Godfrey Phillips will leave the retail industry and shut down 24 Seven businesses
Manufacturer of cigarettes Godfrey Phillips India said on Friday that it has chosen to leave its losing retail venture, 24Seven.
According to a regulatory update from Godfrey Phillips India, the board of the firm “decided to exit from carrying out the business operations of its retail business division” during a meeting on Friday.
As of December 2023, Godfrey Phillips India has 150 outlets and kiosks out of 24 Seven.
It also said that a decision in this respect was made after a thorough examination of the company’s retail business division and after giving careful thought to the input from stakeholders, long-term performance, current retail industry market circumstances, and the company’s long-term business plan.
It said, “The exit will be subject to the necessary formalities being completed.” With sales of Rs 396 crore in FY23, Twenty-Seven made up 9.3% of the company’s total operating revenue.
Due to cumulative losses incurred by it, the retail business segment had a negative net value as of March 31, 2023, according to the corporation.
