The Croatian competition authority, known as AZTN, has approved the merger that results in the joint control of Ponds d.o.o. by Advance Fashion Group d.o.o. and Saša Apostolovski. This merger involves Advance Fashion Group entering the ownership structure of Ponds, which is based in Slovenia.

As a result of this merger, Advance Fashion Group and Saša Apostolovski will jointly control Ponds d.o.o. and indirectly control Mass Shoes d.o.o., which operates in Croatia. Advance Fashion Group is under the control of the ACP investment fund, which operates various businesses in Croatia, including consumer electronics and tourism.

Mass Shoes d.o.o. operates 42 retail locations in Croatia, primarily in major cities and shopping centers, and holds a market share of 10-20% in the footwear and fashion accessories retail market. The market structure for this sector in Croatia is stable, with no significant new entrants in recent years.

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