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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, denims, formals and accessories.
However, in 2019 the company undertook a restructuring of the lifestyle retailing business and scaled down the operations of the vertical 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Tue, August 02 2022. 19:55 IST