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Gisele’s $7 Flip-Flops Trigger Grendene Surge: Corporate Brazil

Grendene SA, the maker of footwear endorsed by supermodel Gisele Bundchen, is posting the biggest rally among global shoemakers as demand for its $7 flip-flops withstands Brazil’s economic slump.

The company’s shares have more than doubled in the past 12 months to 21.20 reais, compared with an average 23 percent return among 24 shoemakers including Brazilian high-heel maker Arezzo & Co., Skechers U.S.A. Inc and Puma SE. Grendene’s total returns topped those of all Brazilian small cap stocks and the benchmark Bovespa index, which dropped 17 percent during the period.