‘We’re a gateway for brands to the country.’ If you want Brazil, you start at Iguatemi

Luxury brands searching for an entry into the Brazilian market – South America’s largest economy – usually start at a mall owned by Iguatemi. With total annual sales of R$21.2bn (€3.44bn), Iguatemi owns 15 shopping centres and two outlets across the country, from Brazil’s luxury epicentre of São Paulo to the capital, Brasília. Overseeing the business is Ciro Neto, who first joined the group in 2010 and was appointed CEO in 2025. He tells Monocle about expansion plans and why Brazilian malls do it best.

Why do major international brands choose to make their Brazilian debuts at Iguatemi malls?
The Iguatemi mall in São Paulo was the first shopping centre in Brazil, as well as the first in Latin America [when it opened in 1966]. People have fond memories of strolling through the mall with their children, as adolescents, going to the movies. If you talk to people in São Paulo they might say, “My first date was here at Iguatemi.” We see our malls not just as shopping centres but as spaces for social interaction. We want new generations to be a part of this. For example, we recently brought H&M to Brazil. It’s a brand aimed at a young audience and it’s been an absolute success. H&M chose[to make its debut at] Iguatemi because we are a gateway for major brands into the rest of the country. Brands look to us for our product curation. We have consolidated this offering over the past 20 years. Iguatemi brought Emporio Armani, Louis Vuitton, Tiffany & Co, Loewe and Comme des Garçons to Brazil. We also host flagship stores, such as Tiffany & Co in São Paulo.

What sets an Iguatemi mall apart?
Our relationship-management department. We have specialists who take care of relationships with our main clients. Our loyalty programme offers perks, gifts and dinners. We help them to travel to interesting destinations, such as Brazil’s open-air museum Inhotim, and even abroad. We specialise in luxury services.

Are you optimistic for the year ahead?
Extremely. Brazil’s retail industry has grown less than 5 per cent in the past 12 months but Iguatemi grew by almost 30 per cent in our performance. We are expanding Iguatemi São Paulo with a rooftop, new restaurants and shops. We are expanding our Brasília outpost by 50 per cent. We are also developing a whole neighbourhood in the city of Campinas in São Paulo state. We already have a shopping centre there but this development will have a riverside park, bike paths and more than 100 towers, both residential and commercial, for 50,000 people.