The year of 2024 was a challenging one for the watch and jewelry industry. The uncertainty in the demands of markets such as the United States and Europe, along with the slowing of China, has pulled the brakes on the Swiss acting field, which holds a 32% market share. But in Brazil, despite the challenges, one company from the sector stood out. Vivara, the biggest jewelry company in Latin America, has grown revenues by almost 18% since 2023.

With a net profit of R$653 million, marking a 71.4% increase compared to 2023, the company stood out from the rest with a solid expansion strategy of physical stores. After opening 72 new sales points, the company finished last year with 457 spaces for physical wholesale: 266 private stores, 180 Vivara Life, and 11 kiosks. The newly acquired 39.9 thousand square meters contributed to a 15.6% growth in sales in 2024, surpassing e-commerce, which increased by 7.1% and accounted for 14.4% of Vivara’s annual sales.

“We did a pretty effective job from the perspective of improving our operations”, says Icaro Borrello, Vivara’s CEO. “We became more lean, more agile, with more operational efficiency. We have installed new distribution centers and increased the performance of our sales teams.”

Accelerated pace in physical wholesale

For the next few years, Vivara sees the potential to open 300 new stores – some of them outside Brazil. In 2024, the company inaugurated the first unit in Panama and expects to open more shops in the country. Together with international expansion, the strategy is to continue commercializing the brand’s already consolidated products, such as jewelry (50% of the year’s sales) and watches (12%).

“Few companies, especially in wholesale, have grown as much as we did. We have very good organic expansion and a sea of opportunities ahead”, says Borello. “The challenge is to keep this robust growth pace. But we have made a continuous expansion plan, and we are resilient, which gives us the safety to go even faster.”