RIO DE JANEIRO, BRAZIL - To begin its expansion throughout Latin America, U.S. e-commerce company Etsy, owner of marketplaces for handmade products, has signed an agreement to buy Brazilian website Elo7 for US$217 million (about R$1 billion).
Elo7, a sort of "Brazilian Etsy," has more than 56,000 sellers and 1.9 million customers on its marketplace. There you can find everything from handmade bijouterie and wedding items to home decorations and fabric masks.
In an interview with Exame, Elo7 founder and president Carlos Curioni said the transaction was a "natural step" because the Brazilian company, founded . . .
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