Companies battle to acquire Brazil’s Netshoes

There’s something about Netshoes, the Brazilian sportswear e-tailer. Two companies are battling to acquire the ailing nineteen-year-old business, which used to be Latin America’s largest in its segment but failed to turn a profit and has seen its shares drop by 85 percent since its IPO at the New York Stock Exchange in 2017. The first contender is Magazine Luiza, an electronics and home appliances retailer looking to expand and compete with Amazon as the American giant spreads its tentacles in Brazil. The other one is Grupo SBF, owner of Centauro, Netshoes’ main competitor in sportswear e-commerce in the South American country.