and creation, development of 3D molds, wax injection, casting, stone setting, sanding, and polishing, carried out by goldsmiths with production targets. There are multiple stages of quality control, from the selection of diamonds, stones, and pearls to final approval of the finished product. The watches follow an eight-stage process, which includes assembly of subassemblies, engraving of traceability codes in compliance with the Basic Production Process (PPB) of the Manaus Industrial Hub, water-resistance, condensation and performance tests, finishing, packaging, and shipping.

From a regulatory standpoint, Vivara does not depend on specific concessions or authorizations from public authorities to operate in retail, but it is subject to rules related to the sale of jewelry, precious stones, and metals. The company and its subsidiaries are registered with the Council for Financial Activities Control (COAF) in compliance with anti-money laundering legislation, which entails obligations for customer identification, records of transactions above certain amounts, monitoring of suspicious operations, periodic reporting, and adoption of internal compliance policies. Additionally, retail operations are subject to operating and health licenses at the municipal, state, and federal district levels, as well as health surveillance and safety rules required by agencies such as ANVISA and fire departments, with the need for periodic renewal of permits and authorizations.

In terms of environmental, social, and governance (ESG) practices, Vivara publishes an annual Sustainability Report, prepared in accordance with Global Reporting Initiative (GRI) standards, in which it presents performance data and material topics for the business. The materiality matrix revised in 2022 highlights as priorities socio-environmental responsibility in raw materials, employee health and safety, social impact and relationships with local communities, governance and anti-corruption, product responsibility, employee development, climate change and emissions, circularity and waste management, as well as diversity and inclusion. The report also links these topics to United Nations Sustainable Development Goals (SDGs) considered priorities, such as good health and well-being, gender equality, decent work, innovation, reduced inequalities, responsible consumption and production, climate action, and life on land. VIVA3 shares, traded on B3, are part of a context in which transparency and ESG information disclosure tend to gain relevance in the assessment of discretionary retail companies in jewelry and personal accessories.

Vivara structures its distribution logistics around distribution centers located in the southern region of the city of São Paulo and in the state of Pernambuco, responsible for supplying physical and digital channels. Finished products are transported mainly by road and air, with third-party providers selected based on cost, lead time, security, and compliance criteria, given the high added value of the goods. The logistics process allows, on average, deliveries in about three days between distribution centers and points of sale, and shorter lead times in certain locations for online sales, such as deliveries in up to five hours in the city of São Paulo. This infrastructure supports the omnichannel strategy and nationwide capillarity, with a base of more than 2.2 million active customers registered in ecommerce in 2024 and approximately 5 million pieces sold in the year, reinforcing Vivara’s role as an integrated retail company, with strong exposure to the consumption cycle and the personal accessories market in Brazil.