Grupo Casas Bahia

Nine dimensions merchants should review before joining:

Merchant snapshot

Ukudayisa okwenziwa ngesikweletu ezimakethe ezingaphansi zaseBrazil (Casas Bahia + Ponto), kufanelekile kubahlinzeki basendaweni bezigaba ezidingekayo zezinto zikagesi/ifenisha; ngaphansi kwesithunzi sokuvuselelwa kwezinkantolo kufanelekile kuphela kubathengisi abamukela izingozi eziphezulu.

Entry requirements

Inkampani yasendaweni yaseBrazil (CNPJ) ijoyina i-Casas Bahia Marketplace; inkundla igxile emikhiqizweni yayo (izidingo ezijwayelekile zezinto zikagesi/ifenisha eziqhutshwa isikweletu), abathengisi bangaphandle bahlinzeka okwesibili; abathengi bayabasebenzisi bezimakethe ezingaphansi baseBrazil abanemali enkulu ephakathi naphansi, abancike esikweletwini; ngemuva kokungena enqubweni yokuvuselelwa kwezinkantolo (recuperação judicial) ngo-2024, izinqubomgomo zokujoyina, zokukhokhelwa nezindleko zingase zishintshe, kudingeka kulandelwe isivumelwano somthengisi esisemthethweni/ukuqinisekiswa kwebhizinisi, ngaphambi kokujoyina kutuswa ukuhlolwa kobungozi bokusinda kwenkundla nokubuyiselwa kwemali.

Fee structure

Ikhomishini/amanani azikho izinombolo ezithembekile ezitholiwe ocwaningweni, ngokohlelo lwemali olusemthethweni/isivumelwano somthengisi; umgogodla wemali engenayo yenkundla yi-consumer finance (ikhadi lesikweletu/ukukhokha ngezicucu/izikweletu) kunokuba ikhomishini emsulwa, isakhiwo sezindleko ngasohlangothini lomthengisi (ikhomishini, ukugcwaliseka, izimali zensiza yezimali) kudingeka kuqinisekiswe into ngayinye nebhizinisi; ngesikhathi sokuvuselelwa kwezinkantolo kukhona ubungozi bokushintshwa kwezinqubomgomo zezindleko nesikhathi sokukhokhelwa.

Getting traffic

I-e-commerce iyinjini yokukhula engumgogodla ka-2025 (ukukhula okunamandla kwe-e-commerce, sekuphethe umphumela), i-GMV yonyaka wonke ka-2025 yaphula irekhodi (inani alidaluliwe [GAP]); ithrafikhi iqhutshwa ukusesha kwebrendi + amaphromoshini esikweletu (ukukhokha ngezicucu ngaphandle kwenzalo/isiphalaphala esiphansi) + ukubekwa kwamanani kwe-AI/izikolo zesikweletu, umqondo webrendi ezimakethe ezingaphansi ujulile (i-Casas Bahia iyibrendi eyaziwa kakhulu eBrazil); uma iqhathaniswa ne-MELI/Shopee usayizi wethrafikhi mncane, isebenzela kakhulu amakhasimende ayo kunokuba ibe izhalofu ezivulekile.

Fulfilment & logistics

Zonke iziteshi (izitolo ze-Casas Bahia + Ponto + i-e-commerce); kusukela ngo-2023 kuvalwe izitolo ezicishe zibe ngu-298, kwancishiswa abasebenzi abacishe baba ngu-12,000 (umbiko ka-2026.8), inethiwekhi yokugcwaliseka iyancipha; ukugcwaliseka kwe-e-commerce kuncike ekuhlanganisweni kwezokuthutha zangaphandle nokuzithathela esitolo; abathengisi bangaphandle bangazithumela (kudingeka amandla okuletha kulo lonke elaseBrazil), izinsiza zezokuthutha zenkundla ngokomthombo osemthethweni.

Payments & settlement

I-consumer finance iwumgogodla — ikhadi lesikweletu/ukukhokha ngezicucu (parcelamento)/izikweletu zayo kuqhuba ukuthengisa, i-Q4'25 ukuthengiswa ngesikweletu kwaphula irekhodi, isikweletu sehliswa ngo-77%; kuhambisana nokukhokha nge-Pix (ukukhokha ngokushesha kwaseBrazil ngo-2025 ukuthengiselana okuyizigidigidi ezingama-79.8); amazinga aphezulu enzalo acindezela isidingo sesikweletu, ngo-2026 umjikelezo wokwehla kwamazinga enzalo ubhekwa ngabaphathi njengesiqalo somjikelezo omusha (Valor); abathengisi bakhokhelwa nge-BRL, umjikelezo wokubuyiselwa kwemali uhlobene nesimo sokuvuselelwa, kudingeka kunakwe ubungozi bezimali ezisemalini engenayo.

Compliance

Ukuthobela imithetho yentela yasendaweni yaseBrazil (CNPJ, ICMS njll. izintela ezihambayo); izinto zikagesi/ze-elektroniki zidinga ukuqinisekiswa okuphoqelekile kwe-ANATEL/INMETRO njll.; ibhizinisi le-consumer finance lilawulwa ibhange elikhulu laseBrazil (BCB), amazinga enzalo esikweletu nokuthobela imithetho kokuqoqa kuyizinto ezibucayi; ngesikhathi sokuvuselelwa kwezinkantolo izinhlelo zezikweletu nabahlinzeki/abathengisi zingase zithinte ukukhokhelwa nokubuyiselwa kwemali, kudingeka ukuhlolwa komthetho.

Key risks

1) Isithunzi sokuvuselelwa kwezinkantolo: ngo-2024 yangena enqubweni yokuvuselelwa (recuperação judicial), imiphumela ye-Q4'25 ayihlangabezananga nokulindeleka (earnings miss) okubonisa ukuthi isimo esiyisisekelo sisabuthakathaka; 2) ukuncipha okuqhubekayo: kusukela ngo-2023 kwancishiswa abasebenzi abacishe baba ngu-12,000, kuvalwe izitolo ezicishe zibe ngu-298 (2026.8); 3) amazinga aphezulu enzalo + ukubuthakathaka kokuthenga, kukhona ukuchayeka kwesikweletu esisezingeni lika-R$5B kumabhange afana ne-Bradesco (exame); 4) ukusabalala kokuvuselelwa kwezinkantolo ezitolo zaseBrazil (intanga ezifana ne-Marabraz RJ) kubonisa isimo sokukhula esiyingozi somkhakha wezimali, ubungozi bezimali ezisemalini engenayo zabathengisi nokusinda kwenkundla kuphezulu.

Best-fit sellers

Kufanelekile kakhulu: abahlinzeki namabrendi ezigaba ezidingekayo zaseBrazil (izinto zikagesi/ifenisha/omakhalekhukhwini), abakwazi ukuthwala imodeli yokukhokha ngezicucu nesikhathi eside sokukhokhelwa, abathengisi abamukela izingozi eziphezulu abanokuqonda okwanele kobungozi bokuvuselelwa; akufanelekile: abaqalayo abawela imingcele abafuna ukubuyiselwa kwemali okuzinzile nobungozi obuphansi, abathengisi bezigaba ezingezona izidingo (ifashini/FMCG), kanye nabathengisi abangakwazi ukuphatha izintela zaseBrazil zendawo nokuqinisekiswa kwemikhiqizo.

Sources

research/sections/latam_platforms.md 10.1/10.2.5; research/research_top5_ecommerce_latam_mea.md; 各地区电商平台Top5深度研究报告.md 第9章; research/latin_america_ecommerce_research_findings.md; https://www.gurufocus.com/news/8723998/grupo-casas-bahia-sa-bspbhia3-q4-2025-earnings-call-highlights-record-gmv-and-strategic-debt-reduction-amidst-challenges; https://au.investing.com/news/company-news/casas-bahia-q425-slides-debt-cut-77-amid-earnings-miss-93CH-4308488; https://www.otempo.com.br/economia/2026/8/19/casas-bahia-demitiu-quase-12-mil-funcionarios-desde-2023; https://www.infomoney.com.br/mercados/casas-bahia-em-crise-quem-mais-no-varejo-tem-problema-de-divida/; https://exame.com/invest/mercados/casas-bahia-deve-r-5-bi-ao-bradesco-como-isso-pode-afetar-a-recuperacao-do-banco/; https://valorinternational.globo.com/business/news/2026/05/15/casas-bahia-needs-profit-sees-new-cycle-ahead.ghtml; https://www.yilantop.com/news/83778

I-Grupo Casas Bahia ivela ohlwini lwe-Top-5 lwezifunda ezingu-1: i-Latin America.

• iLatin America（#5）：Ukuthengiswa kwesigaba esiphansi esiqhutshwa yikhredithi; I-ecommerce yayiyinjini yokukhula eyinhloko ka-2025; ukuguqulwa ngemuva kokuhlelwa kabusha

Inombolo ngayinye ithathwe embikweni we-Top-5 nasekuHlolweni kwemithombo yaleso sifunda. Akukho ukuguqulwa kwezifunda noma izilinganiso ezintsha: