Brazilian Retailers: Shopee’s affiliate program; Court denies Novo Nordisk’s Request to suspend Ozivy

研报英文原文证据摘录

Brazilian Retailers: Shopee’s affiliate program; Court denies Novo Nordisk’s Request to suspend Ozivy

Global Research

8 July 2026ab

Brazilian Retailers Equities

AmericasShopee’s affiliate program; Court denies Novo

Nordisk’s Request to suspend Ozivy Consumer, Cyclical

Vinicius Strano, CFA

Analyst

vinicius.strano@ubs.com

Shopee revises affiliate program; TikTok Shop raises seller fees +55-11-2767 6688

According to Valor, starting August 1st, Shopee will implement changes to its Isabella Lamas

affiliate commission program, transferring responsibility for reporting and Analyst

withholding taxes on variable commissions paid to individual influencers from the isabella.lamas@ubs.com

platform to sellers. Under the new model, affiliates will continue to receive +55-11-2767 6836

Shopee’s standard commission with taxes withheld by the platform, while Lucca Biasi

additional commissions will be negotiated directly with merchants and will become Associate Analyst

the seller’s responsibility. Corporate sellers will also be required to issue an invoice lucca.biasi@ubs.com

for each additional commission payment made to affiliates. At the same time, +55-11-2767 6173

Shopee announced in June that it will reduce the commission paid to affiliates on Pedro Perone

video campaigns from 3.0% to 1.5%, effective this month. Meanwhile, TikTok Shop Associate Analyst

will increase seller fees effective July 15, raising the commission on products priced pedro.perone@ubs.com

below R$50 from 6% to 10%, while increasing the fixed fee on products above R$50 +55-11-2767 6007

from R$4 to R$6 and keeping the commission rate unchanged at 6%. These changes

follow fee increases implemented earlier this year by both Shopee and

MercadoLibre (link).