Fashion 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.
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Alexandre Birman and Roberto Jatahy agreed to split Azzas 2154 into two independent listed companies, Arezzo&Co and Soma, about two years after the merger; Farm goes into a separate company (57.4% Arezzo&Co, 42.6% Soma), and completion depends on a shareholder meeting, CADE and Soma's B3 listing.
Updated November 12, 2026 · 3 verified articles
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The stock tracks discretionary consumption, the execution of the brand integration and, above all, governance between the controlling blocks — the announced split redefines the value attributed to each company and to Farm.
Explanatory mechanism, not a forecast or recommendation.Azzas 2154 posted recurring net income of R$ 190.6 million in 3Q26, down 5.3%, and net revenue of R$ 2.844 billion, down 4.2%; reported profit rose 7.8% to R$ 177.7 million.
Azzas 2154 shares rose as much as 18% on September 25 and closed 12.97% higher at R$ 16.38, leading Ibovespa gains, amid expectations over the sale process for the Farm Rio brand. According to InfoMoney, Morgan Stanley set the end of September as the deadline for non-binding offers, and funds such as Advent, GIC, CVC and L Catterton would be in the race. After the separation agreed between Alexandre Birman and Roberto Jatahy, Farm Rio will be sold, with 57.4% of proceeds going to Arezzo and 42.6% to Soma.
Alexandre Birman and Roberto Jatahy struck a deal to split Azzas 2154 into two independent listed companies, Arezzo&Co and Soma, about two years after the merger, per CNN Brasil, NeoFeed, Bloomberg Línea, Exame and Brazil Journal. The Birman bloc keeps 32.13% of Arezzo&Co and the Jatahy bloc 25.95% of Soma; Farm goes into a company split between the two. Shares rose more than 11% on the morning of September 2, per CNN Brasil.