Code of Ethical Conduct

"Canal de Denúncia Marisa": Click here to access the form.


Our Code of Conduct governs how we conduct our corporate initiatives in order to ensure the highest standards of quality in our relationships with employees, suppliers, customers, shareholders, competitors, governments and society as a whole.

Our Code of Conduct governs how we conduct our corporate initiatives in order to ensure the highest standards of quality in our relationships with employees, suppliers, customers, shareholders, competitors, governments and society as a whole.

Since it is extremely important for the continuity of our success, acknowledgement and acceptance of its content and guidelines is the first step towards ensuring the sustainability of our business.


Letter from the CEO

I always feel a great sense of pride every time I tell people that Marisa, one of Brazil’s largest retailers, grew out of a dream by Bernardo Goldfarb and was built through the hard work and dedication of generations of people who shared and still share a certain "way of being".

The presentation of our Code of Conduct is part of this movement. It is meant to govern our daily activities and the taking of decisions, not only telling us what to do, but also providing us with the guidelines that will help us achieve our ambitions. In other words, it is a working tool and a source of inspiration at the same time.

I would like to emphasize that the preparation of this Code was a joint effort, involving top executives, key leaders and employees’ representatives, and I am very grateful to all of them for their invaluable contribution.

I would like you all to establish a real commitment to our Code, which expresses the strict alignment between what we say and what we do. I am therefore certain that we will increase the respect, admiration and confidence of our customers, the market and society as a whole.

Marcio Goldfarb


Mission of the Marisa Group

Marisa focuses on the sale of fashion products for women, products that reflect behavioral trends and have the best cost-benefit ratio in the market. We do everything possible to ensure the satisfaction of our customers, suppliers, employees and shareholders.


Values of the Marisa Group


Our conduct and our decisions are sustained by the ethical values of society at the social, legal, corporate and individual levels.

We respect the highest moral standards and maintain good relations with the people we interact with every day.

We comply with Brazilian legislation.

We comply with the Company’s regulations, corporate principles and established rules of conduct.

We believe in and practice the precepts above, thereby making ethical principles a practical reality.

Respect for People

We respect everyone, regardless of their gender, age, profession, ethnic origin, social status, religion or creed. We believe in the diversity of our employees’ ideas, talent, opinions and individual personalities, accepting, as a matter of course, any eventual differences or divergences, and encouraging individual development.

We value not only those who work at Marisa, but also our external stakeholders: customers, suppliers and business partners.

Commitment to our Customers

Our business is focused on our customers, for whom we offer high-quality products in line with the latest fashion trends, which also have the best cost-benefit ratio in the market.

Our success depends on our ability to identify, understand and work with the lifestyle and fashion preferences of all the consumers of Marisa’s products and services. We are therefore constantly seeking opportunities for developing new products, store formats, shopping experiences and services.

Commitment to Results

Our success is based on hard work and the total commitment of our employees to the Company’s results. We always strive do the best, in the best possible way.

We develop and implement structured work plans, which clearly indicate the paths to be followed and the actions to be taken to fulfill our strategic ambition.

We do everything possible to achieve and exceed our corporate, functional and individual goals and objectives.


We value and recognize Marisa’s employees for individual merit and the result of their work.

We believe that meritocracy ensures fairness and transparency in performance evaluation processes and the definition of rewards and/or promotions.

Agility / Awareness

Agility is fundamental for success in the retail segment. Given the dynamics of the sector, it is imperative that we act and take decisions in an exceptionally rapid manner.

We are an alert, well-informed company, aware of the developments that may impact our activities in the present and influence their future trends.


For Marisa, innovation is the development and successful exploration of new ideas that increase revenue, improve customer service and the working environment, promote employee satisfaction, ensure access to new markets, reduce costs and increase profit margins, among other benefits.

We draw on creativity to innovate our products, store formats, processes and management. It is this creativity that has helped us stand out in an intensely competitive industry.


Code of Conduct

Marisa’s Code of Conduct establishes the values and principles that govern our relationships and business practices, ensuring that each of the various situations that sustain the reliability and credibility of our business are treated firmly, uniformly and ethically.

These rules of conduct, which are valid for all hierarchical levels of the Marisa Group, formalize the ethical guidelines to be followed with responsibility and commitment in all the day-to-day activities of our business, across the Company’s various relationship areas. It also applies to our service providers, suppliers, partners and shareholders.

It is therefore extremely important that everyone acknowledges and adopts the parameters identified in this Code of Conduct for the better integration of Marisa’s "way of being".




We value our employees by offering equal selection, remuneration, development and promotion opportunities and recognizing their professional skills and performance, through criteria that are aligned with the objectives of our business. Discriminatory treatment based on ethnic origin, color, gender, religion, nationality, sexual orientation, social status or political preference, will not be tolerated.

We recognize the importance of ensuring a safe and healthy working environment, where freedom of speech is guaranteed and where people’s integrity and privacy is respected, where no type of threat, moral or sexual harassment, verbal or non-verbal abuse, bribery or defamation is admitted..

We put the utmost value on occupational health and safety, in compliance with the applicable legislation, directing specific policies and actions to protect the health of our employees, and we adopt all the necessary measures and conditions to preserve their well-being and the quality of their performance.

Our employees recognize the importance of promoting the company’s interests, preventing any relationship, influence or activity that may put their behavior, attitude and actions at risk, following all the rules and regulations that are designed to prevent conflicts of interest and participating in activities outside the company in a responsible manner.

TAll acts representing opportunities for personal gain, both in internal and external negotiations - especially with customers, suppliers, government representatives and competitors - or the exchange of favors through gifts or benefits of any nature that may affect the integrity of the ethical procedures adopted by the Marisa Group will not be tolerated and will be dealt with in accordance with the Company’s regulations.

Our employees are particularly careful when participating in parallel activities that put their professional responsibilities at risk. The use of the Company’s assets and working hours for activities not related to the interests of the Marisa Group’s business is forbidden.

One of the main strengths of our business is that our employees assume Marisa’s image and brand with responsibility, not making undue use of its name, services and products in activities outside the scope of their professional and corporate duties and meeting their financial commitments with the company and as socially responsible citizens.


As partners in the development of our business, our suppliers establish mutual relations with Marisa based on commitment to the continuous strengthening of our commercial practices and the pursuit of product and service excellence, always seeking the best cost-benefit ratio.

Negotiations with suppliers are underpinned by a highly-developed sense of ethics, based on respect for equality and justice, as well as compliance with the laws and the Company’s own rules and regulations. Commercial transactions involving improper practices, such as child and/or forced labor, bribery or undue favors that may tarnish the integrity of our business will not be tolerated.

Supplier selection is based on transparent criteria and procedures, with no discriminatory acts or privileges of any nature. Free gifts which are not exclusively promotional will not be accepted, nor will any commercial transaction that involves family relationships, unless previously analyzed and authorized by the Board of Executive Officers and the non-statutory Ethics Committee.

In order to maintain solid and long-lasting relationships with Marisa, suppliers must have moral integrity and be in full compliance with the country’s tax, civil and criminal legislation.

We put the utmost value on healthy relationships, based on the confidentiality of information that is privileged and the transparency of information that is related to any situation that may present or suggest conflicts of interest, in which personal or financial benefits overlap with the interests and objectives of the Marisa Group.

Impartiality and integrity in negotiations are fundamental for the continuity and success of our business and our relations with our suppliers, who are aware of and are committed to Marisa’s principles, values and Code of Conduct, assuming the rules and procedures that govern our commercial transactions in a responsible manner.


The main focus of our business is to meet the needs and demands of our customers in the best possible manner. To this end, we adopt standards of conduct based on promptness, rapidity and friendliness, offering products and services with honesty and respect for consumer rights.

We prioritize service quality in order to ensure customer satisfaction and therefore employ the highest standards of speed and efficiency, protecting the physical and moral integrity of our customers while they are in our stores.

We guarantee the confidentiality of our customers’ personal and banking details, in accordance with Supplementary Law 105/2001.

We respect our customers’ diversity, providing impartial treatment free of any kind of prejudice, as well as clear information and guidance on our products and services, thereby enabling them to make the best possible decision and helping maintain long-lasting relationships.

We honor our commitments by ensuring that all customer-related initiatives contain clear, accurate and transparent information, misleading advertising being strictly forbidden.


We respect the human rights, values and cultural diversity of each of our surrounding communities, thereby helping the country’s development.

We honor our commitment to social initiatives through the due collection of taxes and other legal charges, an activity which is vital for the maintenance of government-implemented social, educational, cultural, environmental, health and safety programs.

We sponsor or adopt other means of supporting community-related projects and activities, in accordance with the Company’s internal policies and the proposals, criteria and objectives of said projects and initiatives based on their potential impacts.


Our relations with shareholders and investors are governed by transparent policies and rules, based on appropriate and accurate information and on rapid, full and reliable communications, in order to strengthen our image and give our shareholders a true picture of our activities and financial performance. We preserve the interests of our investors by ensuring the confidentiality of material information, which is only disclosed in strict compliance with legal provisions and regulations established by the competent authorities.

We adopt strict internal control procedures and develop policies and practices to manage risks and sustain corporate governance measures on an on-going basis. Our employees, as potential investors, follow specific internal rules regarding the acquisition and sale of the Company’s shares, undue access to or use of privileged information being expressly forbidden.

We are fully aware that confidentiality regarding strategic initiatives, results projections and administrative matters is fundamental in ensuring the best possible decisions by investors, as well as impartial market transactions. We therefore adopt measures to ensure that all investors have equal access to information concerning our activities and results, while preventing its use for personal benefit or for the benefit of third parties.


We respect our competitors by practicing fair competition, based on market rules and criteria, adopting honest and equitable competitive practices and refusing to accept defamatory attitudes that may tarnish the image of their business, products or services.

Government and Society

Our relations with representatives of legislative, executive and judicial bodies are based on transparent, friendly and ethical treatment, in compliance with the applicable legislation related to the responsibilities of each area of our Company. Any benefits or privileges granted to public officials for the purpose of influencing functional or corporate actions will not be tolerated.

We recognize the importance of legally-constituted trade unions, aiming to create common interests in order to improve the Company’s performance in all operational and relationship areas.


Information Security

Our employees recognize their responsibility for preserving the integrity of data and information, as well as the Company’s IT equipment, technology and resources, which is made available for the exclusive purposes of communicating, storing and recording activities of interest to the organization.

We adopt information security policies, with strict control over the specific technologies, electronic systems and software developed to meet the needs and interests of the Marisa Group’s business, always preserving copyright and intellectual property rights.

Promotion of the Marisa brand or content related to its business in seminars, lectures, academic works or articles in the printed or electronic media follows internal guidelines established by the Board of Executive Officers. Information of public interest will always be made available through the channels and means defined by the Company for this purpose and by an official representative of the Marisa Group.


Corporate Communications

Our relations with the media in regard to the specifics of advertising campaigns, promotional initiatives and negotiations are based on professionalism and social responsibility. The information we make available is accurate and appropriate and is in accordance with the Company’s internal guidelines, in order to preserve its image and assets.

Our communications with the market and society are based on clear and transparent actions, sustained by compliance with the applicable rules, and on the continuous development of processes and procedures to monitor the handling of information.


Information Channels and Guidelines

Compliance with the principles and ethical values of the Marisa Group involves the proactive development of appropriate practices, policies and procedures for each situation, ensuring that our executives, leaders and employees are fully aware of and committed to the rules established by our Code of Conduct and apply them in all their activities and relationships.

We recognize the moral integrity and good standing of all those who, in the responsible exercise of their duties, help sustain the principles and values of the Marisa Group - preserving their individual differences - and ensure that our ethical guidelines are respected in all our actions.

Every employee, following the example of the ethical conduct of Marisa’s "way of being", is fully aware of these ethical guidelines, as well as the associated policies and regulations, and is in full agreement with the necessary measures to support them.

All attitudes, conduct or situations that compromise the principles, values and rules established by this Code of Conduct must be reported to the Company, thereby ensuring the continuous ethical alignment of our activities. Consequently, no form of retaliation or harassment of those who report any non-compliance with the principles and guidelines herein will be tolerated.

Any doubts regarding the content of or practices established by our Code of Conduct will be directly dealt with by immediate superiors, in accordance with the specific guidance of the Company. We believe every individual is responsible for respecting and complying with the values and principles of this Code and they must therefore acknowledge that commitment to the guidelines herein is an integral part of their activities in the Group.

In order to deal with potential situations not contemplated in this Code, the Marisa Group has created a non-statutory Ethics Committee to analyze, evaluate and implement actions, measures and programs to develop ethical education within the company, as well as accompanying, advising and instructing decisions of an ethical nature related to sustaining the principles, values and guidelines established by this Code of Conduct, and revising them whenever necessary.

In order to ensure even better service for its various stakeholders, the Marisa Group created "Disque Denuncia" to provide an accurate, secure and confidential channel for those who prefer this form of communication.

This channel should be used for anonymously reporting/denouncing matters related to any misconduct or questionable situation, by employees or people outside the Organization. All information will be kept confidential. Complaints can be made by phone: 0800-7016-274 (answering machine, 24 hours per day), by email sent to: or through Marisa’s website, by clicking here (24 hours per day).

Behaving ethically: a daily attitude

Behaving in an ethical manner is an individual and collective responsibility and this Code of Conduct is designed to inform all our stakeholders of the Marisa Group’s established rules of behavior which are valid for all its hierarchical levels, recognizing that our principles and values are reflected and strengthened in our daily attitudes.

To view the Code of Ethical Conduct in PDF format, click here.

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