RIL acquires global toy firm Hamleys
In a bid to become a dominant player in the global toy retail industry, Mukesh Ambani ...
In a bid to become a dominant player in the global toy retail industry, Mukesh Ambani-led Reliance Industries Limited (RIL) in May announced it has acquired iconic British toy retailer Hamleys from Chinese fashion wear firm C Banner International. The company acquired “Hamleys Global Holdings Limited (HGHL) for a cash consideration of GBP 67.96 million” (nearly Rs 620 crore), RIL said in a BSE filing. Of late, the toy company has struggled financially due to uncertainties owing to Brexit and economic slowdown in the UK.
Reliance Brands, a subsidiary of Reliance Industries, has signed a definitive agreement with Hong Kong-listed firm C Banner International, to acquire 100 percent shares of Hamleys, the company said in a statement. The deal will give the Indian acquirer complete control of Hamleys retail operations spread over 167 stores across 18 countries.