October 11, 2021
Brazilian footwear company Grendene has formed a joint venture with local investment management company 3G Radar to sell sandals in international markets, according to a securities filing.
The two companies will invest up to $100 million into the new venture, but 3G will control the JV with 50.1% of shares, Grendene said in the filing on Thursday. It also said that 3G Radar had reached an agreement to buy up to 12% of Grendene.
The new company, called Grendene Global Brands, will be based in the
Brazilian footwear company partners with investment firm 3G Radar to sell sandals abroad