Vivara to open JK Iguatemi store in 2026 expansion push

Brazilian jeweler Vivara confirmed plans to open a new store at the JK Iguatemi shopping mall in São Paulo on October 17, 2026. The move forms part of its goal to open between 55 and 65 stores in 2026. While construction finishes, the company serves shoppers from a temporary space on the first floor, located just above ground-floor global luxury labels.

The company's silver jewelry brand, Life, leads this network expansion. Vivara added 17 net stores in the second quarter, comprising 13 Life shops and four core Vivara locations, following five Life openings in the first quarter. The net addition of 22 stores in the first half of the year brought Vivara to 520 points of sale across 316 malls, keeping both brands in 191 of them. According to an Abrasce survey published on September 28, Vivara ranked second for mall opening announcements in the second quarter, behind food franchise Milky Moo.

In a report published on September 29, JPMorgan reiterated an overweight rating on the stock with a price target of R$ 30 for December 2027. That target is roughly 27% above the share closing price of R$ 23.67 on October 1. JPMorgan projects the network will reach 565 locations by year-end 2026, 615 in 2027, and 665 in 2028. However, the bank cut its net income forecast by 9% for 2026 to R$ 596 million, and by 8% for 2027 to R$ 720 million, citing higher gold and silver prices alongside volatile tax credits. It projects gross revenue growth of 12% in 2026 and 13% in 2027.

Vivara has used long inventories to shield profitability, pushing its first-half gross margin to a record 70.9% even as gold rose about 16% in Brazilian reais and silver gained 55% over twelve months. CFO Elias Leal Lima previously stated that the company stopped buying gold from suppliers in May 2025. Over the same 12-month period, net debt fell 57% to R$ 140.9 million. The shares trade at 7.3 times forward earnings compared to a 10-year historical average of 16.7 times.