Bussiness of Fashion (BoF) presents an article by Jorge Grimberg on the sucess story of Riachuelo, a vertically integrated giant that boasts 291 shops all around Brazil. What’s amazing is to know that 79 of these stores were built in the past three years ,during the country’s gloomiest recession.
The market has been so challenging that the country’s apparel retail sector shrank 6.7 percent in 2016, according to the Brazilian Textile and Apparel Industry Association. While small, independent, local shops continue to close their doors — over 100,000 of them in the past two years — Brazil’s fast fashion chains like Riachuelo and Lojas Renner have managed to sail against the tide.
Riachuelo’s parent company, Grupo Guararapes, reported consolidated net revenues of $1.9 billion) in 2016, up 7.5 percent from 2015.