Judge Reverses Azzas Shake‑Up, Orders Pre‑April Structure Restored

Overview

• A Rio business court granted the injunction Tuesday and told Azzas to undo its April split by gender and return to the Project 021 setup.
• The ruling bars CEO Alexandre Birman from steps that would break up the Reserva and Rio unit and says he could be removed if he tries to move the brand.
• Birman has appealed to the São Paulo Court of Justice to suspend the order, arguing the shareholders’ pact gives the CEO authority to reorganize brands.
• The case’s substance now goes to private arbitration under Azzas’ bylaws, so the court’s decision serves as a temporary safeguard for the prior structure.
• The dispute grew out of a fraught merger integration, with nine senior departures since 2024 and market value sliding from about R$10.4 billion to under R$4 billion.