In brief
Alexandre Birman and Roberto Jatahy reached a deal to split AzzasAzzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ 2154 into two independent listed companies on Novo Mercado, Arezzo&CoAzzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ (shoes and bags, with Arezzo, Schutz, Anacapri, Vans and Hering) and Soma (Animale, NV, Maria Filó, Reserva and others), per CNN Brasil, NeoFeed, Bloomberg Línea, Exame and Brazil Journal.
Under the deal, the Birman bloc keeps 32.13% of Arezzo&CoAzzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ and 6.18% of Soma; the Jatahy bloc keeps 25.95% of Soma; other shareholders keep 67.87% of each company, per CNN Brasil. Farm goes into a company held 57.4% by Arezzo&CoAzzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ and 42.6% by Soma, with strategic alternatives under review, per CNN Brasil and Bloomberg Línea.
AZZA3Azzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ shares rose 11.88% at 10:58 on September 2, per CNN Brasil; NeoFeed recorded 13.93% at 11:40. The company's market value fell from R$ 10.2 billion at the 2024 merger to R$ 3.4 billion, per NeoFeed.
What we know
05Verified fact · material
Birman and Jatahy struck a deal to split AzzasAzzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ 2154 into two independent listed companies, Arezzo&CoAzzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ and Soma.
It ends the shareholder dispute that had paralyzed the company since the 2024 merger.
Verified fact · material
The Birman bloc keeps 32.13% of Arezzo&CoAzzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ and 6.18% of Soma; the Jatahy bloc keeps 25.95% of Soma; other shareholders keep 67.87% of each company.
The stakes preserve minority proportions and define the new controllers.
Verified fact · material
Farm will be pooled in a company held 57.4% by Arezzo&CoAzzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ and 42.6% by Soma, with separate governance and strategic alternatives under review.
The group's most valuable brand sits outside both companies and becomes an asset for sale or awaiting a partner.
Verified fact
AZZA3Azzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ shares rose 11.88% at 10:58 on September 2, per CNN Brasil, and 13.93% at 11:40, per NeoFeed.
The intraday reaction gauges how much the market paid for the end of the standoff.
Transmission to assets
Market read-through
For AZZA3Azzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗, the split trades a paralyzed conglomerate for two companies with clear owners; the market paid for clarity on the day, but the final value depends on how Farm is monetized and on approvals through 2027.
For listed fashion retail, the case closes the merger-for-scale thesis behind the 2024 deal.
Portfolio impact
01Ending the shareholder standoff removes the governance discount and opens the way to price Arezzo&CoAzzas 2154OrganizationFashion and footwear group formed in 2024 by the merger of Arezzo&Co and Grupo Soma, owner of brands such as Arezzo, Farm, Animale, Hering and Reserva, listed on B3 as AZZA3.Open in the Market Map ↗ and Soma separately, plus Farm as a standalone asset.
Positive short term from removing the standoff; final value depends on approvals and Farm.
What would change the view: The read flips if Cade imposes remedies, Soma's listing slips or Farm finds no buyer or partner.
Direction is an explanatory hypothesis, not a forecast or recommendation.
Next signals
What to watch
- Shareholder meeting call and Cade filing.
- Strategic alternatives for Farm and a possible partner or sale.
- Exchange ratio and Soma's listing date.
Limits of the reporting
What remains uncertain
- The share gain is intraday and differs between sources by time; there is no consolidated close.
- The Q1 2027 completion target was cited by a single full group.