Brazilian Retail Giant Magazine Luiza Continues Acquisition Spree - SolidRumor.com

Brazilian Retail Giant Magazine Luiza Continues Acquisition Spree

 Brazilian Retail Giant Magazine Luiza Continues Acquisition Spree

One of Brazil’s largest retail companies, Magazine Luiza, known colloquially as Magalu, this week announced its acquisition of Jovem Nerd, a multimedia platform, focusing on self-proclaimed “nerd culture” content, including movies, games, comics, as well as related apparel and accessories.

This move comes only a month after purchasing Steal the Look, a digital fashion, beauty, culture and lifestyle platform specialising in shoppable content. That buyout also included Push, a platform focused on female entrepreneurship, started by Steal the Look’s founders.

Jovem Nerd marks the 17th buyout by the retail behemoth in recent times, each designed to bolster its digital strategy and ambition to create a “super app”, while simultaneously boosting its online advertising reach.

This week, Magazine Luiza was also cleared by Brazil’s antitrust regulator, CADE, to finalise its 290 million reais ($52 million) acquisition of payment solutions platform, Hub Prepaid.

Magazine Luiza was founded in 1957 and currently operates 786 stores and employs more than 24,000 people. In recent years it has also become a leading e-commerce platform, rivalling giants B2W, Via Varejo and Latin American behemoth Mercado Libre.

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