Tobacco manufacturer Godfrey Phillips India has announced its decision to exit the retail business division known as 24Seven.
The company has decided to undertake a comprehensive review and consideration of long-term performance and market conditions., stating in a regulatory filing: “We wish to inform you that following a detailed review of the company’s retail business division being operated under the name 24Seven” (Retail Business Division), and after due consideration of the stakeholders’ feedback, long-term performance of the division since inception, prevailing market conditions of the retail sector and the long-term business strategy of the company, the board of directors at its meeting held today has decided to exit from carrying out the business operations of its retail business division.”
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Completion of the exit is subject to necessary formalities.
24Seven, a part of the KK Modi Group, offers a range of products including groceries, prepared meals, personal care items and magazines, and services such as bill payments, movie tickets and courier services.
Gross Sales from 24Seven convenience stores in the first nine months of the fiscal year 2024 was Rs3.77bn ($45.09m). At the end of December 2023, the number of 24Seven stores and kiosks reached 150.
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Godfrey Phillips India, a key entity of Modi Enterprises, manufactures cigarette brands Tipper, Cavanders and Four Square.
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