From the picture it doesn't look that bad to me. All my bikes have some toe overlap with fenders on. It's not at all a problem unless it's a pretty substantial overlap. Generally, toes only hit the wheel/fender during slow, fairly sharp turns. Other times, the wheel just isn't turned enough to get near the toes.

Since it comes with the fenders, I kind of doubt they would design the bike with much overlap. (it's not like someone is adding something the manufacturer didn't intend). Of course, I've been wrong before....