Enjoei has just hired the former CMO of Santander Brasil, Igor Puga, as executive vice president, a broad position with the mandate to seek new sources of revenue for the company.
Igor starts in the role on May 1st, and in practice will be the company’s number 3, reporting to the founders Tiê Lima and Ana Luiza McLaren.
The hiring comes at a time of transformation for Enjoei, which began as a marketplace of used products but today operates as a holding, after the purchase of Elo7 and Cresci e Perdi, a chain of children’s clothing thrift store franchises.
Igor told Brazil Journal that he has known the two founders for many years and was attracted by the “incredible moment” that the company is experiencing, as well as the various growth opportunities he sees in the business. “I can’t understand how the market hasn’t realized this yet and hasn’t realized that pricing [da ação] is inadequate,” he said.
Igor was also attracted by a generous remuneration package. In addition to joining the stock options From the executives, he received an undisclosed amount of shares that the company held in treasury.
Before Enjoei, Igor spent eight years as CMO at Santander Brasil, which he left in December. He said his role at Santander went beyond the traditional functions of a CMO.
“It was a position more than product marketingin which I was responsible for 14 squads of products, taking care of campaigns but also of marketing decisions pricingportfolio and strategy,” he said.
At Enjoei, Igor intends to use these skills to think about new sources of revenue and growth strategies. He says he is already clear about the first measures he will take as soon as he sits in the chair.
“The first thing I’m going to do is develop an AI-powered smart pricing tool,” he said. “Enjoei does not yet have a suggested price. The person comes in and puts the price they think your product is worth.”
For him, this new tool will help the seller’s life, but will also protect the platform, since when the customer enters and is faced with an unrealistic price, this generates prejudice towards the platform.
“In the short term, I think this is the obvious thing to do,” he said, adding that this is a project that is “expected to take two months.”
Another priority will be expansion in physical retail. Enjoei has already entered physical retail with the purchase of Cresci e Perdi, which has around 500 thrift stores, most of them using the franchise model.
Now, she wants to create physical stores with the Enjoei brand, also with franchises. Igor said that the company is “thinking big” and that the plan is to open 600 Enjoei stores in the coming years.
Over the next three months, Enjoei will open three flagship stores of the brand, all owned, and by the end of the year it expects to have 30-40 franchises operating. According to Igor, this number is practically certain because the company has a list of interested parties expressing interest in opening more than one store.
The projection is that revenue from these physical stores will already contribute 10% to 20% of the top line of Enjoei in 2025.
Igor said that this expansion into physical retail was another factor that attracted him to the company, “from the point of view of the intellectual challenge.”
“I don’t remember a company that successfully left digital and went physical. The opposite has happened a lot, but going from digital to physical would be unprecedented,” he said.
The executive believes that this never happened because the companies that tried to do this were not prepared.
“It’s not something trivial. You have to be very sure of core of their business, and Enjoei has already tested so many models on how to expand digital clothing sales, that they already know how to expand channels very well,” he said. “It is not a desperate decision to growth. It is a very well-structured strategic decision that will bring incremental volume and help popularize the second hand.”
The executive also intends to work on synergies between Elo7 and Enjoei, as there is a “cross sell huge that needs to be designed and developed.”
According to him, the level of consumer intersection between the two platforms is only 15%, which opens up space to bring new consumers to both platforms. marketplaces.
Igor arrives at the company at a time when Enjoei has improved its results, with a gradual reduction in its cash burn. In the fourth quarter, the company reported positive EBITDA for the first time.
O Bottom line it was still negative, but largely due to the installments of payments for the acquisitions of Elo7 and Cresci e Perdi, which are included as expenses in the Income Statement.
Given that these installments are expected to end this quarter, the market expectation is that Enjoei will report the first profit in its history in the second or third quarter.
Enjoei is worth R$326 million on B3. The stock has risen 85% in the last 12 months.
Pedro Arbex
Tags: Enjoei hires Santander CMO franchises
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