The precautionary action filed by Roberto Jatahy, partner of Azzas 2154, to block the removal of Reserva from the business unit under his control is the latest chapter in a dispute that has intensified in recent weeks between him and Alexandre Birman.
The request aims to avoid a loss of R$ 116 million in EBITDA associated with synergies from the brand integration. The initiative was first revealed by Lauro Jardim on his blog in O Globo .
According to information obtained by NeoFeed , the move comes amid a further deterioration in the relationship between Jatahy and Birman, which was already marked by tensions.
The most recent turning point was the departure of Ruy Kameyama , then CEO of fashion & lifestyle and considered a key figure in mediating between the two partners. Kameyama acted as a bridge in an environment of increasing power struggles and control.
With the executive's departure, Jatahy, who had left the operation to take on a more strategic role as chief of brands officer (CBO), focusing on creative direction and expansion, returned to lead the division.
Shortly after, Birman decided to withdraw Reserva from the operation led by Jatahy in Rio de Janeiro, even after an integration process that had already lasted for more than a year. "There were more than R$ 200 million in efficiency generated by the union of Soma and Reserva that regressed with the dispute," a source told NeoFeed .
Split on the horizon?
This is not the first time the topic of a split has resurfaced. Whenever the relationship between Birman and Jatahy enters a point of conflict, this scenario becomes a topic of discussion behind the scenes.
One of the hypotheses raised involves Birman keeping Arezzo, Hering, and Reserva, while Jatahy would take over Animale and other brands. In this scenario, Farm could be sold or separated as a way to unlock value. The precautionary action filed by Birman occurred after a meeting where the two argued precisely while discussing this scenario, according to a source heard by NeoFeed .
The problem is that the plan is unsustainable in the short term. Azzas' shares have accumulated a drop of over 60% since August 2024, when they began trading on the B3 stock exchange. Today alone, the shares fell by more than 6%. Added to this is the difficulty in setting a price and the limited financial resources available to the partners for a reorganization of this magnitude.
While the conflict drags on, the company is paying the price on another front: the loss of strategic executives. A survey by NeoFeed shows that more than nine professionals in key positions have already left the group since the merger. One of the most emblematic cases was that of Paulo Kruglensky , hired to lead the integration between Arezzo&Co and Grupo Soma.
Former Vivara CEO Kruglensky arrived in 2024 as chief integration officer (CIO), reporting directly to Birman, with the mission of capturing synergies and aligning two distinct corporate cultures. He didn't even stay in the position for 120 days. His departure, which occurred in August, was attributed to internal disagreements and a tense environment among the leadership. It had symbolic weight: the executive responsible for the integration was the first to leave when the process actually began to be implemented.
Subsequently, the founders of Reserva left the company. Rony Meisler and his partners Fernando Sigal, Jayme Nigri Moszkowicz, and José Alberto da Silva not only held executive positions but also played a central role in the cultural and strategic development of the brand.
The move extended to operations. In 2025, Thiago Hering , leader of the brand acquired by Soma in 2021 and then CEO of the Basic unit, also left the group. Shortly after, it was Luciana Wodzik's turn, CEO of the footwear vertical — considered the historical heart of the company.
To complete the sequence, Rafael Sachete, an executive with approximately 20 years of experience at Arezzo&Co, left Azzas. He had been the group's CFO until August of last year, when he took over leadership of the shoes & bags division after Wodzik's departure.
When contacted, Azzas 2154 declined to comment, stating that the information was in a relevant fact disclosed by the company.
In the document, Azzas "states that it was surprised by the existence of a legal request from shareholder Roberto Jatahy regarding the management of the company's men's fashion unit, which, according to the company's bylaws, is the responsibility of the CEO to decide."
According to the relevant fact, "this matter is also regulated in the Company's Shareholders' Agreement, and no repercussions are expected for the company's operations. The Company will seek access to pertinent information related to the aforementioned action and will take applicable measures."
