NEW DELHI: Fast-moving consumer goods (FMCG) major ITC on Tuesday announced it has exited its lifestyle retailing business. The decision was made after a strategic review of its business portfolio, the company said in a regulatory filing. The company in its annual report released earlier said that following a strategic review of the business portfolio a few years ago, it 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 chairman Sanjiv Puri had said in the report. ITC’s Lifestyle Retailing Business has a nationwide presence through its Wills Lifestyle chain of exclusive speciality stores.
Wills Lifestyle is available in 90 exclusive stores in 40 cities and across more than 500 ‘shop-in-shops’ in departmental stores and multi-brand outlets. The diversified conglomerate on Monday reported a 33.97% year-on-year increase in consolidated net profit at `4,389.76 crores in the June quarter as compared to Rs 3,276.48 crore net profit in the same quarter a year ago.