June 21, 2024

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After being accused of smuggling, Shopee should invest 1.5 billion US dollars in Brazil

Do you already know Shopee? The store has become synonymous with cheap products, and thus has become a hit in Brazil. Although brands like Havan and Multilaser condemn the brand and accuse it of smuggling, Shopee has promised to invest more than $1.5 billion in its Latin American operations, including Brazil. Below, check out all the details about the novelty.

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After being accused of smuggling, Shopee should invest 1.5 billion US dollars in Brazil

Currently, Shopee accounts for 5% of e-commerce in Brazil. The number is significant, as the company arrived in the country in 2019. According to analysts, the company wants to make Brazil a central market for its business. He also has an “unwavering” commitment to this goal.

Shopee is owned by Sea, a $70 million Singapore-based conglomerate. In releasing the 2021 financial results, CEO Forest Lee spoke more about the operation in Brazil:

  • There were 140 million orders between October and December, up 400% from the previous year;
  • $70 million in revenue in the same period, up 326% from the previous year.

Moreover, Shopee’s presence in the country may soon encounter difficulties. In particular, when relying on national competitors. Brazilian companies like Havan and Multilaser, as well as industry associations, are lobbying the government to do something against illegal or imported products without paying taxes.

Some companies even accuse Shopee, Mercado Livre, and AliExpress of carrying out “digital smuggling”.

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Photo: Solastre Solastre / Shutterstock.com