Netshoes is a Brazilian e-commerce site known for selling shoes and other fashion items. The company, which has operated in Mexico since 2011, recently announced that it would sell 100% of its Mexican operations to Mexican private equity firm, Sierra Capital Group, for an undisclosed price.
The acquisition has been submitted to the Mexican SEC (Securities and Exchange Commission) for approval and is expected to be completed in the third quarter of 2018. Said Netshoes in an official statement:
“[the sale] is in line with the company’s strategy of focusing and simplifying its operations in mature regions to increase profitability and create long-term shareholder value.”
In the first quarter of 2018, Netshoes recorded a 4.4% net loss across its Argentine and Mexican operations, although the company would not disclose more information about operations.