The Brazilian mall conglomerate acquired 23.08 percent of Brazil’s largest e-commerce platform for second-hand luxury goods for 27 million Brazilian reais ($5.3 million).

The transaction secures Iguatemi a purchase option to become a controlling shareholder of the resale site in the next three years. While the mall operator aims to leverage Etiqueta Unica’s business, the latter will continue to be run by its founder, Nelson Barros.

Iguatemi chief executive Cristina Betts told BoF this move into Brazil’s luxury resale market “not only represents a key avenue of growth for Iguatemi but also allows us to appeal to a conscious consumer who is growing increasingly concerned about sustainability.” She hopes the partnership will also help pave the way for other retailers to embrace a more sustainable business model.

Founded in 2013, Etiqueta Unica is Latin America’s most prominent luxury resale e-commerce platform, growing 40 percent a year on average. The platform carries over 600 domestic and international labels and over 65,000 products from brands including Gucci, Chanel, Hermès and Louis Vuitton.

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