Named after Oscar Freire de Carvalho,[1] it is known for having a large number of stores selling luxury goods.

It was named after Oscar Freire de Carvalho,[1] a physician and forensic medicine professor from Bahia, who helped develop the city's first morgue (Instituto Médico Legal).

According to Excellence Mystery Shopping International, Rua Oscar Freire is the 8th[2] most luxurious street in the world and second in the Americas behind 5th Avenue in New York.

Brazilian fashion has included designers and brands such as Alexandre Herchcovitch, Cris Barros, Reinaldo Lourenço, Glória Coelho, Animale, Forum, Ellus, NK Store, Sergio K, Havaianas, Carlos Miele, Cavalera, Le Lis Blanc, Canal, Triton, Iódice and Osklen.

Among them are A Figueira Rubaiyat, Fasano, Antiquarius and 'Gero, four of the city's most traditional and expensive restaurants, as well as Ben & Jerry's.