BRASILIA: Amazon in Latin America’s largest economy, where it currently relies on third parties to ship their own goods sold on its marketplace, and it underscores the seriousness of the e-commerce giant’s renewed push into Brazil. Amazon declined to comment on the possible warehouse lease. While an estimated two-thirds of Brazil’s 209 million people have internet access, online retail was slow to take off at first, amid concerns over security and complications with tax and logistics in the continent-sized country.E-commerce accounts for around 5 percent of Brazil’s roughly $300 billion retail market — about half its share in the United States — but it has doubled in the past four years and is forecast to keep growing annually at a double-digit pace. Now Amazon, which expanded its Brazil business from books to electronics in October, is gearing up to fight rivals such as Latin Ameria’s homegrown e-commerce champion Mercado Libre Inc and B2w Cia Digital, which is indirectly controlled by partners of private equity group 3G Capital.Amazon, by contrast, has been slow to tackle the challenges of shipping in a country where tricky logistics and tax issues have long made online retail an unprofitable venture. After the Reuters report that Amazon was eyeing the new Brazilian warehouse space, shares of Mercado Libre plunged as much as 7 percent, while Magazine Luiza dropped 5 percent and rival Via Varejo SA shed up to 6 percent. All three stocks closed the day about 3 percent lower. B2W lost as much as 8.5 percent and closed 7 percent lower. “Markets get spooked when they see an investment by Amazon,” a Brazilian trader said. “There is fear that the company will become more aggressive with its strategy in Brazil.
Mercedes-Benz sees Brazil truck sales up 18% in 2020
SAO BERNARDO DO CAMPO, Brazil: The Brazilian unit of German automaker Mercedes-Benz (DAIGn.DE) expects overall domestic truck sales to rise...
