ITC exits from life-style retailing enterprise
New Delhi:
The diversified group, ITC Ltd, mentioned on Tuesday that it has exited from the approach to life retailing enterprise following a strategic assessment of the enterprise portfolio.
The firm entered the approach to life retailing enterprise greater than 20 years in the past below the Wills Lifestyle model. It bought a variety of attire, together with formal, informal, night and designer put on below the model.
It additionally had John Players menswear vary of casuals, denim, formals and equipment.
However, in 2019 the corporate undertook a restructuring of the approach to life retailing enterprise, scaled down the vertical operations, and bought the John Players model to Reliance Retail for an undisclosed quantity.
“…following a strategic review of its business portfolio, the company has exited the lifestyle retailing business,” ITC mentioned in a regulatory submitting on Tuesday.
Last month, ITC Chairman Sanjiv Puri mentioned that the corporate was liquidating some outdated stock of the Wills model left in a number of shops, and there have been no additional plans to proceed the enterprise.
In the previous, ITC had mentioned that its life-style retailing enterprise was adversely impacted by e-commerce gamers, which aggressively pushed to seize market share amongst value-seeking shoppers by providing heavy reductions and launching unique labels and types.
