This year's SPLiCE International Conference brought together experts, thought leaders, and practitioners from the licensing and intellectual property industries for a two-day event held in Washington, D.C. with a focus on Latin America! The conference featured keynote speeches, panel discussions, and workshops covering a range of topics related to licensing in LatAm, such as market trends & insights, program management, tariffs and IP protection, among others.
LMCA had the privilege to attend, as proud sponsors of SPLiCE, and as presenters at the event. Ximena Duque, our Managing Director of Latin America, and Isabella Rafael, Coordinator of Strategy & Business Development for Latin America, spoke at the conference about the opportunities and challenges associated with doing business in Brazil.
If you're looking to capitalize on the massive opportunity that licensing presents in Brazil's booming economy, read the recap below for insights that can help take your LatAm business to the next level!
The Brazilian Retail Boom
Licensing can be a game-changing strategy in Brazil's fiercely competitive and rapidly growing economy. As the largest economy in Latin America and the world's 9th largest economy, Brazil accounts for a significant portion of the region's retail sales. In 2022, Brazilian retailers generated a staggering $283.6 billion USD in sales, according to the Brazilian Institute of Geography and Statistics (IBGE)'s survey of retail sales.
Despite being one of the countries hit hardest by the pandemic, Brazilians have shown remarkable resilience and a knack for turning adversity into profit. Furthermore, Brazil's influence on the South American market is significant as other countries in the region tend to follow its trends and landscape. As a result, prioritizing Brazil as a point of entry is essential for those looking to expand into the region.
Brazilian Consumer Behavior in 2023
As 2023 progresses, Brazilian consumers have exhibited several notable behaviors that are shaping the retail landscape in the country. One of the most significant trends is the emergence of a "me mentality" and a focus on empowering individuals. Consumers are prioritizing their personal needs and desires, seeking out products and services that cater to their unique lifestyles and tastes. Alongside this trend is a growing concern for social causes and the environment, with many Brazilians seeking out products and brands that align with their values.
Another trend is hyper fatigue, with consumers becoming increasingly overwhelmed by the constant stream of information and stimuli in their daily lives. As a result, many are gravitating towards intentional spending and simplifying their lives, cutting through all the "noise," and connecting with what matters to them. Finally, as Brazil continues to recover from the pandemic, saving money remains a top priority for many consumers, the majority of whom are now considered to be price-conscious. With international localism and the desire to buy local on the rise, Brazilian retailers and businesses will need to adapt to these changing consumer behaviors to succeed in the coming years.
Navigating the Challenges of Licensing in Brazil
When it comes to licensing in Brazil, businesses may encounter several obstacles that need to be navigated. One of the main challenges is translating agreements into Portuguese, which is Brazil's local language. The wording must be legally valid and enforceable in the country, making it essential to hire professional translators who are fluent in the language and understand the legal requirements.
Trademark and copyright agreements in Brazil require different steps when it comes to execution, which can be confusing for businesses. Understanding how and where to register trademarks and how to navigate the legal requirements is crucial for success in the market.
Another challenge businesses may encounter when licensing in Brazil is compliance with local regulations. It's essential to have a local attorney review your boilerplate agreements and tailor them to your specific business needs. This can help ensure compliance with local regulations and avoid any legal issues in the future.
Addressing these challenges early on is crucial to pave the way for a successful and trouble-free licensing program in Brazil. With careful planning and professional guidance, businesses can navigate the obstacles of licensing in Brazil and unlock the potential of this vibrant market.
Unlocking Brazil's Business Potential: The Power of Licensing!
Licensing in Brazil presents a vast array of opportunities for businesses seeking to expand their reach. With a population of over 211 million people, Brazil is a massive and diverse market that offers access to new audiences and industries, ranging from automotive and manufacturing to technology, fashion, and food & beverage.
Moreover, Brazil's rapidly growing and evolving economy, coupled with its vibrant culture of music, dance, and art, presents an exciting and dynamic emerging market for brands looking to license their products or create experiences that resonate with Brazilian consumers. Licensing in Brazil can be a game-changing strategy, providing businesses with the opportunity to tap into the immense potential of the Brazilian market and achieve long-term success.
By leveraging these opportunities, businesses can reach new heights and expand their reach in the country. With careful planning and consideration of the local market, businesses can capitalize on the unique characteristics of Brazilian consumers, such as their love for social causes, the environment, and personalized products that cater to their unique needs and tastes. In conclusion, the opportunities for licensing in Brazil are endless. By unlocking Brazil's potential, businesses can broaden their horizons and tap into one of the world's fastest-growing economies.
Interested in doing licensing in Brazil? Let's talk!