Diversified group ITC Ltd said on Tuesday it was exiting the lifestyle retail business following a strategic review of the business portfolio.
The company entered the lifestyle retail business more than two decades ago under the Wills Lifestyle brand. It sold a range of clothing including formal, casual, evening and designer wear under the brand.
It also had the John Players menswear range of casual, denim, formal and accessories.
However, in 2019, the company undertook a restructuring of the lifestyle retail business and scaled back the vertical’s operations and sold the John Players brand to Reliance Retail for an undisclosed amount.
“…following a strategic review of its business portfolio, the company exited the lifestyle retail business,” ITC said in a regulatory filing on Tuesday.
Last month, ITC President Sanjiv Puri said the company was liquidating old Wills-brand inventory remaining in some stores and there were no further plans to continue business.
In the past, ITC had said that its lifestyle retail business was negatively affected by e-commerce players who pushed aggressively to capture market share among value-seeking consumers by offering deep discounts and launching exclusive labels and brands. .
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Source: www.business-standard.com