Azzas 2154 has already signed 15 non-disclosure agreements with potential buyers of Farm and expects to receive non-binding proposals for the Rio de Janeiro brand by the end of the month. The process is being coordinated by American investment bank Morgan Stanley.
Farm is considered the "crown jewel" of Azzas, and the strategy to sell it to unlock value for a conglomerate trading at a discount on the stock exchange appears to be the only point of consensus at the top of the company. The operation is seen as crucial for resolving the shareholder impasse in the largest fashion conglomerate in Latin America.
Despite optimism from sources close to Azzas with this process, part of the Brazilian financial market views the operation with skepticism. For the head of an investment bank tracking the transaction, the most likely path for Farm is to attempt an IPO on the American stock exchange.
