ITC: Performance of lifestyle retailing business adversely impacted in FY18: ITC

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ITC: Performance of lifestyle retailing business adversely impacted in FY18: ITC

ITC: Performance of lifestyle retailing business adversely impacted in FY18: ITC


KOLKATA: ITC Ltd said the performance of its lifestyle retailing business was adversely impacted during 2017-18 on account of a premature end to spring summer 2017 season triggered by transition to goods and services tax (GST) and cut-throat e-commerce discounting, it said in its fourth quarter earnings release.

The Kolkata-based conglomerate, with interests in cigarette, FMCG, hospitality and agri-business, said it was restructuring the retail foot print, rationalising stores, modifying the design language of its offerings, restructuring terms of trade with business partners and sharpening working capital management for the lifestyle retail business.

ITC runs the Wills Lifestyle and John Players stores under the lifestyle retailing business. This is part of the non-cigarette FMCG business which also includes packaged food, personal care, education and stationary products, agarbatti and safety matches. The non-cigarette FMCG business touched Rs 11,329 crore in 2017-18 while profit for the year improved to Rs 164 crore from Rs 28 crore in 2016-17.

ITC said it has refreshed the offers under Wills Lifestyle and John Players adopting a unique ‘story-based looks creation’ approach. This initiative entailed re-crafting the merchandise range architecture, channel specific offerings and special focus on enhancing the portfolio of core merchandise. Distinct and time bound colour stories were introduced aimed at providing freshness to consumers in the retail stores on a continual basis, the company said.

The company said it has enhanced the retailing business core portfolio, augmented marketing activities including windows and visual merchandising, improved manufacturing productivity and efficacy of replenishment mechanisms.





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