CELEX: 32022M10676
Language: en
Date: 2022-04-21 00:00:00
Title: Commission Decision of 21/04/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10676 - NEXT / WP / PINK) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

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 acquire 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 WP. 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 flowers, 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.
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.
 ---pagebreak---        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, including 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
   paragraphs 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
4  OJ C 366, 14.12.2013, p. 5.
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