Brazil-headquartered apparel group Arezzo Indústria e Comércio launched a corporate venture capital subsidiary dubbed ZZ Ventures yesterday.
Also known as Arezzo&Co, the company was founded in 1972 and sells women’s footwear, handbags and accessories in its home country.
ZZ Ventures has partnered entrepreneurial network Endeavor in a bid to identify startups, scale-ups and other technology companies that have a strategic fit with Arezzo to help diversify its businesses through innovation.
Arezzo CEO Alexandre Birman told Neofeed the unit will focus on fashion and retail education providers and lifestyle content creators covering travel and gastronomy.
The company has been conducting open innovation initiatives under Aline Ferreira Penna Peli, director of investor relations, strategy and mergers and acquisitions. It announced the purchase of online fashion retailer Troc for an undisclosed amount alongside the formation of the new unit.
Birman told GQ: “With ZZ Ventures, our mission is to empower more and more women in business and innovation. In addition to our customers, we want them to also be in charge of their own companies.” (Translated from Portuguese by Global Corporate Venturing)
