Farm Rio isn't the independent Brazilian label its market-stall origin story suggests: since 2010 it's belonged to what's now Azzas 2154, a publicly traded conglomerate controlled by the family behind Arezzo and a co-founder of sibling brand Animale, not by Farm's own founders. Co-founders Kátia Barros and Marcello Bastos still hold real operating titles and small personal equity stakes, but the international expansion now driving most of the brand's growth is run by a professional executive, and Azzas is actively exploring selling, spinning off, or IPO-ing Farm Rio on its own. On the ground, that ownership distance shows up as thin worker protections — Good On You rates its labor practices "Not Good Enough" — alongside real, B Corp-verified progress on the environmental side.