LIVE!, a Brazilian company firmly established in the activewear segment, has taken a decisive step beyond its core business by acquiring a 60% stake in the skincare brand Pink Cheeks. The transaction, the company’s first acquisition, marks a clear repositioning - from an apparel-focused brand to an integrated wellness platform.

Rather than a mere portfolio diversification, the move reflects a strategy aligned with global consumption trends, in which brands seek to expand their relevance across the customer journey by incorporating adjacent categories. By entering the beauty segment, LIVE! broadens its presence at the intersection of performance, lifestyle, and personal care.

Pink Cheeks, recognised for developing sun protection and skincare products tailored to an athletic audience, brings a complementary portfolio closely aligned with the acquirer’s customer base. Leveraging LIVE!’s retail structure and digital channels - including its established presence in Brazil and ongoing international expansion - the brand is well positioned to accelerate its scale and market reach.

For LIVE!, the transaction introduces an additional layer of recurring revenue, extending the customer relationship cycle and reinforcing its direct-to-consumer strategy. At the same time, it reflects a broader shift in the Brazilian consumer market, where companies are increasingly using M&A as a tool to build ecosystems and reduce reliance on linear organic growth.

Martinelli Advogados advised LIVE! throughout all stages of the transaction, from initial negotiations to the execution of definitive agreements, coordinating a comprehensive legal due diligence and integrating corporate, tax, regulatory, labour, intellectual property, compliance, and data protection workstreams.

The transaction’s complexity lay in aligning distinct business models, particularly in light of entering a segment with its own regulatory dynamics and specific product development cycles. The legal work required not only technical execution but also the translation of strategic decisions into a contractual and corporate framework consistent with the company’s long-term objectives.

The acquisition takes place in the context of LIVE!’s sustained growth, with revenues exceeding BRL 1 billion and continued expansion in both domestic and international markets. With its entry into the beauty segment, the company positions itself to capture a larger share of consumer spending within the wellness space - one of the most resilient and fast-growing sectors in Brazil.

More broadly, the transaction illustrates a shift in how Brazilian brands are structuring growth: moving away from category specialisation and toward the development of integrated platforms capable of capturing value through recurrence, diversification, and deeper consumer engagement.

Team: Rodrigo Girolla - Partner; Guilherme Gama - Partner; Aleff Davantel Ribeiro da Silva – Associate.