ITC exits from lifestyle retailing business
New Delhi:
The diversified group, ITC Ltd, said on Tuesday that it has exited from the lifestyle retailing business following a strategic review of the business portfolio.
The company entered the lifestyle retailing business more than two decades ago under the Wills Lifestyle brand. It sold a range of apparel, including formal, casual, evening and designer wear under the brand.
It also had John Players menswear range of casuals, denim, formals and accessories.
However, in 2019 the company undertook a restructuring of the lifestyle retailing business, scaled down the 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 Chairman Sanjiv Puri said that the company was liquidating some old inventory of the Wills brand left in a few stores, and there were no further plans to continue the business.
In the past, ITC had said that its lifestyle retailing business was adversely impacted by e-commerce players, which aggressively pushed to capture market share amongst value-seeking consumers by offering heavy discounts and launching exclusive labels and brands.
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