# BTG Pactual takes near-control stake in Veste as Banco Master retreats under funding stress

*Bank keeps financial stance and preserves governance at the premium fashion group behind Le Lis and Dudalina.*

- Published: 2025-10-10
- Section: Insights
- Tags: Retail, Veste
- URL: https://brazilstockguide.com/insights/btg-veste-stake-49-7-percent-no-control/

![Dudalina, Veste](https://i0.wp.com/brazilstockguide.com/wp-content/uploads/2025/10/IMG_1629-e1760097854288.jpg?fit=1024%2C923&ssl=1)

*Dudalina, Veste*

**By Brazil Stock Guide –** Banco BTG Pactual S.A. (B3: BPAC11) has raised its stake in **Veste S.A. Estilo** (B3: VSTE3) to **49.71% of voting shares**, according to a filing with Brazil’s securities regulator (CVM) on Thursday, Oct. 9. The increase follows the partial exercise of a share purchase option signed in August, making BTG the company’s **largest individual shareholder**.

In a letter to Veste’s board, BTG said the acquisition is **purely financial**, aimed at **creating value for its shareholders**, and **does not seek to change the company’s control or governance structure** at this stage. The bank also **retained the right to buy up to 4.36 million additional shares** (equivalent to 3.81% of capital), depending on the fulfillment of contractual conditions.

**In a separate filing**, Veste said that **WNT Gestora de Recursos** — one of the investment vehicles tied to Banco Master — **cut its equity position by 30.67 percentage points, to just 0.58% of the company’s capital**, confirming the near-complete exit of Master-linked entities from the shareholder base.

Until recently, Veste was controlled by **Banco Master**, the investment bank led by Daniel Vorcaro, through vehicles such as WNT **Gestora de Recursos** (49.55%) and Trustee (13.78%), according to the company’s reference form filed with the CVM in August.

**Veste S.A. Estilo is the Brazilian premium fashion group behind Le Lis, Dudalina, John John, BO.BÔ, and Individual**, all positioned toward the upper-income segment. The company operates **two industrial plants, two logistics centers, around 175 own stores, a presence in more than 1,000 multibrand retailers across Brazil, and a fully integrated digital platform**.

Despite nearing the 50% threshold, BTG’s position **does not alter the current control**, still nominally linked to Veste’s founding shareholders, and the bank reiterated that, if it ever attains a majority stake, it will **comply with Brazil’s corporate law and CVM rules**, with **no plan to delist the company**.

Banco Master has faced **liquidity and capital pressures**, compounded by the **Central Bank’s decision to block a proposed deal with Banco de Brasília (BRB)** that would have brought fresh capital and strategic backing. The sale of part of Veste’s equity stake to BTG reflects a broader effort by Master to deleverage and refocus operations.

---

Source: Brazil Stock Guide, https://brazilstockguide.com/insights/btg-veste-stake-49-7-percent-no-control/