ITC sells brand John Players to Reliance Retail

Conglomerate ITC on tuesday said it has sold its menswear brand John Players to Reliance Retail for an undisclosed amount.

New Delhi :Conglomerate ITC on tuesday said it has sold its menswear brand John Players to Reliance Retail for an undisclosed amount.Besides, the Kolkata-based firm has also transferred the trademark as part of the deal.

"In line with this ongoing restructuring, ITC has sold the brand John Players and related trademarks and intellectual property, and the goodwill related thereto, to Reliance Retail Ltd," a spokesperson of ITC said.He said a restructuring plan is underway as part of the strategic review of the lifestyle retailing business.

According to media reports, the deal is estimated to be around Rs 150 crore.The deal would strengthen the presence of Reliance Retail and its online platform Ajio.com in the growing lifestyle retail space.Established in 2002, John Players was a youth fashion apparel brand from ITC.

(Inputs from PTI )