Vivara Participações S.A

What it is

Vivara is Latin America’s largest jewelry retailer, operating through two main brands — Vivara (premium gold and precious stones) and Life by Vivara (accessible silver and fashion jewelry targeting younger consumers). The company designs, makes, markets and sells its own products — a vertically integrated model that runs from creation and design through to production, distribution, and retail.

The company ended fiscal 2025 with 498 total points of sale, comprising 103 Vivara stores, 165 locations carrying both brands, and 54 Life-only stores. Vivara holds approximately 18% of Brazil’s R$13.6 billion (US$2.6 bn) jewelry market, far ahead of H.Stern and Monte Carlo.

Who owns it

Founded in 1962, the company started as a family-owned store in São Paulo’s city centre. Nelson Kaufman — the founder — is the largest single shareholder at approximately 25.7% of the company, while his daughter Marina Kaufman holds a further 14%, bringing the combined family stake to roughly 39.7%.

In July 2025, in a planned succession, the board accepted Nelson Kaufman’s resignation as chairman, naming his daughter Marina Kaufman — previously vice-chair — to lead the board. Institutional investors hold a further 42.1%, with insiders collectively at 47.4%, leaving a free float of roughly 53% (EODHD data).

Who runs it

In December 2025, the board removed CEO Icaro Borrello and elected Thiago Lima Borges as chief executive and Cassiano Lemos da Cunha as chief operating officer, both serving until May 2027. Borges was previously CFO and investor-relations director at Smart Fit, where he remains a board member, and also held senior roles at Arezzo&Co.

The appointment is the fifth CEO change in roughly two years: since 2024 the role passed through Paulo Kruglensky, founder Nelson Kaufman, Otávio Lyra, and Icaro Borrello before Borges. The CFO post is held by Elias Lima, hired in January 2025, who previously served as CFO and head of M&A at Kora Saúde.

The money, in plain words

Sales have grown steadily: from R$2.19 bn (US$426 mn) in 2023 to R$2.58 bn (US$502 mn) in 2024 — a rise of 17.8% — and to R$3.03 bn (US$589 mn) in 2025, another 17.4% (our calculation). For every real of sales, the company keeps roughly 19 cents as net profit — a net margin of 19.0% (TTM), high for a physical retailer facing gold and silver cost pressures.

For every real shareholders have put in, the business earns back about 21 cents a year — a return on equity of 20.8%, solid for consumer retail. The balance sheet carries net debt of R$863 m (US$168 m, our calculation), modest relative to the earnings base; net debt stands at just 0.2× annual operating profit, giving management room to fund its store-opening programme without straining the books.

What it is doing now

In Q1 2026 (reported May 2026), gross revenue grew 13.8% to R$751.8 m (US$146 mn), driven by same-store sales growth of 9.7% and digital channel expansion of 16.2%; however, net income fell 27.9% to R$88.2 m (US$17 mn), hurt by lower government subsidy revenue and higher financial costs. For 2026, management has guided for 55–65 new store openings — about 34% more than 2025 — focusing primarily on the Life brand, with roughly half the new locations planned for the Southeast.

The company is also testing international waters, with a pilot store opened in Panama. Gold prices rose approximately 59% and silver approximately 54% during 2025, creating a meaningful raw-material cost headwind for a company that designs and manufactures its own jewellery.

What to watch

• Leadership stability. Five CEOs in two years is a genuine governance risk; how quickly Thiago Borges and the refreshed board can demonstrate consistency will be the primary test of investor confidence.
• Margin recovery. Net profit fell sharply in Q1 2026, pressured by lower subsidy revenue and higher financial expenses — investors need to see whether the operating business can hold margins as subsidies fade.
• Life brand maturity. Life stores require lower investment per unit and have faster payback periods, but the brand carries inherently lower revenue per square metre than Vivara stores, amplifying the dilutive effect on margins during expansion phases.
• Commodity costs. Rising gold and silver prices remain a structural cost pressure that selective price increases may only partially offset.
• Family succession. With Marina Kaufman now chairing the board and Nelson stepping back, the next chapter of family governance is just beginning.

This is news, not investment advice.