Grendene sells US subsidiary for 3.6 million dollars

In a statement sent to the market and shareholders last Monday, August 10, Grendene, one of the largest footwear manufacturers in the Brazilian and international markets, announced the sale of its US subsidiary, Grendene Global Brands USA, to Pajar USA inc. Upon completion of the transaction, Pajar will control 100 percent of the capital of GGB USA. The agreement was signed on August 7 for 3.6 million dollars.

Commercial operations will continue in the US under Pajar's control. The company will distribute the Brazilian firm's footwear in the American market, as per a previously established partnership, according to a note on the Uol website. Grendene will now focus on managing its brands and products.

“The transaction is aligned with Grendene's strategy to strengthen its brands' presence in the North American market through local partners with market knowledge and commercial execution capabilities. The company is seeking greater operational efficiency, optimisation of its organisational structure and a focus on brand and product management,” the statement said.

“The company reinforces its international operating model and contributes to the sustainable expansion of its brands in the United States market, reaffirming its commitment to transparency and creating value for its shareholders,” concluded the statement signed by investor relations director, Alceu Demartini de Albuquerque.

Grendene was founded in 1971 in Farroupilha (RS) by twin brothers Alexandre and Pedro Grendene Bartelle. It initially focused on manufacturing injected plastic screens and protectors. In 1978, they began producing plastic straps for clogs and in 1979, they launched the Melissa Aranha, inspired by the footwear of French fishermen. The model was a great success and from then on the company grew exponentially. Today, it owns the brands Melissa, Ipanema, Rider, Cartago, Zaxy and Grendha.