25 July 2022, Mumbai:
Having entered the lifestyle segment two decades ago, tobacco-to-FMCG-to-hospitality conglomerate ITC is exiting the business, says Sanjiv Puri, Chairman, ITC. The company has already exited John Players by divesting the trademark and copyright of the brand.
The group had under this umbrella Lifestyle Retailing Business Division (LRBD) offering product lines Apparel, Lifestyle & Fashion, Accessories range, etc to the discerning customers.
It is currently liquidating some old inventory of the Wills brands.
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ITC has already restructured the Wills brand with only a few stores left. The business has not been scaled up as expected and cannot leverage any of the company’s backends, adds Puri. He expects demand for the FMCG segment to be good and its impact to be seen in the latter part of the year.
Commodity prices are cooling off for now though it is difficult to predict the time of normalization as they are multiple factors at play, adds Puri. There are supply-side challenges and a bit of green inflation too, he opines.
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