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03.07.2017 (Hace 204 Dias)

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Decision No 16-DCC-121 of 28 July 2016 relating to the exclusive takeover of Atlas for Men by Activa Capital
Decision No 16-DCC-121 of 28 July 2016 relating to the exclusive takeover of Atlas for Men by Activa Capital
hace 204 dias 0 comentarios Categorias: Arte Etiquetas: women's clothing

The Competition Authority,

Having regard to the complete notification file sent to the merger service on 27 June 2016 concerning the exclusive takeover of Atlasformen by Activa Capital, formalized by a firm offer and a draft of the transfer protocol dated 15 June 2016;

Having regard to Book IV of the Commercial Code relating to price freedom and competition, and in particular Articles L. 430-1 to L. 430-7;

Having regard to the additional information forwarded by the parties during the investigation;

Adopts the following decision:

I. The undertakings concerned and the operation

1. Activa Capital SAS (hereinafter "Activa Capital") is a portfolio management company authorized by the Autorité des Marchés Financiers. Activa Capital holds interests in several ventures via Activa Capital Fund and Activa Capital Fund II, including Bruno Saint Hilaire, active in the men's and women's prêt-à-porter sector, and Sport 2000, active in the sale of sporting goods. The share capital of Activa Capital is held by private investors, of which no control is exercised over the company within the meaning of the law of concentrations.

2. Atlasformen SAS, a company incorporated under French law, and its Russian subsidiary Atlasformen OOO (hereinafter referred to as "Atlas for Men"), specialize in the design and mail order selling of clothing, footwear And outdoor accessories mainly intended for male customers on catalog.

3. The transaction, formalized by a firm offer and a draft protocol of assignment dated June 15, 2016, consists of the acquisition by Activa Capital of the entire capital of Atlas for Men.

4. Insofar as it results in Activa Capital acquiring sole control of Atlas for Men, the notified transaction constitutes a concentration within the meaning of Article L.430-1 of the Commercial Code.

5. The undertakings concerned together generate total worldwide turnover of more than EUR 150 million (Activa Capital: EUR [...] million for the financial year ended 31 December 2015; Men: EUR [...] million for the same financial year). Each of these companies generated turnover in France of more than EUR 50 million (Activa Capital: EUR [...] million for the year ended 31 December 2015; Atlas for Men: Million for the same period). Given these turnover figures, the operation does not fall within the competence of the European Union. On the other hand, the control thresholds referred to in I of Article L. 430-2 of the Commercial Code are crossed. This operation is therefore subject to the provisions of Articles L. 430-3 et seq. Of the French Commercial Code relating to economic concentration.

II. Delimitation of relevant markets

6. The parties shall simultaneously be active in the retail distribution of men's and women's clothing.


7. With regard to the retail sale of clothing, decision-making practice has chosen market segmentations according to (i) the type (man, woman, child), (ii) the level of product range (low, medium , High-end) and (iii) distribution channel (specialist store, specialized supermarkets ("GSS"), supermarkets ("GSA")).

8. In addition, the decision-making practice envisaged a distinction between sales of clothing in stores and sales of clothing at a distance.

9. However, the question of the exact definition of markets can be left open in that, regardless of the segmentation chosen, the conclusions of the competitive analysis remain unchanged.


10. With regard to the distance distribution of clothing, decision-making practice has adopted a national delimitation, given the linguistic differences, the heterogeneity of consumer habits, and the costs and delivery times.

11. In the present case, Atlas for Men sells clothing only at a distance, so that its overlap with Activa Capital relates only to the distance distribution markets for men's and women's clothing. Competitive analysis will therefore be conducted on national markets.

III. Competitive analysis

12. In the first place, it is necessary to analyze the commercial autonomy of the Franchisees, Sport 2000, with regard to their headquarters company, controlled by Activa Capital, in order to determine whether the latter can be regarded as active in this market by Their intermediaries. Indeed, the decision-making practice held that the market power of a distribution group must be assessed by taking into account proprietary and duty-free stores, irrespective of their legal status, provided that their policy Was not sufficiently autonomous in relation to the franchisor.

13. In this case, every shop belonging to the Sport 2000 network enters into a partnership agreement with Sport 2000. Prior to the signing of this contract, the members must become a member of a cooperative whose main objectives are (i) Negotiate preferential purchasing terms with suppliers, and (ii) "reinforce sign concepts". Rules of procedure apply to all members who are members of the cooperative, which stipulates that the members are independent contractors.

14. However, several elements of the model contract and the rules of procedure limit the autonomy of the trade policy of the members with regard to the head of the network, namely, in particular: [confidential].

15. In view of the above, it must be concluded that the members do not have sufficient commercial autonomy in respect of Sport 2000 and the cooperative. Participants will therefore be taken into account in the analysis of the market power of Sport 2000.

16. In the national clothing distribution market, the estimated market shares of Bruno Saint Hilaire, Sport 2000 and Atlas for Men are as follows:

17. In view of the very limited market shares of the new entity, the operation is not such as to affect competition by means of horizontal effects on the retail distribution markets for clothing in France.

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