PORTO ALEGRE, Brazil, September 4 /PRNewswire/ -- The second largest apparel department store chain in Brazil, Lojas Renner (Bovespa: LREN3), announces today that its Board of Directors has approved the acquisition of Leader Participacoes S.A., which holds 100% of the capital stock of Uniao de Lojas Leader S.A., and, indirectly, 50% of the capital stock of Leader S.A. Administradora de Cartoes de Credito.Complementarities and synergies of the new operation
The client overlap between the two chains is small, and the business complementarity is significant. From a marketing point of view, both operations will be kept separate, with Lojas Renner keeping its focus on the middle and upper-middle income segments of the Brazilian population, and Leader concentrating on the emerging low income segment.
After the Leader acquisition, Renner will also hold one of the largest private label card bases in Brazil, currently with approximately 17 million cards.
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