ITC Lifestyle out of retailing business
New Delhi:
Diversified conglomerate, ITC Ltd on Tuesday said it has exited the lifestyle retailing business following a strategic review of its business portfolio.
The company entered the lifestyle retailing business more than two decades ago under the Wills Lifestyle brand. It sold a wide variety of apparel under the brand including formal, casual, evening and designer apparel.
It also featured casual, denim, formals and accessories from the John Players menswear range.
However, in 2019 the company restructured the lifestyle retailing business, scaled down vertical operations and sold the John Players brand to Reliance Retail for an undisclosed amount.
“… following a strategic review of its business portfolio, the company has exited the lifestyle retailing business,” ITC said in a regulatory filing on Tuesday.
Last month, ITC president Sanjeev Puri said the company was phasing out some old inventory of the Wills brand that was left in some stores, and had no further plans to continue the business.
In the past, ITC had said that its lifestyle retailing business was adversely affected by e-commerce players, which aggressively sought to capture market share among value-seeking consumers by offering huge discounts and launching exclusive labels and brands. pushed from