Polishop and Wiz create three way partnership centered on providing insurance coverage
- August 22, 2022
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The new company will have exclusivity to operate at the retailer’s counter for 10 years, using its communication strength and omnichannel channel network; credit solutions are also on the radar
Polishop and Wiz (B3:WIZS3) are expanding business from a joint venture to offering insurance and consortia. The new company will have exclusivity to operate at the retailer’s counter for 10 years.
The agreement initially provides for actions to boost the marketing of the extended warranty and protected purchase of products in Polishop’s physical stores, e-commerce, in addition to the marketplaces in which the retailer is present, and through its network of entrepreneurs. The forecast is that, little by little, other insurance and even consortium options will be made available.
According to the CEO and founder of Polishop, João Appolinário, the bond signed takes into account the companies’ history of innovation and technology. “There are a lot of new ideas going on and huge potential for everyone involved. Polishop will definitely enter the insurance business, alongside a team that knows this business like few others. We are going to expand the portfolio and add value to make life easier for our audience”, says the entrepreneur.
The insurance offer will be omnichannel – even betting on the audience of Polishop TV, the brand’s open and paid channel, and on the retailer’s social networks, which already attract 50 million people. At this beginning, the operation will focus on operating in physical stores and building the retailer’s e-commerce sales experience. “These are channels with strong potential and which will have additional solutions to ensure the protection of the goods purchased by our consumers”, explains Appolinário.
Wiz CEO Heverton Peixoto highlights that this is the Company’s first agreement focused on the retail market. “We have a very clear strategy to diversify business and partners. Today we enter a new level, in the construction of a very prosperous relationship and which focuses on increasing the degree of satisfaction of Polishop’s customers”, says the executive.
The new company was born attentive to the profile of Polishop consumers: an audience extremely open to innovation, care and well-being. “Polopop brings practical, efficient and modern solutions to customers. Brand consumers are people who look for trends and exclusivity. People looking ahead. These preferences fit with insurance and financial products, which Wiz is benchmarking,” says Heverton.
The shareholding structure of the new company will be 50% Wiz and 50% Polishop. To this end, Polishop will receive, in total, an amount of around R＄ 50 million, with a fixed installment of R＄ 20 million paid after the conclusion of the preceding conditions and a sum of R＄ 30 million paid in three variable annual installments , linked to the achievement of the joint venture’s goals in the years between 2024 and 2026, which can reach a total of R＄ 51 million, in case the previously agreed goals are exceeded. The transaction is subject to CADE’s approval.
The new company’s board of directors will be composed of two executive directors, the president director who will accumulate attributions of financial, marketing and technology director appointed by Wiz and a commercial director appointed by Polishop. The Board of Directors will be composed of three members, one appointed by Wiz, one by Polishop and an independent member.
Founded in 1999, Polishop, a pioneer in the omnichannel model in Brazil, is recognized as a platform for launching innovative products, creating brands and curating exclusive, high-quality products that make life easier for millions of people. The company is a reference in Brazilian retail, standing out for its sales format and fully integrated customer service, which includes its own TV, physical stores, direct marketing, magazines, e-commerce, social media and telesales.
Currently, Polishop has more than 2 thousand employees, more than 200 own stores in the main shopping centers in the country, e-commerce, telesales and has its own TV network: Polishop TV, with national coverage in more than 20 million homes, totaling more than 140 hours of programming daily on open and pay TV. Its operation has a fitness products factory in Manaus (AM), a product design and development office in China and strategic distribution centers. Recognized as a highly renowned brand, Polishop highlights in its product portfolio its own brands: Ichef Polishop (pots, small appliances and gourmet utensils), Genis Fitness, Be Emotion (beauty) and Viva Smart Nutrition (smart nutrition) that have been growing and gaining the preference of the most demanding consumers year after year.
Wiz is a manager of distribution channels for insurance and financial products with over 48 years in the market. The Company is currently valued at R＄ 1.4 billion on B3, where its shares have been listed since June 2015. A reference company in bancassurance in Brazil, it operates mainly in non-core business operations of several institutions in the country, accelerating and enhancing. In the last 2 years, it has entered into strategic partnerships with more than 20 institutions, including: Grupo Omni, Paraná Banco, Banrisul, BRB, Santander, Itaú, Banco do Brasil, BMG and Inter. Thus, it achieved Gross Revenue of R＄ 902 million and Net Profit of R＄ 205 million last year.