May 19, 2014: TNT Express has completed the sale of its specialist fashion supply chain business in the Netherlands, TNT Fashion Group B.V. (TNT Fashion), to a consortium of Belspeed and Netlog Group. This follows receipt of regulatory approval and positive advice from the works council of TNT Fashion.
TNT Express announced on 11 March 2014 its intention to sell TNT Fashion as part of its strategy to focus on core express delivery services. The transaction, the terms of which remain confidential, will contribute a limited book gain.
Headquartered in Oldenzaal, the Netherlands, TNT Fashion offers specialist supply chain services for the fashion and lifestyle industry. TNT Fashion employs about 660 people and has annual revenues of approximately €120 million.
The UK operations of TNT Fashion are being integrated with TNT Express UK and Ireland.
TNT Express will continue to offer express delivery services to its customers in the fashion, lifestyle and retail industries.