Apparel store Lojas Renner to foray in financial products
19 Jan '06
2 min read
One of the three largest apparel department store chains in Brazil, Lojas Renner S A released a Material Fact that the model for selling financial products has been approved.
According to its bylaws and pursuant to Paragraph 4 of Article 157 of Law 6,404/76 and CVM Instruction 358/02 and amendments, Lojas Renner SA announces to its shareholders, the market in general and other interested parties that following the evaluation of detailed studies of the alternatives presented by Management.
The Board of Directors has decided to recommend that the sale of financial products be conducted through relationships with financial institutions specialized in each product, such relationships to be termed "one-off partnerships."
With this option, the Board supports the recommendation that this activity complement their business without in anyway detracting from the company's principal activity, thus maintaining the focus on the policy of customer "enchantment" and preserving Lojas Renner's organizational culture.
Consequently, from April 2006, the company is to begin the sale of financial products through the medium of "one-off partnerships", offering its clients the possibility of obtaining personal credit lines, insurance policies and capitalization securities.
In addition, the Board of Directors has recommended the continued evaluation of the possibility of forming strategic alliances in line with the standards and conditions most suited to the company with a view to examining whether such an alternative would create further shareholder value.
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