Nevaldo Rocha & family
Entrepreneur
$1.6 B
The family behind fashion retailer Riachuelo is led by its patriarch Nevaldo Rocha. He first started out in business with his brother Newton in 1947 with a clothing store the northeastern Brazil city Natal. Under the banner Grupo Guararape, they bought the brand Riachuelo in 1979, which has since become the centerpiece of the business. The group has evolved into one of Brazil’s three largest retailers with 40,000 employees. Under Nevaldo’s direction, the company transformed from a clothing manufacturer to a fashion designer, producer and distributor. Riachuelo remains in the family with a majority stake held by Rocha and his three children. His son Flavio is chief financial office, his younger son Elvio serves on the board of directors and daughter Lisiane is the company’s vice president. Each controls about 22% of the company’s shares. The Rocha family also owns the Midway Shopping Center in Rio Grande do Sul and its retail finance arm Midway Financial, which provides financing to many of Riachuelo’s shoppers.The third generation of the Rocha family is also getting involved: Nevaldo’s granddaughter Marcella is a marketing manager; she orchestrated deals with Versace in 2014 and Karl Lagerfeld in 2015.
Nevaldo Rocha Net Worth: Nevaldo Rocha is a Brazilian businessman who has a net worth of $2.4 billion. He is a self-made billionaire who accumulated his wealth in the retail business. Back in 1947, he opened his clothing store, and almost a decade later, in 1956, he teamed up with his brother to co-found apparel maker Guararapes Confeccoes. They expanded their business into retail, after the company acquired the Riachuelo department stores in 1979. Guararapes Confeccoes now provides goods to its retail subsidiary, Lojas Riachuelo, which has as many as 169 stores in the country and recieves more than 80% of its production. The rest of the production goes to more than 10,000 merchants across Brazil via sales representatives. Having it publicly listed in 1970, Rocha owns 83% of the company together with his three children. He serves as the chairman and chief executive officer, whereas his son Flavio is vice president of the company and his two other children, daughter Lisiane and son Elsio, are members of the board.
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