Brazilian mall conglomerate, Iguatemi Group, continues to beef up its online and offline luxury credentials.
Just this week, its JK Iguatemi mall in Sao Paulo opened Balenciaga’s first retail outpost in South America and the brand is also now available through the mall operator’s online platform, Iguatemi 365.
Since launching its e-commerce operation in October 2019, that platform has become a vital part of Iguatemi’s luxury expansion strategy, stocking brands from Diane Von Furstenberg to Ermenegildo Zegna.
“Our online business is growing exponentially and to support this growth, we will bring many more international brands to Brazil via Iguatemi 365,” Carlos Jereissati Filho, chief executive of Iguatemi Group, told BoF.
Interestingly, Iguatemi’s digital arm doesn’t only stock brands already present in its offline malls, but also other brands interested in testing the waters in the Brazilian market. Tiffany & Co., for example, has its own offline operation in Brazil, but relies exclusively on Iguatemi’s platform for its online sales in the country.
Iguatemi also confirmed it will continue to expand its physical retail with new international luxury brands arriving at the JK Iguatemi mall throughout 2021, and new entertainment spaces dedicated to VIP clients set to open in the coming months.
Editor’s Note: This article was revised on April 20, 2021. An earlier version of this article misstated that Balenciaga is owned by LVMH. That is incorrect. Balenciaga is owned by Kering.