Industrial giant ITC has stated that it has sold its menswear ‘John Players’ to Reliance for an undisclosed amount. According to reports, the firm has also passed the trademark as a part of the deal.
The report further added that in line with the ongoing restructuring, ITC has sold the John Players brand, the goodwill, and trademark to Reliance retail.
As a restructuring is underway as part of lifestyle retailing business. The deal is estimated to be around 150 crores and it will strengthen the presence of reliance retail online platform ajio.com in the growing lifestyle retail space. Established in 2002, John Players was a youth fashion apparel brand from ITC.