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ITC to reportedly shut down loss-making retail brand WLS
18 Sep '19
1 min read
Pic: ITC
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.
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)
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.
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)
Fibre2Fashion News Desk – India
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