Is Alpargatas (Havaianas) profitable in 2026?

Yes. After a 429% jump in net profit to R$567.9 million in 2025 and gross margin expansion from 43% to 52%, Alpargatas posted record EBITDA again in Q1 2026 (reported 2026-05-08), continuing the turnaround from its 2022-2024 crisis.

Who owns Havaianas' parent company Alpargatas?

As of 2026-06-15, Itaúsa S.A. holds about 30.09% of total capital, Cambuhy Alpa Holding about 23.77%, and MS Alpa Participações about 6.11%. Ownership traces back to a 2017 sale by J&F Investimentos after its 2015 R$2.67 billion purchase from Camargo Corrêa.

Could AI replace Havaianas or its manufacturing?

Unlikely. Havaianas' moat is physical: 95% household penetration and about 80% share of Brazil's rubber-sandal market built over 60+ years. The only identified AI use in the corporate family is a customer-service chatbot ('Sandi') at affiliate Rothy's, not in Havaianas manufacturing or design.

Who is Havaianas' biggest competitor?

Domestically, Ipanema (owned by Grendene) is the closest rival, though it coexists rather than displacing Havaianas. Globally, Crocs, Birkenstock, and entrants like Nike, adidas, Deckers and Skechers compete peripherally in sandals, per market reports as of 2026.

Why did Alpargatas' international sales spike so much in late 2025?

Q4 2025 volumes reportedly rose 82.5% in Europe and 332% in the USA, but analysts flagged these as likely inflated by base effects and channel pipeline-fill rather than structural demand, per a Quartr summary dated 2026-07-09. International EBITDA did turn positive (R$42.1 million) for the first time in two years.

Is Alpargatas planning to take Rothy's fully private?

No. Alpargatas acquired a $475 million stake in Rothy's completed May 2022 but has since declined to exercise its option to buy the remaining shares, keeping roughly a 49.2% passive stake as of a 2026-03-11 report, partly due to U.S. tariff pressure on Rothy's margins.

Consumer brands · Brazil

Alpargatas S.A. (Havaianas)

havaianas.com ↗

Brazilian maker of Havaianas rubber sandals, a household staple across Latin America.

Hard to displace

Assessed 23 July 2026 · Evidence as of 23 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 23 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: Q2 2026 earnings check on whether Eastman Group US distribution gains are structural or channel fill

The call

A century-old Brazilian sandal brand with near-total home turf dominance, now testing whether its 2025 export surge into the US and Europe holds up or fades back to base levels.

Alpargatas makes Havaianas flip-flops and sandals, selling them mostly in Brazil where nearly everyone owns a pair. The brand has been around for over 60 years and owns about 80% of Brazil's rubber-sandal market, which makes it hard for competitors to knock it off locally, though global brands like Nike or Adidas could muscle in if they wanted to. The real question is whether the company's recent comeback (profits jumped, sales grew, margins widened in 2025) is real or just temporary, especially as it tries to expand in the United States through new distribution starting in 2026.

Why

AI pressure: None apparent. Rubber flip-flops are cheap, physical, and impulse-bought at checkout, nothing AI generates or recommends replaces that purchase. Could AI do the core job? Unlikely.

Bigger players: Nike, Adidas, and fast-fashion sandal copies from Shein/Temu. Global giants chase performance footwear, not $10 rubber sandals, and Havaianas already owns 80% of that shelf in Brazil. Could a giant copy it? No, they are blocked.

What protects it. 95% household penetration in Brazil and 60+ years of brand recognition make Havaianas the default sandal, not a choice.

What would change this call

Q2 2026 earnings release around August 2026 showing US/Canada sell-through trend. Would show whether Eastman Group distribution gains are structural or were channel pipeline-fill.
Gross margin figure reported in 2026 quarterly filings versus the 52% level hit in 2025. Would show whether margin gains are durable or reversing.
Any announcement of a take-private, delisting, or squeeze-out offer by controlling shareholders. Would show controlling shareholders moving to cut out minority investors.

Key numbers

2025 revenue R$4.56 billion, up 11.1% (2026-03-15)
Gross margin rose from 43% to 52% (2026-03-15)
Net profit up 429% in 2025 (2026-03-15)

Named risks

Q4 2025 international growth (US +332%, Europe +82.5%) may reflect channel pipeline-fill, not structural demand. Severity: high
Concentrated insider ownership (~89% per one estimate) raises risk of take-private or squeeze-out of minority shareholders. Severity: medium
Rothy's faces US tariff exposure on Chinese-manufactured goods compressing margins. Severity: medium
Heavy reliance on Brazil (~76% of revenue) exposes company to domestic consumer recession. Severity: medium
Conflicting public data on headcount, ownership percentage, and Rothy's revenue across sources. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Ipanema (Grendene)	contesting	Closest Brazilian rival, coexists rather than displacing Havaianas domestically as of 2025-12-23
Crocs	contesting	Competes in global flip-flop/sandal category; no reported share loss for Havaianas as of 2026
Birkenstock	contesting	Premium sandal rival; gear reviews rank Birkenstock Gizeh above Havaianas Slim as of 2026-03-25
Nike and adidas	contesting	Entering sandal lines but flip-flops remain a small category for them as of 2026

Questions people ask

Is Alpargatas (Havaianas) profitable in 2026?: Yes. After a 429% jump in net profit to R$567.9 million in 2025 and gross margin expansion from 43% to 52%, Alpargatas posted record EBITDA again in Q1 2026 (reported 2026-05-08), continuing the turnaround from its 2022-2024 crisis.
Who owns Havaianas' parent company Alpargatas?: As of 2026-06-15, Itaúsa S.A. holds about 30.09% of total capital, Cambuhy Alpa Holding about 23.77%, and MS Alpa Participações about 6.11%. Ownership traces back to a 2017 sale by J&F Investimentos after its 2015 R$2.67 billion purchase from Camargo Corrêa.
Could AI replace Havaianas or its manufacturing?: Unlikely. Havaianas' moat is physical: 95% household penetration and about 80% share of Brazil's rubber-sandal market built over 60+ years. The only identified AI use in the corporate family is a customer-service chatbot ('Sandi') at affiliate Rothy's, not in Havaianas manufacturing or design.
Who is Havaianas' biggest competitor?: Domestically, Ipanema (owned by Grendene) is the closest rival, though it coexists rather than displacing Havaianas. Globally, Crocs, Birkenstock, and entrants like Nike, adidas, Deckers and Skechers compete peripherally in sandals, per market reports as of 2026.
Why did Alpargatas' international sales spike so much in late 2025?: Q4 2025 volumes reportedly rose 82.5% in Europe and 332% in the USA, but analysts flagged these as likely inflated by base effects and channel pipeline-fill rather than structural demand, per a Quartr summary dated 2026-07-09. International EBITDA did turn positive (R$42.1 million) for the first time in two years.
Is Alpargatas planning to take Rothy's fully private?: No. Alpargatas acquired a $475 million stake in Rothy's completed May 2022 but has since declined to exercise its option to buy the remaining shares, keeping roughly a 49.2% passive stake as of a 2026-03-11 report, partly due to U.S. tariff pressure on Rothy's margins.

Timeline

2026-05-08Q1 2026 earnings call reports record EBITDA, revenue beats forecast
2026-03-15FY2025 results: net revenue R$4.56 billion, up 11.1%
2026-03-06FY2025 net profit up 429% to R$567.9 million, margin hits 52%
2025-06Exclusive US/Canada distribution deal signed with The Eastman Group
2024-10-0430% of factory workforce laid off, 50% of SKUs cut under CEO Liel Miranda
2023-11-28Command change announced, restructuring speed-up under new CEO
2022-05Rothy's stake acquisition completed
2021-12Alpargatas announces $475 million stake acquisition in Rothy's
2021-11-21Osklen stake sold to Grupo Dass, non-core divestiture
2017-07J&F sells ~86% stake to Cambuhy, Itaúsa, Brasil Warrant for ~R$3.5 billion

Revision history

23 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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