Chinese giant Shopee, the e-commerce arm of Sea Limited, is close to doubling down on Brazil. With a local operation with more than 1,500 employees, the company has just opened its second office in the city of São Paulo, in Largo da Batata region, in Pinheiros. The new location will be next to other companies in the tech sector, which have boomed during the pandemic in the face of greater digitalization of the Brazilian consumer.
In the Sea Holding's balance sheet, they stressed the growth in Brazil. As they move against local players, such as Magazine Luiza, Via (owner of Casas Bahia and Ponto Frio) and Americanas, the company has been gaining ground in the country's e-commerce. In the fourth quarter of 2021 alone, 140 million sales were made, leading to revenue of US$ 70 million (about R$ 350 million) in the period, an expansion of 320% compared to the previous year.
"Shopee has already achieved strong traction in the country, and I believe we can grow even more. We will continue to dedicate the right resources to help increase our impact in the country", said Shopee's human resources leader, Karina Hartung, in an interview conducted by email, "by a global determination".
Regional growth The growth of e-commerce in the country has already started to be included in the analysis of financial institutions. The North American JPMorgan, for example, predicts that the company will invest US$ 1.5 billion in Latin America alone this year. Goldman Sachs has projected that the Asian retailer's market share in the region could reach 20% as early as 2025.