{"id":24862,"date":"2024-04-12T12:17:35","date_gmt":"2024-04-12T12:17:35","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/12\/godfrey-phillips-to-sell-24seven-business-to-exit-from-retail-sector-times-of-india\/"},"modified":"2024-04-12T12:17:35","modified_gmt":"2024-04-12T12:17:35","slug":"godfrey-phillips-to-sell-24seven-business-to-exit-from-retail-sector-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/12\/godfrey-phillips-to-sell-24seven-business-to-exit-from-retail-sector-times-of-india\/","title":{"rendered":"Godfrey Phillips to sell 24Seven business, to exit from retail sector &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i3.wp.com\/static.toiimg.com\/photo\/msid-109244154,imgsize-1417719.cms?resize=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Godfrey Phillips to sell 24Seven business, to exit from retail sector &#8211; Times of India\" title=\"Godfrey Phillips to sell 24Seven business, to exit from retail sector &#8211; Times of India\" \/><\/div>\n<div>NEW DELHI: Cigarette maker <!-- -->Godfrey Phillips<!-- --> India on Friday said it has decided to <!-- -->exit<!-- --> from its <!-- -->loss-making<!-- --> retail business 24Seven. The <!-- -->board<!-- --> of the company in a meeting held on Friday &#8220;decided to exit from carrying out the business operations of its Retail Business Division,&#8221; said a regulatory update from Godfrey Phillips India. <br \/> Godfrey Phillips India was operating 150 <!-- -->stores\/kiosks<!-- --> of 24Seven as of December 2023. <br \/> A decision in this regard was taken following a detailed review of the company&#8217;s retail business division and after due consideration of the stakeholders&#8217; feedback, long-term performance, prevailing market conditions of the <!-- -->retail sector<!-- --> and long-term business strategy of the company, it added. <br \/> &#8220;The exit will be subject to completion of the necessary formalities,&#8221; it said. <br \/> Revenue of 24Seven in FY23 was Rs 396 crore, contributing 9.3 per cent of the total revenue from operations for the company. <br \/> &#8220;The Retail Business Division had a negative net worth as on 31st March 2023 on account of accumulated losses generated by it,&#8221; the company said. <br \/> Godfrey Phillips India is the flagship company of Modi Enterprises. It makes popular cigarette brands like Four Square, Red &amp; White, Cavanders, North Pole and Tipper. <br \/> It also manufactures and distributes brand Marlboro under a license agreement with Philip Morris.<\/div>\n<p><script>!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n          var s = document.createElement('script');\n          s.src=\"https:\/\/survey.survicate.com\/workspaces\/0be6ae9845d14a7c8ff08a7a00bd9b21\/web_surveys.js\";\n          s.async = true;\n          var e = document.getElementsByTagName('script')[0];\n          e.parentNode.insertBefore(s, e);\n        })(window);\n      }\n    }\n    window.TimesApps = window.TimesApps || {};\n    var TimesApps = window.TimesApps;\n    TimesApps.toiPlusEvents = function(config) {\n      var isConfigAvailable = \"toiplus_site_settings\" in f && \"isFBCampaignActive\" in f.toiplus_site_settings && \"isGoogleCampaignActive\" in f.toiplus_site_settings;\n      var isPrimeUser = window.isPrime;\n      if (isConfigAvailable && !isPrimeUser) {\n        loadGtagEvents(f.toiplus_site_settings.isGoogleCampaignActive);\n        loadFBEvents(f.toiplus_site_settings.isFBCampaignActive);\n        loadSurvicateJs(f.toiplus_site_settings.allowedSurvicateSections);\n      } else {\n        var JarvisUrl=\"https:\/\/vsp1jarvispvt.indiatimes.com\/v1\/feeds\/toi_plus\/site_settings\/643526e21443833f0c454615?db_env=published\";\n        window.getFromClient(JarvisUrl, function(config){\n          if (config) {\n            loadGtagEvents(config?.isGoogleCampaignActive);\n            loadFBEvents(config?.isFBCampaignActive);\n            loadSurvicateJs(config?.allowedSurvicateSections);\n          }\n        })\n      }\n    };\n  })(\n    window,\n    document,\n    'script',\n  );<\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/godfrey-phillips-to-sell-24seven-business-to-exit-from-retail-sector\/articleshow\/109244065.cms\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: Cigarette maker Godfrey Phillips India on Friday said it has decided to exit from its loss-making retail business 24Seven. The board of the company in a meeting held on Friday &#8220;decided to exit from carrying out the business operations of its Retail Business Division,&#8221; said a regulatory update from Godfrey Phillips India. Godfrey [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":24863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-109244154,imgsize-1417719.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[29997,29994,4782,449,289,6556,29995,29993,273,29992,29996,914,29991,5394,3556,29990,272],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/24862"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=24862"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/24862\/revisions"}],"predecessor-version":[{"id":24864,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/24862\/revisions\/24864"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/24863"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=24862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=24862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=24862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}