The Croatian competition authority (AZTN) has granted approval for the merger involving Advance Fashion Group d.o.o. and Saša Apostolovski, who will jointly control PONDS d.o.o., based in Slovenia. This merger also indirectly grants control over MASS SHOES d.o.o., located in Croatia.

Advance Fashion Group d.o.o. is under the control of the ACP investment fund, which operates various businesses in Croatia, including consumer electronics and tourism services. In contrast, Saša Apostolovski has exclusive control over SA Group, which is not involved in the retail footwear market.

PONDS d.o.o. and its subsidiary MASS SHOES d.o.o. are active in the Croatian retail footwear and fashion accessories market, with MASS SHOES operating 42 retail locations primarily in major cities. The market share of MASS SHOES is estimated to be between 10% and 20%, making it one of the leading players in the relevant market.

The Croatian retail footwear market is characterized by a stable structure, with no significant new entrants in recent years. The merger will not alter the market share of the involved parties, as they do not operate in the same or related markets.

AZTN concluded that the merger will not create or strengthen a dominant position nor significantly harm competition in the relevant market.