AS TALLINK GRUPP Tallink Grupp has today announced to the stock exchange that it has signed an agreement with Talwest Grupp OÜ to sell its onshore fashion retail business Baltic Retail OÜ. Tallink Grupp established its onshore fashion retail subsidiary Baltic Retail OÜ in 2018 when the company was making plans to grow its onshore retail presence after the acquisition of franchise rights in the Baltics for a number of popular fashion brands, such as Esprit, Superdry, Vero Moda, Jack & Jones and United Colors of Benetton.
The company owned the franchise rights of 5 fashion brands and operated 8 retail stores in the biggest shopping centres in Tallinn, employing 35 people.
Following the outbreak of the COVID-19 pandemic, temporary on-and-off closures of shopping centres during national lock-downs, and considerable pressure on the company's core business and an increasing need to refocus activities on the company's core business of maritime transport and onboard operations , the company has decided to sell the subsidiary and, for now, exit the onshore fashion retail market.
The company will continue to operate smaller onshore travel retail outlets at the Port of Tallinn and the essential goods shop Tallink Express at the former Balti Jaam train station waiting pavilion.
Commenting on the exit from the onshore fashion retail market, Aimar Pärna, head of Tallink Duty Free said:
'Baltic Retail and the expansion into the onshore fashion retail market made perfect sense a few years ago, before the pandemic and building on our decades of experience with travel and fashion retail on board. We have extensive knowledge, strong partnerships with global brands and pre-pandemic great ideas and plans for growth and expansion on shore. However, right now, we must readjust our plans and refocus. Our sights are currently firmly set on securing and strengthening our core business and onboard operations, as well as on the growth and expansion of our online retail presence. In the current world and new shopping habits where online has come to dominate, this is where our energy and efforts should be directed in the short to medium term.'
With the sale of Baltic Retail OÜ, Tallink Grupp has relinquished the onshore franchise rights of brands Esprit, Vero Moda, Jack & Jones, SuperDry, United Colors of Benetton to Talwest Grupp OÜ.
Separately, Tallink Grupp continues with the roll-out of its fast food business with the popular Burger King franchise and restaurants in the Baltics.
For more information to the media, please contact:
Katri Link
Communications Director
Tallink Grupp
Tel. +372 5304 2121
E-mail: katri.link@tallink.ee
Tallink Grupp
AS Tallink Grupp is one of the leading providers of passenger transport and cargo transport services in the northern part of the Baltic Sea region. The company owns 15 vessels and operates several ferry routes under the brand names of Tallink and Silja Line. AS Tallink Grupp employs around 4,000 people in Estonia, Finland, Sweden, Latvia, Russia and Germany. The shares of Tallink Grupp are listed on the Tallinn Stock Exchange and Nasdaq Helsinki Stock Exchange.
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Tallink Grupp AS published this content on 13 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2021 07:40:03 UTC.
