Enjoei S.A

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What it is

Enjoei is a Brazilian online marketplace focused on secondhand and new fashion, accessories, shoes, and lifestyle goods, giving individual sellers and small merchants a place to list items and buyers a simple way to browse discounted or unique products.

The company earns money mainly by charging fees on transactions and by selling visibility services to sellers; it handles the listing tools, payment flow, and parts of the purchase experience, while the goods themselves belong to the sellers. That asset-light model — owning no inventory — is what separates Enjoei from a traditional retailer.

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Who owns it

Enjoei was founded in April 2009 by Tiê Lima, Carlos Eduardo Brando, and Ana Luiza McLaren Moreira Maia e Lima, and the founding couple have retained meaningful stakes. As of the most recent B3 disclosure, Ana Luiza McLaren was the largest single shareholder at 8.17%, followed by Aram LLC (6.49%), Tiê Lima (6.24%), and asset manager Absoluto Partners (6.07%).

EODHD data shows insiders collectively hold about 26.6% of the company and institutions a further 46.7%, leaving a free float of roughly 26.7%. Early backers include Brazilian fund Monashees, American venture firm Bessemer, Rio-based manager Dynamo, and Grupo Globo.

No single controlling shareholder with a majority block has been disclosed in available sources.

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Who runs it

Key executives are Tiê Lima as CEO, Ana Luiza McLaren Moreira Maia e Lima as Executive Vice President and Board Member, and Carlos Eduardo Brando as Technology Director — all three are co-founders still in their original roles. Guilherme Soares Almeida serves as Chief Financial and Investor Relations Officer.

Ana Luiza, who studied advertising and worked previously at Google, Americanas, and Abril, oversees communication, brand, and human resources. The company is therefore still founder-led across both its executive and board layers.

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The money, in plain words

Enjoei is losing money, but less than it was. In its most recent full year (FY2025) it recorded a net loss of R$16.8m (≈ US$3.3m) — losing about 6.4 cents from every real of sales, a net margin of –6.6% (EODHD) — compared with a net loss of R$23.9m (US$5 mn) in FY2024 and R$53.0m (US$10 mn) in FY2023 (our calculation from EODHD income data).

The direction is right; profitability is not yet there.

Revenue was essentially flat year-on-year: R$264m (US$51 mn) in FY2025 versus R$265m (US$51 mn) in FY2024, a –0.5% change (our calculation), after a strong +36.3% jump the prior year (our calculation). The single best piece of the balance sheet is cash: with R$210m (US$41 mn) in cash against only R$8.9m (US$2 mn) in debt, the company holds net cash of R$201m (≈ US$39.1m, our calculation) — more than its entire stock market value, which means investors are, in effect, paying less than zero for the operating business itself.

For every real shareholders have put in, the business currently returns –5.8 cents — a return on equity of –5.8% (EODHD), reflecting the persistent losses.

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What it is doing now

Enjoei is in the middle of a deliberate simplification. In October 2025, it sold its entire 25% stake in children’s secondhand-clothing franchisor Cresci e Perdi for R$36.1m (US$7 mn) cash, after identifying a material contractual breach that made continuing the partnership untenable.

Then, in May 2026, Enjoei shut down Elo7, its handmade-goods marketplace, after Elo7’s revenue fell 39.5% in the fourth quarter of 2025 against the prior year, a collapse the company attributes to pressure from large international e-commerce platforms.

The board also approved a capital reduction that would return R$40m (US$8 mn) to shareholders, having judged the current cash position to be excessive relative to the company’s strategic needs. Management describes the core enjoei.com.br platform as its “principal growth engine, with a trajectory of profitability and consistent operating leverage.”

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What to watch

• Path to profitability: The net loss has narrowed sharply over three years; the question is whether the stripped-back, single-platform business can cross into positive net income, and when.
• Capital return: The proposed R$40m (US$8 mn) shareholder distribution exceeds the company’s stock market value at current prices — execution and timing matter for remaining shareholders.
• Competition: Niche marketplaces in Brazil face growing difficulty maintaining scale as large international platforms increase investment in logistics, advertising, and technology. Enjoei’s secondhand-fashion core is the segment least exposed to that pressure, but it is not immune.
• Sub-R$1 share price: Since August 2025 the shares have traded below R$1.00 (US$0.19)each, a threshold that invites regulatory scrutiny on the B3’s Novo Mercado and raises the question of a share consolidation.

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This is news, not investment advice.