Profitable retailing: A Wills Lifestyle store on Camac Street in Kolkata. All Wills Lifestyle stores across 30 cities are now recovering costs, according to Atul Chand, chief executive of ITC’s lifestyle retailing division.
Way2Franchise First and Exclusive: ITCs lifestyle retailing business has turned profitable. Over the past year, ITC has managed to reduce rents by as much as 30% and all Wills Lifestyle stores in 30 cities are now recovering costs, according to Atul Chand, chief executive of ITC’s lifestyle retailing division. Apart from this, about one-fifth of the lifestyle retailing division’s revenues come from contract manufacturing of garments and accessories for designer brands such as Calvin Klein, Polo Ralph Lauren, Trussardi and MaxMara. “Exports are a high-margin business,” Chand added.
ITC currently has some 50 Wills Lifestyle stores, which sell ready-made apparel. Over the next six months, it is going to launch at least two stores a month, said Chand. The company is now looking to enter cities with smaller populations, and for the first time, is going to get into local franchise arrangements.
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