Reliance Industries buys ITC's menswear brand John Players
RIL's unit Reliance Retail Ltd (RRL) has acquired the consumer brand and the acquisition would strengthen RRL's readymade garments and accessories portfolio in the fashion and lifestyle retail space.
Reliance Industries Limited (RIL) has bought ITC's menswear brand John Players. ITC sold the brand John Players and related trademarks and intellectual property to Reliance Retail as part of its restructuring plan, an ITC spokesperson said.
RIL's unit Reliance Retail Ltd (RRL) has acquired the consumer brand and the acquisition will strengthen RRL's ready-made garments and accessories portfolio in the fashion and lifestyle retail space, said Reliance.
Mukesh Ambani
The two companies, however, did not disclose the financial details of the deal.
Earlier this month, sources told Reuters that Reliance planned to grow the number of low-cost Reliance Trends fashion stores across India to 2,500 from 557 over the next five years and integrate them with its online business.
Reliance plans to diversify into ecommerce and expand in fashion. The conglomerate's billionaire owner Mukesh Ambani aims to grab a dominant share of the Indian consumer spending in a struggle with rivals, particularly Amazon Inc and Walmart Inc's Flipkart.
Reliance shares climbed 1.6 percent as of 0602 GMT while those of ITC were 0.95 percent lower in Mumbai trading.