GPA sells 67% Stix stake to RD Saúde for R$23M, exits loyalty programme
What's the deal? Brazilian grocery giant GPA, owner of the Pão de Açúcar and Extra brands, announced on May 20 that it will sell its 66.7% stake in loyalty programme company Stix to joint-venture partner RD Saúde for R$23 million. The deal gives RD Saúde — parent of pharmacy chains Raia and Drogasil — full ownership of the business. It still needs approval from Brazil's antitrust authority, Cade.
After closing, GPA and RD Saúde will enter a transition period during which the Stix programme continues operating in GPA stores under current terms, including point accrual and redemption for customers.
Why now? GPA has been streamlining its operations amid a broader restructuring. Its former controlling shareholder, France's Casino Group, recently moved to exit GPA entirely — a sign that the Brazilian retailer is reshaping its asset base and partnerships.
Selling a non-core loyalty stake fits that pattern, freeing up management attention and simplifying the corporate structure.
What could go wrong? The R$23 million price tag stands in stark contrast to the original ambition. Stix launched in November 2019 as Brazil's first coalition loyalty programme uniting major retailers, boasting an initial base of 55 million users and aiming to rival established players like Smiles and Livelo.
A valuation this modest suggests the venture never reached the scale or profitability its founders envisioned. For GPA customers, the transition period offers short-term continuity — but once it ends, they may lose access to the programme altogether.
The signal: Coalition loyalty programmes — where multiple brands pool points under one umbrella — have struggled globally to deliver on their promise. The economics are complex, governance between partners is messy, and consumers often prefer brand-specific rewards.
GPA's exit suggests Brazilian retail is no exception. As grocers face margin pressure and digital transformation costs, non-core ventures that haven't proved their worth are getting cut. Expect more asset pruning from legacy retailers across Latin America as they prioritise operational focus over ecosystem plays.
Read more: investnews.com.br
