Arezzo Buys Grupo Soma to Build Brazilian Retail Giant (1)

Brazilian shoemaker Arezzo Industria e Comercio SA agreed to buy Grupo de Moda Soma SA, creating a retail giant in Brazil with the ambition to become the biggest shoe and clothing brand platform in Latin America, according to CEO Alexandre Birman. The companies announced the deal through a regulatory filing.

The combined company will be 54% owned by Arezzo investors and 46% by Grupo Soma, according to the filing. Upon the deal’s completion, the company is expected to have a combined revenue of approximately 12 billion reais ($2.4 billion) with 34 brands and offerings ranging from shoes ...