Having acquired a 15.06% interest in footwear company Azaléia last week, Brazilian shoe manufacturer Vulcabrás has now secured a majority stake in the company, having now purchased a total of 51.28% of Azaléia's total capital.

According to Vulcabrás, the two companies currently employ 26,500 people in Brazil and 800 in Argentina and together produce the highest turnover of any footwear or sporting goods company in Latin America.