Estonian retail company Tallink Group announced an agreement to sell its Baltic Retail OU onshore fashion retail business to Talwest Grupp OU.
Aimed at offsetting the impact of the pandemic, Tallink Group explained that it needed to refocus on the company’s maritime transport and onboard operations, therefore exiting the onshore fashion retail market “for now.” We are currently focused on strengthening and securing our core business, onboard operations, and growing and expanding our online retail presence. Our energy and efforts should be focused on the medium and short term in light of the new world and shopping habits that have made online shopping so popular.
Three years ago, Tallink Group established Baltic Retail to channel its growth into the onshore retail market. They purchased franchise rights in the Baltics to fashion brands like Esprit and Superdry, Vero Moda (Jack & Jones), United Colors of Benetton, and Vero Moda. The company owned eight retail shops in Tallinn’s largest shopping centers, from 2018 to 2021. “Baltic Retail, the expansion into the onshore retail fashion market made perfect sense just a few years back, before the pandemic. We have decades of experience in travel and fashion retail. Parna acknowledged that she has extensive knowledge, strong relationships with global brands, and great ideas and plans for growth onshore.
Once the deal closes, Tallink Group will focus on its core maritime activities and continue to operate smaller onshore travel retail outlets at the Port of Tallinn, as well as the essential goods shop Tallink Express at the former Balti Jaam train station.