ITC will reportedly soon shut down its premium brand Wills Lifestyle, a step in line with the company’s wider strategy to restructure and remodel the loss-making lifestyle retailing vertical. Earlier this year, the company had sold its other retail brand John Players to Reliance Retail and re-launched Wills Lifestyle as WLS to focus on sustainable fashion.
The company’s employees in the existing business are being absorbed in other businesses, according to a report in a top English-language business daily.ITC will reportedly soon shut down its premium brand Wills Lifestyle, a step in line with the company's wider strategy to restructure and remodel the loss-making lifestyle retailing vertical. Earlier this year, the company had sold its other retail brand John Players to Reliance Retail and re-launched Wills Lifestyle as WLS to focus on sustainable fashion.#
WLS has been hit by competition from value fashion retailers and e-commerce companies offering aggressive discounts. The rollout of the goods and services tax had also affected ITC’s lifestyle business adversely. Presently, WLS runs 350 outlets across multiple channels, including e-commerce. (DS)
ALCHEMPro News Desk – India
marketing@alchempro.com
