Brazilian shoemaker Arezzo Industria e Comercio SA has made its first acquisition outside Brazil, purchasing Italy's Paris Texas. Arezzo's shares rose over 3% on the news, signaling investor optimism. Initially buying 65% of Paris Texas' capital stock for 25 million euros ($26.53 million), with an option for full ownership later, Arezzo aims to accelerate its internationalization. The move aligns with Arezzo's strategy of expanding its luxury footwear platform globally, marking another step in its growth through M&A. Analysts view the acquisition positively, noting potential synergies and strengthening of Arezzo's presence in the U.S. market.
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