ITC exits from life style retailing enterprise after a ‘strategic review’

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Diversified team ITC Ltd on Tuesday reported it has exited from lifestyle retailing business enterprise subsequent a strategic review of the enterprise portfolio.

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The firm entered the way of life retailing small business a lot more than two decades ago underneath the Wills Way of living brand. It offered a assortment of attire which include official, everyday, evening and designer put on underneath the brand name.&#13

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It also experienced John Players menswear selection of casuals, jeans, formals and equipment.

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Nonetheless, in 2019 the corporation undertook a restructuring of the way of living retailing enterprise and scaled down the functions of the vertical and bought the John Gamers manufacturer to Reliance Retail for an undisclosed amount of money.

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“…subsequent a strategic evaluate of its business portfolio, the firm has exited the life style retailing business,” ITC stated in a regulatory submitting on Tuesday.

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Previous thirty day period, ITC Chairman Sanjiv Puri claimed that the business was liquidating some aged inventory of the Wills manufacturer still left in a number of suppliers and there had been no even more plans to continue the enterprise.

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In the previous, ITC had stated that its way of living retailing business was adversely impacted by e-commerce players which aggressively pushed to seize industry share among price-looking for people by providing large savings and launching special labels and makes.

(Only the headline and picture of this report might have been reworked by the Organization Standard staff members the relaxation of the content material is auto-created from a syndicated feed.)

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