04 August 2022, Mumbai:
Diversified group ITC 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.
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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.
Last month, SanjivPuri, Chairman, ITC, 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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