Indian conglomerate company ITC has decided to withdraw from its lifestyle retailing business following a strategic review of its business portfolio.
In its regulatory filing, ITC said: “We write to advise, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that following a strategic review of its business portfolio, the company has exited the lifestyle retailing business.”
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The company’s lifestyle retailing business has an established retail presence in India via its Wills Lifestyle store chain.
Wills Lifestyle offers products under various categories, including Wills Classic work wear, Wills Sport casual wear, Wills Clublife evening wear and Wills Signature designer wear.
The brand has a network of 90 exclusive speciality stores in 40 cities and more than 500 ‘shop-in-shops’ in major departmental stores and multi-brand outlets, as stated on ITC’s website.
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ITC also created the John Players brand to offer a complete fashion wardrobe for male youths.
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By GlobalDataThe John Players brand has since expanded to 350 flagship stores and 1,400 multi-brand outlets and departmental stores.
The announcement to exit the lifestyle business comes after ITC revealed plans to restructure the lifestyle business in its annual report for the fiscal year 2022 (FY22).
In the annual report for FY22, ITC chairman Sanjiv Puri said: “Following a strategic review of the business portfolio a few years ago, (ITC) has restructured the Lifestyle Retailing Business during the year.
“At the same time, the product portfolio has been strengthened in alignment with new opportunities and enterprise strengths, with a sharper focus on fortifying the core, addressing adjacencies through world-class mother brands, and building categories of the future to power growth.”
ITC recently reported that its gross revenue for the three months to 30 June grew by 41.0%.
The company’s profit before income tax for the overall segment, excluding its agricultural business, was up by 245 basis points to 36.9%.
