Boticário shareholders are not seeking investors or an IPO, says CEO

Valor interviews Fernando Modé, president of Grupo Boticário, who rules out an IPO or new investors and keeps the focus on Brazil, with franchises, omnichannel and acquisitions, after GMV of R$30.8 billion in 2023. Ricardo Jacomassi, partner and chief economist at TCP Partners, said the group's expansion proves the franchise model works and that its strategy has been more consistent than Natura &Co's, although being privately held limits visibility into its numbers. TCP data cited in the article show that direct sales account for about 2.7 million of the beauty sector's 5 million jobs.