Mukesh Ambani‘s retail business Reliance Retail Ltd brought the ITC Ltd’s menswear brand John Player. The new acquisition by Reliance Retail will help its retail business to grow and will strengthen its ready made garment portfolio in fashion and retail market.
ITC sold the brand John Players and related trademarks and intellectual property to Reliance Retail as part of its restructuring plan, said an ITC spokesperson. However, the specifics of the details are not revealed by the company.
But if reports by various newspapers are to be believed then Reliance Retail bought the John Players brand and its distribution rights through 750 stores, along with 65 exclusive franchise outlets, for an estimated price of ₹1.50 billion ($21.79 million).
Earlier in March, reports speculated that Reliance is planning to expand its retail market network and its e-commerce business. The company was panning to make an entry in the Indian e-commerce market which is largely dominated by foreign players like Flipkart and Amazon. The reports also claimed that Reliance would be expanding the number of Reliance Trend retail stores from present 557 to 2,500 in the next five years.