TNT Express has announced the intended sale of its Dutch TNT Fashion Group operation to a consortium formed by Belgian fashion and lifestyle logistics firm Belspeed and Turkish logistics and transport conglomerate Netlog Group.
The sale of 100% of the shares in TNT Fashion Group BV, which should be completed by the end of June subject to regulatory approval, reflects TNT Express’s “strategy to focus on core activities”, a company statement said.
The change of ownership will not affect TNT Fashion Group in the UK, which is completely separate to the Dutch operation and is currently being integrated with TNT Express UK & Ireland.
Created in 1983, Belspeed currently employs 350 staff and has a turnover of €35m (around £29m); while Netlog, a conglomerate of 15 transport and logistics firms established in 1994, employs 4,500 and has revenues of over US€500m (£300m).
The Dutch fashion logistics operation, which employs 660 staff, will be maintained as a separate legal entity by its new owners, said TNT Express. “No material changes in the workforce are expected as a direct result of the transaction,” it added.
A spokesman for TNT Fashion Group UK confirmed the Dutch sale had “nothing to do with the UK fashion business”, adding that the integration of the UK fashion operation into the wider TNT Express UK & Ireland operation was “already happening”.
In January, TNT Express UK & Ireland announced that up to 130 jobs might be impacted at TNT Fashion Group UK as a result of plans to integrate elements of its dedicated supply chain operations within the wider TNT Express network.
