ITC moves away from lifestyle segment
Tobacco, fast moving consumer goods, and hospitality business ITC will exit the lifestyle segment of the market by selling off the last remaining stock of its apparel brand Wills after already exiting John Players.
“As far as the other brand, Wills, is concerned, we are right now only liquidating some old inventory that is there in very limited, very few stores,” said ITC’s chairman Sanjiv Puri, TNN reported. “That’s because very less inventory is left. There are no further plans for now beyond that... For all practical purposes, that’s what I am saying.”
Along with a few own-brand stores, Wills Lifestyle currently retails on a number of multi-brand e-commerce platforms including Shoppers Stop, Ajio, and Myntra. The brand retails men’s and women’s western and ethnic style apparel and accessories.
ITC first entered the lifestyle segment of the market around 20 years ago with Wills Lifestyle. In 2019, ITC was already considering shutting down the brand as part of its wider plan to restructure its loss-making lifestyle vertical, the Economic Times had reported in September 2019. ITC has already fully divested itself of the trademark and copyright of John Players but did not confirm if it will do the same for Wills Lifestyle.
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