Good morning, everyone. Thank you for participating in our Video Conference for the Results From the Third Quarter 2022. We have our CFO, Rafael Sachete, our Investor Relations Manager, Vicky Machado. Before starting, let's talk about our agenda for the day. I have an opening message, and then talk a bit about our brands and channels, what is the essence of the distribution of Arezzo&Co. I'll talk about our omni-channel, that since the pandemic was the change that is here now to stay. Rafael Sachete will take over with interesting data and analysis about our financial results, and then the most important portion, we are going to open for Q&A. This is our 47th quarterly results call.
February next year will be 11 years since our IPO, and we have some interesting data that show the permanence of the continuous generation of value from our company. Since the IPO, our shares valued 414%, and in the same period, it was valued 74%. Besides that, this 11 years, we paid BRL 1 billion in dividends. I think it's worth pointing out that our company, besides generating EBITDA and net profit, it generates cash, which enables the investors to have the security that it averages BRL 1 per share in dividends is ensured. Actually, the dynamics of being a public company and having this opportunity to interact with you every quarter is very positive. We are very happy to be here sharing our results with you, especially listening to your questions.
I thank all the analysts that constantly dedicate, and write extremely rich reports about our company. To be honest, this need to give the results every quarter generates some pressure, but consequently also generates an evolution. We're constantly learning and evolving, and I'm very happy with this situation, and let's take advantage of this morning for a deeper interaction. Before the presentation itself, I'd like to point out that Arezzo&Co, as always, is very dedicating and being creative. We are now giving our results for the third quarter. Tomorrow, we hope to expect all of you in our headquarters, actually in our home in Campo Bom, where the magic happens, where we have the core of our product creation, our shoe software, our plants, our digital areas, our shared services center. We're here opening our kitchen to all of you.
What's most important, besides getting to know our facilities, you will have access to our management. Not only the executive directors, we're gonna have all the senior leadership of the company, and also we'll have a lunch, a barbecue, an open air tomorrow. Those that are confirmed, we expect you here. If you haven't confirmed yet, there's still time. Vicky is going to open an exception. If anyone still wants to join last minute, please come join us in Campo Bom. We'll have a great investors day. A bit about this third quarter. I'm very happy to see whether when you reach a level of excellence in results that are totally outside the curve, it's like in line with expectations. The famous high bar at Arezzo&Co.
When we analyze the results from other players in the market, we like to be required to give excellence because this makes us even better. These results are a consolidation of all the actions, especially our strategic planning from 2019 and mainly our culture. We'll talk a lot about culture tomorrow. During the hardest moments in the pandemic, when we were questioned what was the differential for Arezzo&Co to overcome that moment, I answered that it was our culture. We were forged within crisis. Five decades of challenges, and we always overcame them. This culture is made up of a group of individuals that are amazing, people that have their passion inside the company.
You're gonna see hundreds of our collaborators, and you'll see, you understand that the culture of execution at Arezzo&Co., people that do not wait for things to happen, is surely our biggest asset. Besides, ever since the IPO, we have shown our vision of being a truly multi-brand and multi-channel company with an organization chart that allows, the companies, the brands to be independent business units with their own mono brand sales channels. This strategy, together with a strong expansion of channels, we're gonna talk about this with our equalized share of channels, has allowed constant growth for Arezzo&Co. Consequently increasing what we call our share of closet.
We really like to analyze the percentage of Arezzo shoes and the other brand shoes in the women's closet, and more recently in men's closet as well from our Reserva, Oficina, Vans, and now more recently Carol Bassi. For those that follow me on Instagram, I invite you to see a bit about the opening of the first Carol Bassi store already within the Arezzo&Co platform. It's a revolution. The store in Cidade Jardim is going to reach a record of BRL 50 million in a store. This new concept for the rollout of Carol Bassi, it makes us really confident. We're going to talk a bit tomorrow as well and about the transformations that COVID brought and that are here to stay.
Among those, as I mentioned, our omnichannel management, our focus on digital, the management very close to our supply chain, and more than that, the entrance in new addressable markets, increasing that is just in the beginning. If we analyze the revenue from the past 12 months, it includes fourth quarter in 2021 and the three quarters of 2022, we reached the mark of BRL 5 billion in revenue, in gross revenue. The same company in the whole of 2019 had BRL 2.2 billion in revenue. It's a growth of more than 2.5-fold in this period that included the pandemic. Specifically about the summer collection that was launched the resort since July, and the third quarter has as its base the summer collection. Collections for all brands that are very assertive. Our business is the right product at the right time.
This is what makes the difference regardless of the external scenario, is to create attractiveness. I'm gonna give an example, talk about the fourth quarter. You must have followed the collection from Reserva anticipating the FIFA World Cup with lots of creativity and great products. Reserva is going to have the same-store sales in the first 8 days of November of 50%. The World Cup collection has accounted for 20% of those sales. I'd also like to point out, and I recommend this analysis, we think it is very important when you look at the Arezzo&Co. grew substantially in volume, besides in the ratio of price. This means a gain in market share, because market share is measured by the number of products that clients own and not only the revenue from the brand.
We're going to talk in detail about our main brands, but all core brands with a growth above 30%. A legacy brand such as Arezzo that is now 50 years old with a 38% growth. Lastly, the resiliency of our online channel. During the pandemic and the explosive growth of online, we were questioned a lot about the ability of maintaining the strong sales pace in digital. The figures are there to show 35% growth compared to last year. When you compare with the pre-COVID period for our online business, the growth is hard to say the number. It's 400% growth. Some data that you know, some highlights. Consolidated revenue, gross revenue of BRL 1.4 billion, a growth of 47% compared to 2021, and 161% compared to 2019.
Gross margin, extremely healthy, an increase of 60 basis points compared to last year, reaching 52.8%. Our EBITDA of BRL 170 million, a growth of 36% compared to last year. Our adjusted EBITDA margin of 14.9%, we're going to talk about for the last 9 months of the year, which justifies the analysis. Same-store sales that shows the ability and productivity of our brick-and-mortar stores with an increase of 28.9%. The translation of our EBITDA due to our asset-light model and our robustness of our cash, generating a net profit of BRL 103 million, a record for a quarter. Now, the third quarter, the number of units sold. It's worth pointing out as we're a multi-category company.
Besides the 5.8 million pairs sold, we have commercialized in one quarter 2.2 million pieces of apparel and 826,000 bags. You see that shoes is still the best, the biggest category with 65% of the total. However, the apparel business is 25%. Arezzo&Co already is a multi-category brand platform. Growth in all categories that I mentioned, mainly in apparel, showing our gain in share. Now talking about the results for the past nine months for 2022.
Analyzing that we had an excellent first semester and the continuity of strong results, even with the high base for the third quarter, reaching a total revenue of BRL 3.6 billion. This number is exactly the result of the whole of last year. That is, we finished on September 30 with this result that was equivalent to the whole of 2021, with a consolidated gross margin of 54%, adjusted EBITDA for the period of BRL 466 million. Yes, with an expansion of EBITDA margin that was very positive of 100 basis points and same-store sales of 45%, generating a net profit of BRL 284 million. This net profit in 2022 is going to go over BRL 400 million in net profit with cash generation. As I said, we reached BRL 5 billion for Arezzo&Co.
This is the goal, and it is the base for the next one. We see that it's Arezzo quinhentos. It's BRL 500 million as a base from now on. 29 million products sold in this time. As our baseline, fourth quarter of 2021 and the three quarters of 2022, we have reached BRL 652 million in EBITDA. This becomes the baseline for the company with an EBITDA margin that I wouldn't like to focus for each quarter, but we analyze the 12-month period. This is the EBITDA margin, considering all the expenses that we have, initiatives for new business that come up in our as expenses, 16.2%.
Now about our brands and our channels. You can see the robustness of the growth of the core brands.
Arezzo is a brand with great presence and a constant growth, historic growth, growing 37.7% this quarter. This is a brand that is very much digital, even with more than 450 franchise stores. Schutz global reaching BRL 332.2 million, with a growth of 38%. The brands of Arezzo&Co based on, so Reserva brand almost at BRL 300 million, with a very robust growth at 52% based on the same period of 2021. Anacapri, as you remember, we had the meeting to show a reversion plan, and we wanted to go into the platforms, including that meant bringing in more marketing investments as we did with Juliette as the main spokesperson of the brand with very strong growth rates.
Now here is the proof that Anacapri is growing 30% growth rates during this period. On the right, you can see the same number for the brands, but now looking at the share. This is truly a multi-channel multi-brand company. The mother brand, Arezzo, now holds 30% of our business, Schutz 18%, and the Arezzo&Co brands 28%, Anacapri 8%, and Vans and Alexandre Birman, the other main brands, 21%. In the same way, our distribution has equal representation on the channels that grants us great flexibility and capacity for constant growth. We don't rely on a single channel to strengthen our sales.
About 25% of our sales in each of the 4 main internal channels, e-commerce, franchises, multi-brand with a very interesting growth, 30% of our revenue driven by the Schutz and Vans brands, and our own brands pushing 21% of our sales. Now going into the sellout growth during this period. In Q3, we grew 35%. It's worth mentioning that this pace for Q4 is very much in line. We're doing very well in the first 40 days of Q4. The 9 months of the year so far was a 51.8% growth year-on-year. The difference between the brands with highlights is the Reserva brand and the Arezzo brand always have strong growth, but all of them growing above 36%.
Sales during this period for DTC in the Q3 was around BRL 1 billion. This shows that our business has been generating great strength and power. Now, talking about our Omni strategy, as I said, this was implemented during the pandemic and really transformed Arezzo&Co. With the resilience of e-commerce growth, 35% growth. In November, we will exceed all of our records. In November, our growth is around this number, 32% growth. Vale ressaltar, a capacidade nossa de venda através dos app da marca, os quais têm o menor custo de aquisição do cliente. Esse investimento queremos levar para o mercado americano. Hoje operamos aqui no Brasil com app das principais marcas, que atingiram BRL 122 billion.
O nosso e-commerce, com volume de tráfego muito alto no trimestre, além das vendas diretas de e-commerce, o nosso site serve como catálogo, como referência para que as clientes então possam ver nossos lançamentos e se tornar clientes onze. Passo agora a palavra pro Rafael Sachete, que vai apresentar os nossos destaques financeiros. Muito Alexandre. Bom dia a todos. Obrigado por estarem participando da nossa call de resultados. A gente vai estar falando aqui da nossa receita. Nós atingimos um excelente desempenho no trimestre, atingindo BRL 1.4 billion, com excelentes destaques. Começando por marcas, a marca FARM está crescendo acima de 38%, marca Arezzo 37%, Anacapri 30%.
As marcas core de calçados do grupo com uma excelente performance comparada com o ano passado, que já apresenta uma base de comparação elevada em termos de receitas na pandemia. Um destaque importantíssimo para as marcas da Arezzo com 52% de crescimento de receitas no período, demonstrando a capacidade do grupo em gerar muito valor através de suas marcas. Importante também destacar o canal de franchising, crescendo 40%, com os nossos franqueados tendo ótimas performances de venda nos sellouts, traduzido aqui através do nosso SSS. Passando para os próximos slides, nós vamos conversar um pouco da resiliência do crescimento de receitas do grupo Arezzo. A consistência do crescimento de receitas é muito importante. É o nosso principal drive de negócio. A companhia toda se move para sellout e para vendas.
Com isso, pós período pandêmico do 2020, entregamos esses resultados e essa curva de crescimento de sellout, que vocês estão vendo na tela, que nesse trimestre representou 47.6%. Passando agora para o lucro bruto, novamente apresentamos expansão da nossa margem bruta de 660 basis points, principalmente impactada por mix de canais, com maior presença de vendas B2C no nosso mix, com lojas próprias e e-commerce, bem como um período de vendas sem preço, com melhor performance em relação a 2021, o que tende a ser uma dinâmica que vai se repetir no quarto trimestre. Já estamos vendo uma questão com excelente. Passando pro próximo slide, vamos falar um pouquinho das nossas despesas e aqui o destaque importante da diligência que temos em nossas despesas fixas.
Nesse trimestre, geramos uma alavancagem do crescimento de despesas fixas menor que o das nossas receitas, representando 16.6% da nossa receita líquida contra 17.7% no mesmo período do ano anterior. Essa dinâmica de consistência na gestão e no controle de despesas fixas do grupo, despesas corporativas, é algo que vocês devem esperar também sempre da Arezzo. Nossos principais investimentos em despesas, eles ficam concentrados em investimentos em marketing, em investimentos em novos projetos pra alavancar novos canais e novas marcas, e o crescimento de despesas fixas ele tende a andar sempre abaixo do crescimento de receitas do grupo. Passando pro próximo slide, falamos um pouco do EBITDA ajustado, que atingiu BRL 170 milhões, com um grande destaque pro nosso crescimento de receitas, que colabora com o nosso crescimento de EBITDA de 36%.
Importante destacar a força da operação Brasil, da operação das marcas core junto com a Arezzo, que teve expansão de margem EBITDA de 40 basis points. Temos, nesse trimestre, um impacto da operação americana, uma decisão deliberada, onde tivemos um período de vendas mais desafiador de lojas de departamento e temos muito espaço. O mercado ainda está lá pra absorver o mercado americano. Tomamos uma decisão deliberada de aumentar o nosso investimento em marketing e em despesas de topo de funil, em custo de aquisição de clientes, pra trazer mais clientes pra base, crescendo 28% das nossas receitas no período, mas gerando uma leve pressão de margem nesse trimestre, de 13.100.
Passando pro último slide, vamos falar um pouco de ROI, que é esses principais indicadores junto com receitas e EBITDA, principais indicadores de medição de performance e management e do nosso controle diário de gestão, que foi bastante impactado positivamente pelo crescimento de receita, pelo crescimento de EBITDA, pela gestão que fazemos no uso do nosso capital, investindo em lojas Farmácia Viva, um excelente retorno sobre o investimento e, consequentemente, aqui alavancando o nosso EBITDA em mais de 100 basis points comparado com o mesmo período de Q321. Aqui, importante destacar que nos dados que eu li em todos os trimestres, temos o ROI que é ajustado.
Porque o nosso ROI contábil, ele traz elementos de créditos temporários e também de custo de aquisição de algumas marcas que fizemos, excluindo esses efeitos de 29.7, lembrando que o ROI contábil é de 22.6%. Esses são os principais destaques, Alexandre. Obrigado a todos. Obrigado agora, passo aos meus colegas. Good morning, everyone. Let's start our Q&A with a question from João Soares from Citi. He's asking about the core brand growth, the connected brand. How do you see these brands next year, and if the segment continues with an heavy demand and see more marketing investments to generate more growth? Perfect. Well, in 2022, we made a decision to strengthen even more our brand equity due to the inflation pressure and consequently price hikes. The strategy worked very well.
We preferred to bring in brands that generate more value that can support and withstand the pressure for consumers to really see that the brand is valuable. These are very strong top lines as you can see, and we're very confident that this is the path. For 2023, we have a growth capacity through digital that is extremely strong. We still see an improvement that can be implemented in the conversion rate of our sites. We've been growing more visits than conversions. There are certain evolutions according to our online experience to be able to increase the conversion rate, not only in terms of technology, but also the product availability. One of the major investments for 2022 is the construction of our new DC. We'll present it tomorrow, and we'll start operation in the Q2 with an omni inventory.
Today, we have exclusive inventory for the e-commerce operation. About our B2B inventory, this is segregated. We are now migrating the inventories to increase availability of inventories for B2B and B2C. Consequently, we'll have almost an infinite inventory for B2B, and we hope to increase the conversion rate with this, thus increasing top line of the brands. In terms of macro behavior, it's very hard to predict the trends. What I can say and assure you is that our capacity to adapt to the client's taste when our main mission is to interpret trends, translating this into products and creating desire. As an example, for the pandemic, we were the first brand of Brazil to create a line of products homeware. In less than two months, we had product in stores. It's built in June 2020.
Now with the very strong growth of all of the new special footwear. I can assure you that whatever the trend, we will be extremely fast and adaptable to maintain our sales growth. Of course, that if you look at the last 10 years, our core brands with an average growth of 12%-14% like a CAGR. This is a more realistic number, but this already give you an important market share gain. Tomorrow, we will present a very interesting segment analysis of the channels. As I said, we see the multi-brand channel of e-commerce with great resilience and growth in some of the brands with the franchise channel distribution. We expect to see 2023 very much aligned with your expectation, with our traditional analysts.
The figures we're working on here on our budgets are very much aligned with the expectations of the market that really brings in great solidity of Arezzo&Co, exceeding the $6 billion mark. This is what we expect. Thank you, Richard. Now, here's another question from Danny at Citi. They're asking about female apparel. How do you see the collections of the different brands reflected in women's boots and the long-term strategy? As we showed you during our call, for about two years, we went from 0% to 10% of market share in female apparel. When we look at Reserva in the last quarter of 2022, with about BRL 300 million, I'd like to show the Arezzo&Co's capacity to add value to their acquired brands. Because Reserva in 2019 made BRL 250 million.
We're talking about four- or fourfold increase in two years. Now, taking a step back, Vans was the same thing. When we took over the Vans operations back in 2019, their billing was around BRL 220 million. This year it's going to exceed BRL 500 million. Carol Bassi, we're talking about female apparel here. This year was the year to structure our operations, to hire people, define our schedule for the process in our prep process. We'll mention it tomorrow. Improving operations of the Cidade Jardim and defining an architectural project that could really cause impact.
These are medium-term processes. It took us a year to structure that. But at the same time, we had initiatives that generated the same-store sales that was very positive in Cidade Jardim store.
As I mentioned, the Carol Bassi Cidade Jardim store will reach BRL 50 million this year. The brand will have a growth of around 100% without expansion. This is organic growth, multi-brand, and e-commerce.
We opened yesterday, as I mentioned, the store, and I invite those from Rio de Janeiro to get to know. We have a video to present it tomorrow. It is something different in the Brazilian market. It goes well beyond a new store. It's a new shopping experience. We expect that the Carol Bassi stores in this new format are going to have a revenue of around at least BRL 25 million-BRL 40 million a year. Our plan is to open around 3-4 stores a year, up to 12-15 stores in the next 3 years. Carol Bassi will be a brand that is going to have exponential growth just like Reserva. About Reversa, this recently launched in 2022 through, first of all, kiosks within the Reserva stores. Very good acceptance.
It corresponds to 5%-7% of the total revenue of the store. A Reserva store has a revenue of around BRL 12-15 million a year. We opened the first full Reversa store in the Leblon shopping mall. It reached 100% of the forecasted goal, had a revenue in the first month in October, BRL 400,000. The brand positioning is much in line with what we wanted to reach. Very streetwear, 60% of sales is in jeans and in T-shirts. That's what we wanted to get in. As for shoes and lifestyle, we had an important test for 2022, which was to define the store concept, whether we're going to operate just a freestanding apparel or if we're going to have hybrid stores.
After very detailed work and several tests, tomorrow we're going to communicate the definition that the shoes rollout will be through hybrid stores. They are not going to be as the two that there are today separating apparel and shoes. This architectural project is defined already. We're going to open from the first quarter 2023, an average of 3-5 stores per quarter. We found the key products, we structured the brand positioning, we structured the supply chain process. 2023 will be the year for us, a gradual rollout. This is the snapshot. It's something we're going to talk a lot about tomorrow, but I thank you for the question. Now I'm mixing two questions from Ruben Couto and Joe from JP Morgan. They ask about the SG&A of the operation for the consolidated operation.
What do you expect for the future with AR&Co, the expenses in the United States? I like, first of all, to point out when you talk about SG&A, we have to separate fixed costs, especially within G&A, the administration operation costs. That is all the corporate area, all of our legal and travel and facilities expenses. All of these expenses had grew a lot as it was shown by Rafael Sachete, and this is going to continue. These are expenses that do not grow, and they grew in this third quarter less than 2% with a growth of 47% of the revenue. In these lines, we have leveraged that, and we're going to maintain that. When you go to the sales lines, you divide it in two steps.
Sales that are directly related to sell-through sales, commissions and shipping, there's no leverage. They grew according to the revenue and the discretionary sales expenses, mainly marketing. This year we had some investments we didn't wanna talk about, but the third quarter, we just see ourselves as deserving of it. Remember that we're generating value to the Arezzo&Co in its fiftieth anniversary. We don't wanna have marketing expenses as one-off because they are what they are. We had investments such as the book, a series of events focusing on different audiences that we're sure was extremely important for the Arezzo&Co. We only have a fiftieth anniversary once in our life. This EBITDA margin number that you have for 16.2% is the margin that you can expect.
Maybe one quarter will be 15, the other one will be 17. We work here excluding the momentary oscillation of marketing expenses or the needs to support operations such as the American operation. In our EBITDA margin, you can do this as a historical margin for our company, a company that in terms of margin is very flat, talking about the historical series of 5-10 years. This range of 16%-17% is what we're going to be operating in because we believe that it's important to revert part of what should be EBITDA in new investments, not only in marketing but also in new business initiatives. When you place a Reversa, when you implement a brand, all the expenses of a style and marketing planning, they are expenses.
We do not place these expenses as one-off, adjusting their EBITDA. It has been more than BRL 10 million in lifestyle, only in operational expenses and marketing for AR&Co. I would list at least five investments that we did that were organic, that in the medium term are going to be very accretive. As we have the proven case of the Alexandre Birman and Anacapri brands in the bags category, that in the beginning, the first two years, they have more expenses than revenue. We believe that denting it 200 basis points of a consolidated EBITDA for these investments is actually necessary so that the company will maintain solid historical growth as it has been done so far.
I hope you have answered your question, and I repeat, tomorrow we'll be here one-on-one, if you want to explore about the growth initiatives, both organic and inorganic of Arezzo&Co. Thanks, Alexandre. Now just joining, a question that was recurrent from many people about the North American operation. They wanna know what is our expectation in the short and long term in this operation? How do we see the operation of DTC and B2C in the U.S.? And what do you see about profitability ahead? I thank you for the question, and I'm happy to see the emphasis that you all give to our American operation. This shows that, everybody's interested in understanding this operation. I'd like to make some points here. Our U.S. operation is 11% of our revenue, which is great.
It's a process that has been going on for 10 years with learnings and evolution in the market. I, as representative of the, as a CEO, I am a buyer of the American company. I'm very bullish about what has been done, what we have today, the leadership of Fernando Calligaris and a team of executives that implemented a management platform that we're going to present in detail tomorrow with omni capabilities that is rare even in the American market. A capability and a flexibility of having one single inventory management that is available both in the department stores, websites, and as well as in our proprietary e-commerces. Besides that, a structure that you'll see here for the back office operation with a very reduced cost here in Brazil.
The U.S. operation faces, as for any brand, if you analyze the balance of all retail in the United States, you'll see the difficulty the market has been going through. In my opinion, a mature operation such as ours, to have a growth of 28% in the third quarter, I'm very happy with that result. If you have to invest more in marketing, especially in digital performance marketing, to change the channel that department stores have reduced their purchases, and we chose that, and it was a good decision. We do not want to generate negative results for the operation. It should have been flat. This minus 2% was the marketing expenses that dropped this semester. The operation will have a positive result.
We are virtually in the middle of the fourth quarter, so I can say that the margin will be around 3%-5% positive for the fourth quarter, with a growth in revenue close to what was realized in the third quarter, depending on the holiday sales that have a great impact. So far, this is the number that we have. We have a strategic plan for the U.S. operation. We have a full potential defined. More than that, we have a business platform that is ready to get new brands, be it brands from our group to be operating in the U.S. or even a process we're studying of consolidating some two brands, fashion brands that are niche brands, small, but that have a very strong recall, especially about influencers and opinion makers that with this product.
I'm very confident in what we've been building in the American operation, and as we said, it will always have its share of 11%-15% of the revenue. It's important not only for the business itself, but for the reverse marketing effect that it has in Brazil, especially the Alexandre Birman brand. We don't talk much about it in our calls, but it's a brand that in Brazil is going to reach 12 stores. It's going to go over BRL 250 million in revenue this year. The sales of the same stores in Brazil with a growth of 60%-70%. The number one store in the network of the almost 1,000 stores at Arezzo&Co. is the Alexandre Birman in Iguatemi Shopping Mall, a large store that is going to have a revenue of BRL 28 million.
The whole investment in the U.S., our store in Bal Harbour, Bergdorf Goodman, Saks Fifth Avenue, this also helps us to make us a global brand. I hope I have answered the question. Otherwise, we will be here tomorrow available to talk about this theme that makes us very proud. Thanks, Alexandre. Still in the lines of investments in the U.S., Macruzo asks about the CAC strategies we have implemented not only in the U.S., but all brands. How has this been translated in conversion, possiby diluting these investments? It's a different reality between the U.S. and Brazil. You cannot have it in the same basket because in Brazil, we have brands with awareness and a traffic that is virtually spontaneous in our websites.
Today our CAC in Brazil for the core brands does not reach 10% of the revenue. It's really low, generating a lifetime value that is very high, especially in the shoes operation. This investment has been bigger for Reserva because you cannot compare recall or spontaneous as a result in shoes. In the U.S., we're a new brand. We're a brand that if you look at the brand, the size of the market, it's still unknown, except the cities where we have flagship stores, especially New York and Miami. This investment in the U.S. is around 30%-35% of the revenue. We know we have a leverage to be done. What's important is the retention of these clients in the base and an increase in the number of active clients, which has been extremely positive.
In the midterm, we reduce the possibility of bringing new clients because you have a client base that's through email marketing and the app and the operation of the branded shoes that we're going to launch in the U.S. You start to have a reduction of these investments and client acquisition. Thanks, Alexandre. Now, a question from Irma from Goldman Sachs. She wants to hear a bit about the internationalization process of the chain, the recent investments. What are the facts so far and the learnings? We're going to have in November our record historical revenue. We're not going to have any delay in deliveries in a moment of large volume. It's worth mentioning also for our fourth quarter, around 60% of the revenue will come from sell-in. It's 100% insured. The turnover and the stock coverage from our multi-brand partners is very positive.
We believe that we're going to have 100% of deliveries to realize in the next three weeks. This in great part due to the process that we started in January this year, more intensely. We're going to have in October, November, 4.5 million pairs. In 2022, we're going to deliver 58 million pairs.
This is basically a plug-and-play process. The factories are working above their forecast capacity. Thanks to our team of industrial management, we've been able to implement a very interesting operation outside of our cluster here in Bahia. I was recently there visiting the plant, and it's operating at a very impressive, excellent level. We've reached almost 15% of our production with insourcing coming from 10%. During the follow-on period, we mentioned that this could reach about 20-25%.
This is what we've been working for, to ensure supply is paramount for us during an instability moment for the supply chain around the world. Thank you. Well, next question is from Vinicius at UBS. He wants to understand how we see the competitive scenario and the pricing strategy for Reserva Simples. The Reserva Simples has been going on for the multi-brand channel. We've been working to be very assertive with this. The Reserva team has been very rigorous to choose the store format. This has been defined, the branding, the assortment. As you mentioned, pricing. We have a new exec with experience from a large brand that came to our company in July. I was with him yesterday in Rio de Janeiro talking about how that opened a new store in the Barra shopping.
It's the average ticket price will be between BRL 69-BRL 99, which is still a little bit above what would be the mean of price for class B, but still 30% under Reserva with a very localized assortment based on colors. In addition to T-shirts, polo shirts and athleisure wear, let's say, for Reserva Simples. No prints with impeccable quality. The channel for 2023 will open at least 3 stores. This is a medium to long term project to gain more client base as the first test has been very positive, but it's still not a brand that will help consolidate top line, since this is a very large, high base we have for 2023. It is a beginning as it was Reserva Gold some years ago.
With a great percentage coming in, we foresee a great percentage of Reserva coming in through Simples. Thank you, Alexandre, for answering these questions. Well, thank you. If you're curious, we have available material now with an attachment showing more details about our brands. Please, I'm just going over here just so you know. I'd like to close once again just highlighting and emphasizing the importance and thanking all of our team for corporate event, the strategy team that has been very dedicated to have our Arezzo&Co Day since our first one back in 2011.
We've always enjoyed this time not only to provide insight into our strategy, but to interact with you and hear from you so that we can have exposure to our managers and management team and leaders to know more than just the essence of an Arezzo&Co, which is, we believe this is our big differential. Our Arezzo&Co Day is tomorrow here at Campo Bom. If you have any questions, please just make the decision to come and meet us. It'll be an excellent and fruitful day. I'm sure that everyone here will have a lot of interaction. It will be an enjoyable lunch and too, it's providing more information about the core of an Arezzo&Co. Thank you everyone for your support. Congratulations to all of our team.
Thank you our board and admin staff for our strategic actions that has proven to be very assertive in 2022, and we will continue our organic growth in 2023. Thank you all. Have a good afternoon.