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Chinese platform Shein provided a loan of US$20 million—equivalent to about 100 million reais at current prices—for Kateminas (CTNM3; CTNM4). The information was revealed in the Brazilian retailer’s 2022 balance sheet, published last week seven months late.
The loan is convertible into shares and has a single repayment period of three years. According to Kateminas, the amount refers to the agreement signed between the companies in April this year and serves to restore working capital.
Kateminas and Shane have signed a memorandum of understanding, which will see two thousand clothing manufacturers become suppliers on the Chinese site. The partnership was aimed at serving the domestic and Latin American markets.
In addition, the agreement provided for the financing of working capital and a contract for the export of household products.
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Coteminas results in 2022
Coteminas ended the year with a loss of 670 million reais, more than four times the loss in 2021.
The retailer’s net sales revenue was R$409.9 million for the period, down 31.8% year-on-year. The impact was driven by lower sales with a gross margin of 8.7% in 2022, consistent with 2021, the company said.
The operating result, in turn, amounted to R$ 24.4 million. The number was affected by the rising cost of downtime, they say.
The net financial result was R$ 34.5 million, while in 2021 it was R$ 28.6 million.
