The acquisition marks the first foray of billionaire Mukesh Ambani-owned Reliance Industries in an overseas retail brand.
May 10, 2019
The Mukesh Ambani-led Reliance Industries has acquired the 259-years old British toy retailer Hamleys for INR 620 crore.
Reliance Industries, through its subsidiary Reliance Brands Ltd, signed an agreement to pick up a 100 percent stake in the toy retailer from C Banner International Holdings, a Hong Kong-listed company.
Currently, RIL retail arm Reliance Retail has the licence to sell Hamleys’ products in India. Hamleys, founded in 1760, was acquired by China’s C Banner International for £100 million in 2015.
The global toy maker started with a single-store shop, Noah’s Ark, in 1760. Besides UK, it has stores in China, Germany, Russia, India, South Africa and West Asia. Hamleys is the oldest and largest toy shop in the world with 167 stores in 18 countries. In India, Reliance has the master franchise for Hamleys and operates through 88 stores in 29 cities.