Vulcabras Azaleia group, which derives most of its revenues from the affordable Olympikus brand of athletic footwear, said it is in negotiations for the acquisition of Under Armour’s five-year-old Brazilian sales subsidiary. Under a joint licensing and operating agreement, Vulcabras will become Under Dog’s exclusive distributor and licensee in Brazil for shoes, apparel and accessories. The group previously had a regional management contract with Reebok that expired at the end of 2015.

The group’s net income dropped 36% to R$33.0 million ($8.5 mm) in the second quarter on a 9% decline in revenues to R$280.8 ... Log in to view full article.