Guararapes selects Safra for potential stake sale

Guaralapes Confeccoes, owner of fashion retailer Riachuelo, has selected Brazilian financial services firm Banco Safra for sale, Bloomberg reported, citing sources.

The Rocha family holds a controlling interest in the company and is said to be exploring possible sale options, including relinquishing control, according to sources.

People familiar with the matter told the news agency that they had approached Arezzo Industria e Comercio and Grupo SBF regarding the matter.

Arezzo Industria e Comercio manufactures shoes and Grupo SBF is a sports food retailer.

Sources said the two companies have not made any decisions about the offer.

Other parties could also be used to sell shares, the sources said.

In a statement to Bloomberg, Galarapes said it had not specified a bank with which to negotiate the sale of its shares.

The company added, “Although we are always on the lookout for market opportunities that create value for our shareholders, there is no evidence that control of the company will change.”

However, Safra and Arezzo did not immediately respond to requests for comment, while Grupo SBF declined to comment.

Founded in 1956 by Nevaldo Rocha and his brother Newton, Guararapes is one of Brazil’s largest fashion groups.

Riachuelo, Casa Riachuelo and Carter’s retail chains spread across Brazil with e-commerce and 373 locations. The company also has his two manufacturing facilities for garments and fabrics in Natal RN and Fortaleza CE.

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