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ITC Lifestyle looks at Rs 60-cr sales
Hindustan Times - 06 Apr 2002

HT Correspondent

Kolkata, April 5

THE LIFESTYLE Retailing division of ITC is looking at a turnover of Rs 60 crore in the current financial year. The chief executive of the division Sanjiv Keshava said today that it has touched a turnover of Rs 22 crore for the current financial year.

In a bid to make a major foray into the ratail business, the company today said that it planned to re-establish its ‘Wills’ trademark, a leader in premium lifestyle retailing in India and abroad. Besides, the company is planning to diversify further in the greeting cards, packaging and packaged foods segments in a major way. Nearly 30 per cent of company’s turnover comes from the non-tobacco business.

The Rs 10,000 crore company today opened the first Wills Lifestyle store in the city for marketing Wills Sport brand of relaxed wear, bringing the total number of such stores in the country to 41.

Speaking on the sidelines of the inauguration of the store today, company Chairman Y C Deveshwar, said that ITC would like to establish a "fibre-to-fashion chain" within the country to enhance international competitiveness.

"We are nurturing the "Wills’ trademark to be clear leader in premium lifestyle retailing in India. Over time we aspire to position it as the leading Indian international brand with a significant global presence," Deveshwar said.

ITC had announced its foray into the garment retail business in July 2000 with the opening of the first Wills Lifestyle store in New Delhi and had created a separate Lifestyle Retailing Business Division (LRBD) within the city-based conglomerate.

Keshava added that by the end of the current fiscal the total number of lifestyle stores would reach 55 across the country. Other outlets in the city too could be opened later depending on the response generated by this store, he added.

ITC Ltd which clocked a net profit of Rs 1006 crore in 200-2001 is working in consultation with designers from Milan and the USA to cater to the needs of the customers coming down to the Lifestyle stores across the country.