Azzas 2154 surges up to 18% on potential Farm Rio sale

Shares of Azzas 2154 surged as much as 18% on Friday, September 25, 2026, leading gains on Brazil's Ibovespa index. By 15:54 Brasilia time, the stock was trading up 13.45% at BRL 16.46.

The rally followed reports by Valor's Pipeline column that Morgan Stanley gave interested buyers until the end of September to submit non-binding bids for Farm Rio. The brand is considered the crown jewel of the retail group and has drawn interest primarily from private equity funds, including Advent, GIC, CVC, and L Catterton.

The potential sale comes after a corporate split earlier in the month between business leaders Alexandre Birman and Roberto Jatahy following more than a year of leadership disputes. Under the agreement, Azzas 2154 is being divided into three operations.

Birman takes Arezzo&Co, Carol Bassi, ZZMall, and Hering, which previously belonged to Grupo Soma. Jatahy will oversee premium womenswear and menswear, keeping Reserva from Arezzo. Jatahy is relinquishing Farm Rio, where Arezzo&Co will hold 57.4% and Soma will retain 42.6%.