Reliance Industries Ltd reportedly said that its unit Reliance Retail Ltd has acquired consumer goods company ITC Ltd’s menswear brand John Players.
The acquisition would help Reliance Retail readymade garments and accessories portfolio in the fashion and lifestyle retail space, says report.
ITC sold the brand John Players and related trademarks and intellectual property to Reliance Retail as part of its restructuring plan, the company was quoted as saying.
The financial details of the deal have not been disclosed yet.
Established in 2002, John Players is a youth fashion apparel brand from ITC Limited. JP combines quality & consistency of product with the innovation & immediacy of a contemporary fashion brand. In a world of disposable fast fashion, John Players believes that your clothes have a larger story to tell about you.
‘Reliance Retail’ Ltd. is a subsidiary company of Reliance Industries Limited. Founded in 2006, it is the largest retailer in India in terms of revenue. Founder of Reliance Retail is Mukesh Ambani and V Subramaniam is CEO. Its retail outlets offer foods, groceries, apparel and footwear, lifestyle and home improvement products, electronic goods, and farm implements and inputs.