Enjoei buys website selling handmade items Elo7 – 07/18/2023 – Market

The e-commerce platform Enjoei announced to investors, this Wednesday (18), the purchase of the site for the sale of handmade items Elo7. Despite the integration, the company said in a material fact that the platforms will continue to operate with independent brands.

“Elo7 is the largest copyright product platform in Brazil and its operations represent a significant sales volume and active user base, with a GMV (gross merchandise value) of approximately R$ 500 million in 2022, as well as 3.6 million transactions , 1.6 million active buyers, and more than 50,000 active professional sellers,” wrote Enjoei’s financial and investor relations director, Guilherme Soares Almeida, in the material fact.

Also according to Almeida, the acquisition allows the significant growth of similar operations, with more revenue, cost optimization and dilution of expenses.

“In addition, the operation results in a significantly larger combined inventory, making the ecosystem stronger and more interesting for buyers.”

The value of the acquisition was not informed in the note released by Enjoei. According to Almeida, the price to be paid for the control of Grupo Elo7 does not exceed any of the criteria of art. 256 of the Brazilian Corporate Law and, therefore, the consummation of the Transaction is not subject to approval or confirmation by the general meeting of shareholders, he says.