Kolkata-based ITC has sold its menswear brand John Players to Reliance Retail for an undisclosed sum. The agreement is estimated to be around Rs 150 crore.
The Conglomerate has further transferred the trademark as part of the deal.
A spokesperson of ITC said, "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 restructuring plan is underway as part of the strategic review of the lifestyle retailing business."
The deal will be strengthening the presence of Reliance Retail and its online platform Ajio in the growing lifestyle retail space.