Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 9.2.2022  
C(2022 ) 899 final  
PUBLIC VERSION  
 
Apollo Management, L.P.  
9 West 57th Street, 34th Floor  
NY 10019  New York  
United States of America  
Rajib (Danny) Passi  
[…] 
Subject : Case M. 10564 –  APOLLO / MISSGUIDED  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 13 January  2022 , the European Commission received notification  of a proposed 
concentration pursuant to Article 4 and following a referral pursuant to Article 4(5) of 
the Merger Regulation by which Alteri Investments II SC Sp (‘Alteri’) (Luxembourg), 
controlled by Apollo Management L.P. (U.S.A.)  and Nakai Investments Limited, 
(‘Nakai Investments’) (British Virgin Islands ), controlled by Mr. Rajib Passi  acquire 
within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control 
of Missguided Limited (‘Missguided’) (United Kingdom) , controlled by Mr. Ra jib 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
In the published version of this decision, 
some information has been omitted 
pursuant to Article 17(2) of Council 
Regulation (EC) No 139/2004 concerning 
non-disclosure of business secrets and other  
confidential information. The omissions are 
shown thus […] . Where possible the 
information omitted has been replaced by 
ranges of figures or a general description.  
2 Passi . The concentration is accomplished by way of purchase of shares in a newly 
created compa ny constituting a joint venture . 3 
2. The business activities of the undertakings concerned are:  
 for Alteri: Alteri  is a subsidiary of Apollo. Apollo manages inv estments in 
companies worldwide that are active in a variety of sectors, including oil and gas, 
retail, and information technology.  It also controls  Walz Group and CBR Group, 
which are inter alia  active in the design, wholesale  and retail of women’s appare l, 
 for Nakai Investments : Nakai Investments is a company indirectly and wholly 
held by  Mr. Rajib Passi . Mr. Rajib  Passi also controls By Design LLC, which is a 
wholesale clothing fashion group active in the U.S.A,  
 for Missguided: Missguided is a UK -based online retailer (e -commerce) active 
worldwide. It is active in both the retail and wholesale supply of clothing, apparel, 
footwear, and ‘health and beauty’ products. Missguided is currently solely 
controlled by Mr. Rajib  Passi, who owns 100% of Missguided through R Holding 
Company Limited (‘R Holding’, British Virgin Islands) and Nakai Investments . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within th e scope of the Merger  Regulation  and of 
paragraph s 5(c) of the Commission  Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
3  Publication in the Official Journal of the European Union No C 29, 20.01.2022, p. 46-47. 
4  OJ C 366, 14.12.2013, p. 5 .