ITC eyes eight-fold jump in revenue, review apparel business next year

By

Maverick Martins

Published
Jul 16, 2019

Diversified conglomerate ITC Ltd is eyeing an eight-fold jump in revenue from its new FMCG businesses on the back on its investments in start-ups in the personal care segments.
 

The company is also in the process of restructuring its apparel business and will take a call on the continuation of the vertical post the completion of the same next year.
 
“The jump in turnover is expected to be driven by entry into newer categories and leadership in existing ones. At the current run rate, we would look at an 8x growth in turnover over the long term,” Sanjiv Puri, chairman at ITC Ltd said in a statement.

“Restructuring of the apparel business is expected to be completed by the end of this fiscal. Post restructuring, the company will take a call on future plans,” Puri added.
 
ITC has been struggling to make its mark in the apparel segment and the vertical has been the weakest in terms of contribution to the overall revenue.
 
Earlier this year, the company had sold its apparel brand ‘John Players’ to Reliance Industries and rebranded the Wills Lifestyle stores to ‘WLS’ as part of its restructuring exercise.