ITC exits apparel, sells John Players to Reliance Retail as it seeks pivot beyond cigarettes
ITC has shuttered underperforming apparel lines and offloaded menswear brand John Players to Reliance Retail. With 93% of profits still tied to a declining cigarette business, the conglomerate is under pressure to reposition around food and a low-carbon farmer-to-consumer supply chain.
What happened
ITC closed underperforming apparel businesses and sold menswear brand John Players to Reliance Retail. With 93% of profits from cigarettes amid declining
Key facts
- 93% of profits from cigarettes
Why this matters
Reliance Retail's pickup of John Players signals continued brand-consolidation appetite and validates that ITC will offload non-core consumer assets—watch for further divestitures as it doubles down on food and low-carbon agri-supply.
What to watch
- Cigarette volume/tax policy changes in upcoming Union Budget
- ITC food segment margin and revenue-mix disclosures in quarterly results
- Announced valuation and integration terms of John Players deal
- Any demerger or holding-structure restructuring filings
- Reliance Retail apparel private-label expansion signals
- ITC to announce further non-core divestitures or demerger of hotels/paper segments
- Capital reallocation into food M&A and agri-supply-chain infrastructure
- Reliance to relaunch/reposition John Players within JioMart and Trends channels
- Investor communications emphasizing low-carbon farmer-to-consumer narrative to attract ESG flows