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, 21.4.2022  
C(2022 ) 2614 final  
PUBLIC VERSION  
Next Holdings Limited  
Desford Road  
Enderby  
LE19 4AT Leicester , 
United Kingdom  
Warburg Pincus LLC  
450 Lexington Ave  
NY 10017  New York  
United States  
Subject : Case M. 10676 – NEXT / WP / PINK  
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 25 March 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by  which  Next Holdings 
Limited, a wholly owned subsidiary of Next plc (‘Next’, United Kingdom) , and 
Warburg Pincus LLC (‘WP’, United States) will ac quire  within the meaning of Article 
3(1)(b) and 3(4) of the Merger Regulation  joint control of Pink Topco Limited (‘Pink’, 
Jersey), currently solely controlled by W P. The concentration is accomplished by way 
of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Next is a UK -based retailer selling Next -branded menswear, womenswear, 
childrenswear, lingerie, footwear, homeware and furniture, gifts and flo wers, both 
in-store and online , including in the EEA , 
                                                 
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 ’). 
3  Publication  in the Official Journal of the European Union No OJ C 151 , 6.4.2022, p. 11. 

2  WP is a US -based member -owned global private equity firm , whose  investments 
are focused on a range of sectors in North America, Europe and Asia, including 
industrial, energy, financial services, healthcare and technology, media and 
telecommunications , and consumer goods, includin g retail sale of apparel and 
footwear,  
 Pink is the owner of the Reiss brand, which is active in the sale of Reiss -branded 
menswear, womenswear, footwear and accessories , both in -store and online, 
including in the EEA . 
3. After examination of the notification,  the European Commission has concluded that 
the notified operation falls within the 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 (E C) 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  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .